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Starting on 1 September 2008, trading sessions on the equity market (continuous trading) will start at 9:00 and trading sessions on the derivative instruments market will start at 8:30. Previously trading sessions on the equity market started at 9:30 and on the derivatives market at 9:00.
The new trading schedule is designed to improve the WSE’s competitive position against the other European exchanges. Striving to win the position of the leading market in the region and to minimise the risk of limited liquidity of listed financial instruments due to the outflow of capital to other trading platforms, the WSE must adjust its trading schedule to the standards of the best developed markets.
At present most European exchanges start trading sessions on the cash market before the WSE does (including Euronext, the London Stock Exchange, OMX, Deutsche Borse, Wiener Borse, Borsa Italiana, the Swiss and the Hungarian exchange). The leading futures markets also start trading before the WSE.
The changed schedule of trading on the WSE will benefit both domestic and foreign investors. It will give them the opportunity of reacting to the changing situation on European markets and making investment decisions concerning dual listed stocks.
The new trading session schedule effective as of September 2008 is the first step towards the extension of trading time. In the next stage planned for 2009 the trading session will be extended in the afternoon.
The tables below present the detailed trading schedule per category of instrument:
Trading schedule of the continuous trading system, other than derivatives
(cash market):
|
8:00 – 9:00 |
Pre-opening phase (opening call) |
|
9:00 |
Opening (determination of the opening price) |
|
9:00 – 16:10 |
Continuous trading phase |
|
16:10 – 16:20 |
Pre-closing phase (closing call) |
|
16:20 |
Closing (determination of the closing price) |
|
16:20 – 16:30 |
Post-auction trading |
|
16:30 – 16:35
|
Pre-opening phase (next session opening call) |
Trading schedule of the continuous trading system for derivative
instruments (other than Treasury note futures):
|
8:00 – 8:30
|
Pre-opening phase (opening call) |
|
8:30 |
Opening (determination of the opening price) |
|
8:30 – 16:10
|
Continuous trading phase |
|
16:10 – 16:20 |
Pre-closing phase (closing call) |
|
16:20 |
Closing (determination of the closing price) |
|
16:20 -16:30 |
Post-auction trading |
|
16:30 – 16:35
|
Pre-opening phase (next session opening call) |
Trading schedule of the continuous trading system for Treasury note
futures:
|
8:00 – 8:30 |
Pre-opening phase (opening
call) |
|
8:30 |
Opening (determination of
the opening price) |
|
8:30 – 16:20
|
Continuous trading phase |
|
16:20 – 16:30 |
Pre-closing phase (closing
call) |
|
16:30 |
Closing (determination of
the closing price) |
|
16:30 – 16:35 |
Pre-opening phase (next
session opening call) |
Trading schedule of the single-price auction system with two auctions:
|
8:00 – 11:00 |
Pre-opening phase (opening call) |
|
11:00 – 11:15
|
Intervention phase |
|
11:15
|
Opening (determination of the
single price) |
|
11:15 – 11:45
|
Post-auction trading |
|
11:45 – 14:45
|
Pre-opening phase (opening call) |
|
14:45 – 15:00
|
Intervention |
|
15:00
|
Opening (determination of the
single price) |
|
15:00 – 15:30 |
Post-auction trading |
|
15:30 – 16:35
|
Pre-opening phase (next session
opening call) |
Trading schedule of the single-price auction system with one auction:
|
8:00 – 11:00 |
Pre-opening phase (opening call) |
|
11:00 – 11:15
|
Intervention phase |
|
11:15
|
Opening (determination of the single price) |
|
11:15 – 11:45 |
Post-auction trading |
|
11:45 – 16:35 |
Pre-opening phase (next session opening call) |
