Continual Regime
This type of trading is linked to the auction regime within
the Exchange day schedule and is intended only for
investment instruments included in the 1st and the 3rd
trading groups.
Transactions are concluded based on continuous submission
of buy and sell orders into the system. When matching
orders, the principle of price and time priority is
applied, i.e. if there are multiple orders with the same
price, they are processed on a first come first serve basis.
Transactions may only be concluded within the framework of
the allowable spread (given by the maximum deviation of
the transaction price from the opening price which, in this
case, equals the price defined within the auction regime).
The spread is different for individual investment
instruments and depends on their inclusion in a trading
group.
|
Security |
Allowable Spread
|
Waiting time |
|
1st trading group |
5 % + 3 % |
1 x 5 min. |
|
3rd trading group
|
10% + 10% + 10% + 20% |
5min. 5min. 15min. |
The first 5% (10%) of the increase of the allowed margin is
possible in both directions. Other percentage deviations
are applied in one direction only (i.e. not by the
“scissors” system) and are applied only after the
waiting period has expired.
The waiting period is the time interval during
which the system waits for an increase of the spread.
The waiting period starts at the moment when orders are
put into the system that would at that moment enable
conclusion of transactions outside of the allowable
spread. If an order is put into the system during the
waiting period, enabling conclusion of a transaction for
a price of the current allowable spread, the waiting time
ends and the spreads are not increased. If such an order
is not filed with the system, the spread is increased in
the relevant direction after the waiting period expires.
The final price in the continual regime is defined
only for investment instruments included in the 1st
trading group and is always equal to the price of the
last transaction concluded. If such a transaction was
not concluded with the issue, the final price is equal
to the opening price. The last defined price becomes the
last price for the given Exchange day.
This segment does not define a price for the investment
instruments included in the 3rd trading group.
The minimum tradable unit in the continual regime is
a lot. The size of a lot is currently defined for all
investment instruments as 1 item.
The transactions completed in the continual regime are
Exchange transactions that are subject to the guarantees of
the Guarantee Fund of the Exchange.
Settlement of such trades is realized in the
deadline of T+3.
Detailed information: