Tallinna Börs                 NEWS RELEASE                      11/19/2002



NEW TRANSACTION ORDER TYPES



On 28.10.2002 the Management Board of Tallinn Stock Exchange (TSE) 

approved the amendments to chapters "Trading Rules" and "Implementing 

Provisions of Chapter Trading Rules" of the TSE Rules. The 

aforementioned amendments were approved by the Estonian Financial 

Supervisory Authority on 13.11.2002, and will take effect as of 

implementation of the relevant functionality in TSE trading system 

(presumably as of 16.12.2002). 



According to the amendments, four new types of transaction orders 

will be added to the trading system to allow the traders to better 

fulfill the requests of investors. The members of the stock exchange 

have a possibility, but not obligation, to offer the new order types 

to their clients. 



The new types of transaction orders are as follows: 

1. Market order;

2. Hidden order;

3. "Fill or Kill" order;

4. "Fill and Kill" order. 



Market order is a transaction order, which is fulfilled at the best 

price on the market at that moment. In case the market order cannot 

be fully matched in the order book of the trading system, then the 

unmatched amount of the transaction order will be cancelled without 

being published in the order book.



Hidden order is a transaction order with fixed price, the amount of 

which is published only partly in the order book of the trading system.

The new hidden amount of the respective order will be published in the 

order book after full matching of the initially published amount of the

hidden order.



"Fill or kill" transaction order is a transaction order with fixed or 

non-fixed price, which will be matched in the order book of the trading

 system only in case the respective transaction order can be matched in

 the order book immediately and in full amount.



"Fill and kill" transaction order is a transaction order with fixed

or non-fixed price, which will be matched in the order book of the 

trading system only in case the respective transaction order can be

matched in the order book immediately, partly or in full amount.



The amendments to the TSE Rules are available on TSE internet homepage

 at <a href='http://www.tse.ee/english/rules/rules.php' target='_blank'>http://www.tse.ee/english/rules/rules.php</a>





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