From that date on the TSE member firms will start using the HEX trading system replacing the current TSE trading system. All the HEX members willing to become members of the Tallinn Stock Exchange will have an easy access to Estonian securities.
Euro will replace the Estonian kroon as the trading currency. This means that the transactions will be inserted in the trading system only in Euros. Investors will still be able to submit transaction orders with the brokers in Estonian kroons. The amounts will thereafter be converted into Euros in accordance with the official exchange rate of the Central Bank of Estonia.
The transaction information on the TSE web site will be recorded both in Euros and in the Estonian kroons. Similarly the financial reports of the listed companies will be published in kroons and Euros in parallel.
The TSE trading hours will remain the same: between 10.00 to 14.00. A new auto-match system will replace the current phone-based system - buying and selling orders will automatically be matched based on their price and time priority. In accordance with the amendment applied in September, the minimum trading lot of securities will remain 1.
The companies listed on the TSE will be divided between the following lists:
- Main List;
- I-List (or the Investors List, former Secondary List);
- Bonds;
- Free Market.
HEX operates cash and derivatives market as well as takes care of the clearing and settlement for the trades at HEX. HEX has 60.3% ownership in the Tallinn Stock Exchange.
