Continuous trading with auctions (CTwA)

Pre-Trading Phase (PRETR)

8.15-8.30

Opening Auction Phase

Auction Call Sub-Phase (OCALL)

8.30-9.00

Price Determination and matching

9.00 + Random end

Continuous Trading Phase (TRADE)

 

From the end of Opening Auction Phase until 17.0

Closing Auction Phase

Auction Call Sub-Phase (CCALL)

17.00-17.05

Price Determination and matching

17.05 + Random End

Trade-at-Close phase* (TRDAC)

From the end of Closing Auction Phase until 17:15

Post-Trading Phase (POSTR)

From the end of Closing Auction Phase or Trade-at-Close Phase until 17.20

End-trading (ENDTR)

17:20

Volatility Interruption Phase (VOLA)*

3 min. + Random End

Random End

max. 30 sec.

*: Trade-at-Close Phase is not activated if there was no trade execution during Closing Auction Phase or Extended Volatility Interruption after the Closing Auction was not terminated until 17:15.
**: During Volatility Interruption Phase the duration of the Call Sub-Phase and the Extended Call Sub-Phase lasts 3 minutes, not including the Random end.

Special phases

Order book balancing phase

maximum 2 minutes

Random end

maximum 30 seconds

Volatility interruption (VOLA)

3 minutes+ Random end