Close of Trading with and without Closing Auction
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
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
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
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.
With certain securities, the following case may arise:
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.