Trading Hours

* In the trading segments Shares and Investment Funds an auction is conducted from 17.20 to 17.30. In the trading segments Blue Chip Shares and Mid-/Small-Cap Shares Trading-At-Last (TAL) is conducted until 17:40.

** In the trading segments ETFs, ETPs and Sponsored Funds an auction is conducted from 17.30 to 17.35

Pre-opening offers participants some initial guidance on how an exchange day is developing. Orders and quotes may be entered during this time, and a theoretical opening price is displayed.

Order and quote maintenance during pre-opening
Each exchange day begins with pre-opening, which runs from the start of the exchange day until the opening of the respective trading segment. During this phase, participants may enter or cancel orders and quotes in the order books. Orders and quotes are not executed at this point.

Calculation of the theoretical opening price
Orders and quotes are kept in the order books. A theoretical opening price is calculated on the basis of orders in the order books using the Matching Rules. This theoretical opening price is displayed to participants via the Exchange System as a guide.

The opening of an exchange day takes the form of an auction, with the opening price established in accordance with the principle of highest executable volume.

The following conditions must be fulfilled at opening:

• The price must be determined in such a way that the greatest trading volume can be achieved.
• All market orders must be executed.

Opening of individual trading segments:

• Opening is as per the trading hours. The Exchange System determines when each segment opens by selecting a random time within a two-minute slot.

Opening of trading in different securities
If, during opening, there are no trades in the respective securities, there is no official opening price for the day in question.

With certain securities, the following cases may arise: Delay Open and Non Opening. Discover more information on Extraordinary Order Book Situations.

Orders and quotes received during continuous trading are immediately entered in the order book and executed where possible. Based on orders executed, the Exchange system calculates a reference price and displays this to participants.

Duration of continuous trading
Continuous trading runs from the opening to the close of trading in the particular segment. As a rule, there are no breaks in continuous trading, except in special situations.

Off-order book orders
During continuous trading, participants may also report off-order book orders.

Close of trading is as per the trading periods for the respective trading segments. There are different methods for closing trading.

Close of trading without closing auction

With this method, trading on the Exchange ceases and trading in the respective securities changes to post-trading status. At close of trading, the day's closing price is calculated, and participants are notified of the closing price via the Exchange System. The random time procedure is not used.

Close of trading with closing auction

In certain trading segments, a closing auction is conducted to establish the day's closing prices. During this phase of trading, participants have a number of possibilities:

• They may enter or cancel orders and quotes in the order books. Orders are not yet executed.
• They may report off-order book trades to the Exchange during the closing auction.

Orders and quotes are kept in the order books without being executed. A theoretical opening price, based on the orders in the order books, is calculated using the Matching Rules and displayed via the Exchange System.

End of the closing auction

The closing auction, conducted according to the principle of highest executable volume, is ended by means of the random time procedure (auction and close). Orders and quotes entered during the auction are used to establish the closing prices of the respective securities. Points to note in connection with the end of the auction:

• Trading hours for securities with a closing auction are not extended.
• In the case of securities in which no trades were executed during the auction, the last reference price is taken as the day's closing price.
  

Trading-At-Last (TAL)

The Exchange may provide for Trading-At-Last for individual trading segments immediately after the closing auction.

In the Trading-At-Last period, transactions are triggered by an incoming order which is executed with the orders on the opposite side of the order book to the extent the quantity and limit allow it. In contrast to auction and continuous trading, the price for each trade is not determined individually, but all trades are executed at the closing price of the closing auction. If a closing price cannot be determined in the closing auction for a given security, no TAL session for the respective security will take place.

Post-trading in a segment usually takes place from the close of trading until the end of the exchange day. During this phase, participants have the following options:

• They may enter or cancel orders and quotes in the order books. Orders and quotes are not executed.
• They may report off-order book trades to the Exchange.