Market information

The Pre-Open (from 9:00 to ~10:00) is a time when orders can be placed, modified and cancelled before the start of trading. Manual trades can also be reported. During this phase there is no ‘market by order’ transparency. From 09:45 to 10:00, equilibrium data – including the equilibrium price if established – is disseminated for all issues and updated in real time if information changes.

The Opening Call Auction takes place between 10:00:00 and 10:00:05. A random uncross sequence is applied to the order books. The exact point in time when the uncross takes place is randomized within the five-second period.

During the Opening Call Auction, order books move to continuous trading. Thus matching of orders occurs based on the equilibrium price. An equilibrium price is established when buy and sell order prices overlap in an order book, i.e. the buy price is higher than or equal to the sell price.

¹ Randomly picked by the system between 10:00:00 and 10:00:05

This is a period for entering transaction orders into the trading system and for negotiating trades in one of two ways:

Automatic matching: buy and sell orders are matched automatically by the trading system according to their price, displayed volume and time priorities. 

Manual trades: are agreed between stock exchange members outside the trading system. During trading hours, manual trades of standard price, time and settlement must be reported (entered into the system) by brokers within three minutes. Standard transactions that do not qualify as block trades must be priced within the volume-weighted average spread. Where it is impossible to establish a volume-weighted average spread, the trade must be executed at a price that reflects the current market value.

The Pre-Close (from 15:55 to ~16:00) is a time before the closing call when transaction orders can be placed, modified and cancelled, without auto matching of orders and with no ‘market by order’ transparency. Starting at 15:55, equilibrium data – including the equilibrium price if established – is disseminated for all issues and updated in real time if information changes.

During the Closing Call Auction (Uncross), orders are matched in the order book based on the equilibrium price, which is calculated in the same way as during the Opening Call.

The Closing Call Auction takes place between 15:59:30 and 16:00:00. A random uncross sequence is applied to the order books. The exact point in time when the uncross takes place is randomized within the period of 30 seconds.

² Randomly picked by the system between 15:59:30 and 16:00:00

This is an after-market trading period when manual trades can be reported and orders that have been submitted can be cancelled.

Market is closed. No trading.

During the trading hours  (10:00 to 16:00) members may place, change, suspend, resume or cancel orders. Sell and buy orders that correspond in yield, volume and other conditions are matched into trades via automatic order matching. Manual trades may be reported during this trading phase.

Members may not place or change orders or report manual trades during the pre-trading session or the post-trading session.

In all the Baltic exchanges, trades in the bond market may be automatically matched or executed as manual trades.

The Genium INET electronic trading system is used for trading in fixed-income market and for execution of Special Procedures.