Belgrade Stock Exchange (BELEX) has determined the opening, duration and end times of the regulated market and MTP Belex. These periods were calculated based on a specific method of trading and according to the fluctuation zone model that is composed by the absolute Fluctuation Zone (AZF) and/or static fluctuation zone (SZF). Later after this decision, special phases within the regular phases of trading will be introduced.
REGULATED MARKET
1. Trading of shares on regulated market will be organized based on prime listing, standard listing and open market by continuous trading method and with the following schedule of regular and special phases within the fluctuation zone that is combined by AZF and SZF:
Regular Phases
- 9:00 – 9:30 AM – preopening phase, with sub-phases:
- 9:00 – 9:25 – receipt of orders
- 9:25 – 9:30 – random period
- 9:30 AM – opening
- 9:30 AM – 02:00 pm– continuous trading
- 02:00 PM – closing or later for period for which special phase is activated
Special Phases (activated by overpassing SZF)
- Pre-opening phase will be extended for 10 minutes with the following sub-phases:
- receipt of orders is extended for 8 minutes
- random period is extended for 2 minutes
- Intraday auctions will be extended for 10 minutes with the following phases:
- receipt of intraday orders is extended for 8 minutes
- random intraday period is extended for 2 minutes
2. Trading of government bonds and other financial instruments on regulated market will be organized on prime listing for governments bonds of Republic of Serbia (denominated in EUR), on prime listing for governments bonds of Republic of Serbia and the local municipalities (denominated in RSD) by continuous trading method with the following schedule of regular phases within the fluctuation zone that includes AZF:
- 9:00 – 9:30 AM – preopening phase, with sub-phases:
- 9:00 – 9:25 AM – receipt of orders
- 9:25 – 9:30 AM – random period
- 9:30 AM – opening
- 9:30 AM – 02:00 pm– continuous trading
- 02:00 PM – closing
MTP BELEX
Securities trading on the MTP Belex will be organized by single price auction method or by the continuous trading method.
1. Trading of shares on MTP Belex will be organized by single price auction method with the following schedule of regular and special phases within the fluctuation zone that is combined by AZF and SZF:
REGULAR PHASES
- 9:00 AM– 12:00 PM – preopening phase, with sub-phases:
- 9:00 AM – 11:55 AM – receipt of orders
- 11:55 AM – 12:00 PM – random period
- 12:00 PM auction
- 12:00 PM trading, or later for period for which special phase is activated
SPECIAL PHASE (activated by overpassing SZF)
Preopening extension phase will be extended for 10 minutes, with the following phases:
- receipt of orders is extended for 8 minutes
- random period is extended for 2 minutes
2. Trading of government bonds and other financial instruments on MTP Belex would be organized by continuous trading method with the following schedule of regular phases within the fluctuation zone that includes AZF:
REGULAR PHASES
- 9:00 – 9:30 AM – preopening phase, with sub-phases:
- 9:00 – 9:25 – receipt of orders
- 9:25 – 9:30 – random period
- 9:30 AM – opening
- 9:30 AM – 02:00 pm– continuous trading
- 02:00 PM – closing
This decision will be effective as of 12 December 2016.
Impacts on investors: Special phases within the regular phases of trading have been introduced.