Change of trading method for shares traded on the MTP Belex market

UniCredit Bank Serbia JSC
Shares quoted on the MTP Belex market of the Belgrade Stock Exchange will switch from single price trading method to continuous trading method on 5 April 2019. Consequently Belgrade Stock Exchange updated the duration of trading phases within securities trading methods on the Segments of the Regulated Market and MTP Belex.
Fri, 15/03/2019

With the aim to stimulate the trading activity on the MTP Belex market segment, increase the volumes and improve price transparency and efficiency, Belgrade Stock Exchange (BELEX) has decided to change the trading method for shares included on MTP Belex market. Until now shares included in this segment of the market have been traded using the single price method.

Starting from the trading session of 5 April 2019, on the MTP Belex Shares market segment, trading will be organized by the continuous trading method within the applied fluctuation zone model representing a combination of the AZF (absolute fluctuation zone) and SZF (standard fluctuation zone). The last trading session, where trading in shares on the MTP Belex market will be organized by the single price method will be 4 April 2019.

The list of issuers whose shares are quoted on MTP BELEX market as of 14 March 2019 is available on the BSE website.

It is expected that change of trading method for more than 500 individual shares quoted on MTP Belex market will significantly improve the price mechanism for the detection of a fair market price moreover it will contribute to reduce price oscillations and deviations.

Due to above change of the trading method, BELEX updated its Decision on Duration of Trading Phases within Securities Trading Methods on the segments of the Regulated Market and MTP Belex . Trading phases will apply for shares on MTP Belex market as of 5 April 2019 as follow:


9:00 – 9:30       preopen phase, with sub-phases:

         9:00 – 9:25   order entry

         9:25 – 9:30   random period

9:30    opening

9:30 – 14:00     continuous trading

14:00  closing, or later for the duration of the activated special phase

SPECIAL PHASES - which are activated by breaching the SZF

10 minutes – preopen extension, with the sub-phases

         8 minutes - extension of order entry

         2 minutes - random period of the extension

10 minuts – intraday auction, with the sub-phases

         8 minutes – intraday order entry

         2 minutes – intraday random period

Impact on Investors:  Trading in all securities on the MTP Belex market that comprises segments MTP - Shares and MTP – Bonds will be organized according to the continuous trading method starting from 5 April 2019. Duration of trading phases for segment MTP Shares will therefore be harmonized with trading phases of shares on the Regulated market.