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.
Rule regarding duty to trade on the Exchange
During pre-opening, participants have the possibility of reporting off-order book trades. The duty
to trade on the Exchange does not apply at this point.