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 prices.
The closing auction lasts for ten minutes.
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. In doing
so, they must comply with the duty to trade on the Exchange in accordance with the
Rule Book[pdf] and
Directive 3: Trading[pdf].
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 "largest best execution"
principle, 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: