Surplus in Auction
A surplus of orders is given if demand in a listing exceeds supply at the end of the call phase in an auction, or if supply exceeds demand at the end of the call phase in an auction. Market participants have the possibility to execute orders from the remaining surplus of an auction (i.e., orders with an auction price limit or a better limit that were left unfilled) at the auction price.
For listings traded with closed orderbook in an auction information concerning potential surplus in auction is available during the entire call phase. For all instruments traded with open orderbook the surplus in auction is displayed only during the Price determination phase.
The Call phase is the opening phase of an auction that is followed by the price determination phase or, if applicable, the order book balancing phase. During this phase, market participants may enter new orders.
Auction surplus indicator
B: surplus in auction is on Buy-side (demand exceeds supply)
S: surplus in auction is on Sell-side (supply exceeds demand)
N: No surplus in auction
Price Fixing
The price fixing of continuously traded participation certificates is fixed by the issuer according to the calculation method defined in the terms and condition of the participation certificate. The Price Fixing can be seen as actual valuation price of certificates.
