Trading Modes

The main trading mode consists of three trading periods: the pre-trading period, the trading session and the post-trading period.

In the pre-trading period, only limit orders are entered in the Trading System. Based on the orders entered for each security as of the end of the period, the price of the pre-trading period is determined, which allows trades to be made in the maximum possible number of the respective securities.

The trading pattern during the trading session is based on the “order-driven market” principle, which means a market of competing orders where a trade is automatically made when the terms of anonymous counter-orders match.

In the post-trading period, traders’ orders are collected and trades are made at the average weighted price determined during the latest 30 minutes of the trading session. If no trades were made in the security in question during the latest 30 minutes of the trading session, its average weighted price is taken as the price of the post-trading period; if no trades were made in that security at all, the post-trading period price for the security is not determined.

The rules for entering orders and making trades in the incomplete lots trading mode are similar to those in the main trading mode. For a security to be admitted to trading in this mode, its standard lot must be equal to one hundred items.

Depending on the terms of execution, the orders may be divided into limit orders and market orders. A limit order expresses the intention to buy or to sell a specific amount of the security at a price “not worse” than the asked price. A trade is made on a limit order when the price of the order and the prices of counter-orders available in the Trading System match. A market order expresses the intention to buy or sell a specific amount of the security at the best market price at the time. A trade is only made on a market order if counter-orders are available.