Download Global Trading Hours

*All Hours Local.
Africa
Botswana
GMT +2
Settlement T+3
Hours
Pre-open: 10:00 - 10:10
Open Auction Session: 10.10 - 10.25 Continuous
trading: 10:25 - 13:20
Closing Auction Session: 13:20 - 13:30
Monday – Friday
BRVM
GMT +2
Settlement T+3
Hours
Pre-open: 09:00 – 09:45
Continuous trading 09:45 – 14:00
Pre-auction 14:00 – 14:30
Trading at last 14:30 – 15:00
Monday – Friday
Ghana
GMT
Settlement T+3
Hours
Pre-open: 09:30 - 10:00
Continuous trading: 10:00 - 15:00
Monday – Friday
Kenya
GMT+3
Settlement T+3
Hours
Pre-open: 09:00 – 09:30
Continuous trading: 09:30 – 15:00
Monday – Friday
Malawi
GMT+2
Settlement T+5
Monday – Friday
Hours
10:30 until all stocks have been called
Mauritius
GMT+4
Settlement T+3
Hours
Pre-open: 09:00 - 10:00
Continuous trading: 10:00 - 13:30
Monday – Friday
Morocco
GMT+1
Settlement T+3
Hours
Pre-open: 09:00 - 09:30
Continuous trading: 09:30 - 15:20
Closing Auction: 15:20 - 15:30
Trading at close price: 15:30 - 15:40
Monday – Friday
Namibia
GMT + 2 in summer, +1 in winter
Settlement T+5
Hours
Summer: 09:00 – 17:10
Winter 08:00 – 16:10
Monday – Friday
Nigeria
GMT+1
Settlement T+3
Hours
Pre-open: 09:30 - 10:05
Market maker only: 10.05 - 10.15
Continuous trading: 10:15 - 14:29
Market maker only: 14:29 - 14:30
Monday – Friday
Rwanda
GMT+2
Settlement T+2, T+3 if OTC trade
Monday – Friday
Hours
Continuous trading: 09.00 - 12:00
Closing Auction:
20 minute auction from 3:20 till 3:40. The first
10mins is price discovery session where the
matching occurs at the max volume. The second
10 minutes are for trading at the matched price
(the official closing price).
South Africa
GMT+2
Settlement T+5
Monday – Friday
Hours
Pre-open: 07:00 - 08:30
Opening match auction: 08:30 - 09:00
Continuous trading period: 09:00 - 16:50
Closing auction call phase: 16:50 - 17:00
Closing match auction: 17:00 -17:05
Opening Auction
Unusual events or corporate actions may be
deemed by the exchange to delay auctions.
Closing Auction
Allowed order types are Market, Limit, and
Auction.
Volatility Auction
Price changes in liquid stocks or exchange
discretion trigger volatility auctions; triggered
when price either changes 10% or 20% or if the
exchange specifies.
Tunisia
GMT+1
Settlement T+3
Hours
Continuous trading: 10:00 - 14:05
Closing auction: 14:05 - 14:10
Ramadan & summer hours: 09:00 - 12:10
Monday – Friday
Uganda
GMT+3
Hours
Continuous trading: 09:30 - 13:00
Settlement T+3
Monday – Friday
Zambia
GMT+2
Hours
Continuous trading: 11:00 -14:00
Settlement T+3
Monday – Friday
Zimbabwe
GMT+2
Settlement T+5
Monday – Friday
Hours
Pre-open Auction: 09:00 - 10:00
Continuous trading: 10:00 - 12.30
Americas
Brazil
GMT – 3
Settlement T+3
Hours
Pre-Opening – 9:45-10:00
Trading – 10:00-17:55
Closing Call – 17:55-18:00
Monday - Friday
Canada
GMT -5
Settlement T+3
Hours
Opening Auction – 7:00-9:30 (order entry)
Continuous Session – 9:30-16:00
Closing Auction – 15:40-16:00
Auction Information: Only round lots are
permitted during auctions.
Opening Auction
Pre-order Matching – 9:30
Blackout Period – 9:30, lasts ~30 seconds
Monday - Friday
Closing Auction
Time to Submit MOC 7:00-15:40
Price Movement Extension 16:00-16:10
Cancel Session 16:10-16:15 (any open orders
can be canceled)
Permissible order types during closing
include Anonymous and MOC types.
Chile
GMT -3
Settlement T+2
Monday – Friday
Hours:
From November to February
Pre-Opening 9:00 - 9:25
Auction 1
9:30 - 5:00
From March to October
Pre-Opening 9:00 - 9:25
Auction 1
9:30 - 4:00
Colombia
GMT -5
Settlement T+3
Monday - Friday
Hours
Opening Preparations 9:15-9:30
Market Open 9:30-3:55
Closing Auction 3:55-4:00
No closing auction.
Mexico
GMT -6
Settlement T+3
Hours
Pre-Open – 9:00-9:25
Pre-Order Matching – 9:25-9:30
Continuous Session – 9:30-16:00
Closing Auction – 16:05
Monday - Friday
Opening Auction
Cannot enter orders from 9:25-9:30. Open
double and triple witching can cause unusual
volume.
Closing Auction
From 15:40-16:00, the exchange calculates the
price. Must use Market Order in Closing Auction.
Short sells treated as sell in auction.
Peru
GMT -5
Settlement T+3
Monday - Friday
Hours
From the first Sunday in November to the second
Sunday in March
Pre-Opening:
7:30 - 9:00 pm
Opening Auction:
09:00 - 09:30 hours (*)
Regular Trading I: 09:30 - 15:22 hours
Regular Trading II: 15:22 - 15:52 hours
Closing Auction
15:52 - 16:00 hours (*)
Publication Closing Price 16:00 - 16:02 hours (*)
Negotiating Closing Price 16:02 - 16:10 hours
Post Closure:
16:10 - 17:30
Period income of proposals Market Maker: 09:00 09:45
United States
GMT -5
Settlement T+3
Monday - Friday
New York Stock Exchange Hours
Opening Auction – 9:30
Continuous Session – 9:30-16:00
Closing Auction – 16:00
After-hours Crossing – 16:15-17:00
NASDAQ
Pre-Market Session – 7:00-9:30
Continuous Session – 9:30-16:00
After-Market Session – 16:00-20:00
(*) The end time of the opening auction and
closing auction for shares and stock options
Representative of segments highly liquid
securities is subject to a random range
extending up to 120 seconds after the start
time.
Asia/South Pacific
Australia
GTM + 10
Settlement T+2
Monday – Friday
Hours
Pre-Open – 7:00-10:00
Opening Auction – 10:00-10:09:15 (staggered, see
on right)
Continuous Session – 10:00-16:00
Pre-Close – 16:00-16:10
Closing Auction – 16:10-16:12
Staggered open in from 10:00-10:09:15 (grouped
in alphabetical order):
Group 1 (A-B): 10:00:00 +/- 15 seconds
Group 2 (C-F): 10:02:15 +/- 15 seconds
Group 3 (G-M): 10:04:30 +/- 15 seconds
Group 4 (N-R): 10:06:45 +/- 15 seconds
Group 5 (S-Z): 10:09:00 +/- 15 seconds
Bangladesh
GMT+6
Continuous trading: 10:30 - 14:30
Settlement T+2 for buys, except
category Z (T+9); T+1 for sells
Sunday – Thursday
Hong Kong
GMT+8
Settlement T+2
Monday – Friday
Hours
Pre-Open – 9:00-9:20
Auction 9:20
Morning Session – 9:30-12:00
Lunch Break – 12:00-13:00
Afternoon Session – 13:00-16:10.
Closing Auction
An up-to ten minute Closing Auction Session
(CAS).
Lunch Break
Order book is closed during the lunch break.
Any orders that are not canceled are held in the
book during lunch. Replaces are not allowed,
but you can cancel orders 30 minutes before the
lunch break ends.
Volatility Auction
No specific volatility auctions, but stocks can be
suspended intraday at HKEx’s discretion.
Indonesia
GMT+7
Settlement T+3
Monday – Friday
Hours
Pre-open – 8:45-8:55
Morning Session – 9:00-12:00
Lunch Break* – 12:00-13:30
Afternoon Session – 13:30-15:49:59
Pre-closing Session – 15:50-16:00
Post Trading Session – 16:05-16:15
*Note: On Fridays, the lunch break lasts from
11:30 to 14:00.
Japan
GMT + 9
Settlement T+2
Tokyo Stock Exchange Hours
Opening Auction 9:00
Morning Session 9:00-11:30
Lunch Break 11:30-12:30
Afternoon Session 12:30-15:00
Closing Auction 15:00
Osaka/JASDAQ Hours
Order Submission 8:00
Opening Auction 9:00
Continuous Session 9:00-15:10
Closing Auction 15:10
Opening Auction
Special Quote (SQ) days can result in significant
opening volume spikes. This is particularly true
for “Big SQ Days” (Mar 8, Jun 14, Sep 13, Dec
13 in 2012), when equity index futures expire,
and “Small SQ Days, “when stock options
expire.
There are also auctions before and after the
lunch break on TSE.
Malaysia
GMT+8
Monday – Friday
Settlement T+3
Hours
Pre-Open – 8:30-9:00
Morning Session – 9:00-12:30
Morning Closing – 12:30
Lunch Break – 12:30-14:00
Afternoon Pre-Open – 14:00-14:30
Afternoon Session – 14:30-17:00
Pre-close – 16:45
Trading at Last – 16:50
Market Close – 17:00
Pakistan
GMT+5
Settlement T+2, T+1 when corporate
action
Monday – Friday
Hours
Mon - Thurs
Pre-open: 09:15 - 09:33
Continuous trading: 09:33 - 15:30
Fri
Session 1
Pre-open: 09:00 - 09:18
Continuous trading: 09:18 - 12:00
Session 2
Pre-open: 14:15 - 14:33
Continuous trading: 14:33 - 16:30
Opening Auction
The opening auction here tends to be very light,
so work MOO orders carefully to help minimize
market impact.
Closing Auction
The closing auction can be quite tricky: while
continuous trading ends at 16:45, the auction
doesn’t start until 16:50, and then the stock can
only trade at the last traded price. Orders may
not complete, since there has to be liquidity on
the other side of the book at that price.
Singapore
GMT+8
Settlement GMT+8
Hours
Pre-Open – 8:30- 8:58 -8:59 (random end)
Continuous Session – 9:00-17:00
Pre-Close – 17:00- 17:04-17:05 (random end)
Closing Auction – 17:06
Monday-Friday
South Korea
GMT+9
Settlement T+2
Hours
Pre-Open – 8:00-9:00
Continuous Trading – 9:00-2:50
Closing Match Auction – 2:50-3:00
After Hours – 3:10-6:00
Monday-Friday
Opening Auction
Order Matching – 9:00-9:05
Can be delayed up to 5 minutes when the
potential call price deviates by more than 5%
from the highest or lowest indicative price in the
previous 5 minutes and the potential call price is
more than
Volatility Auction
Triggered when KOSPI or KOSDAQ index falls
by more than 10% from previous close for at
least 1 minute. Trading is suspended for 20
minutes, then another 10 for auction.
Sri Lanka
GMT+5:30
Settlement T+2
Hours
Pre-open: 09:00 - 09:30
Continuous trading: 09:30 - 14:30
Monday-Friday
Thailand
GMT+ 7
Settlement T+3
Monday- Friday
Hours
Pre-open – 9:30-9:55
Opening Auction – 9:55-10:00 (random)
Morning Session – 10:00-12:30
Lunch Break – 12:30-14:00
Pre-open II – 14:00-14:25
Afternoon Opening – 14:25-14:30 (random)
Afternoon Session – 14:30-16:30
Closing Auction – 16:35-16:40 (random)
Opening Auction
Opening is randomized to occur between 9:55
and 10:00. The opening for the afternoon
session is also randomized to occur between
14:25-14:30.
Closing Auction
Closing is randomized to occur between 16:35
and 16:40. Orders may be sent in from 16:30
until the market closes.
Europe
Austria
GMT+1
Monday – Friday
Settlement T+3
Hours
Opening Auction 8.55-9.00
(extended auction possible until 9.04)
Continuous Session 9.00-17.30
Intraday Auction 12.00-12.03
Closing Auction 17.30-17.34
Post Trading (17.33-17.45)
Intraday Auction
Takes place from 12:30-13:30. Auction for odd,
mixed, and unfilled round lots takes place from
13:00-13:02.
Hours
Pre-Open – 7:15-9:00
Order Matching – 8:55-9:00
Continuous Session – 9:00-17:30
Closing Auction – 17:30-17:35
Trading At Last – 17:35-17:40
Special Auction
Double fixing stocks trade from 11:30 to 16:30.
Single fixing stocks trade at designated auction
periods depending on the trading group it
belongs to. After each fixing, the stock trades for
another 30 minutes at the fixing price.
Volatility Auction
Activated when the maximum price range
deviation is exceeded, decided by the exchange.
Generally ends after 3 or 5 minutes, depending
on security. The change to the next scheduled
trading phase is carried out whether or not a
price occurs. Single volatility interruption occurs
if the expected auction price deviates less than
twice the value of the dynamic price range. An
extended volatility interruption occurs if the
expected exchange price deviates by less than
10% from the last price for at least 1 minute. If
the expected exchange price differs by more
than 3 times the dynamic price range and if the
expected exchange price is not a market-driven
price, no further price determination takes place
that day. Trading continues on the next trading
day.
Belgium
GMT+1
Monday – Friday
Settlement T+2
Bulgaria
GMT + 3
Monday – Friday
Hours
Pre-trading 08:30– 9:00
Opening auction 9 - 9:10
Continuous trading 9:10 - 15:55
Closing auction15:55 - 16:00
Settlement T+2
Post-Trade 16:00 - 16:30
Croatia
GMT + 2
Monday – Friday
Settlement T+2
Hours
Pre-Market 9 AM
Continuous Trading 9:15-9:30 – 16:30
(variable open)
No Closing Auction.
Czech Republic/
Czechia
GMT + 1
Monday – Friday
Hours
Pre-trading – 8:00-8:50
Opening Auction – 8:50-9:00
Continuous Phase – 9:00-16:20
Closing Auction – 16:20-16:30
Settlement T+3
Closing Auction
Transactions may be concluded within the
allowable spread, which is for the entire period
of this phase defined by the best quotation valid
as at the end time of the open phase, increased
by 10% in each direction.
Denmark
GMT + 1
Monday – Friday
Hours
Pre-Open – 8:00-9:00
Opening Auction – 9:00
Continuous Session – 9:00-16:55
Closing Auction – 16:55-17:00
Settlement T+2
Finland
GMT+2
Monday – Friday
Hours
Pre-Open – 9:45
Opening Auction – 9:45-10:00
Continuous Session – 10:00-18:25
Closing Auction – 18:25-18:30
Settlement T+2
France
GMT+1
Monday – Friday
Settlement+2
Hours
Pre-Open – 7:15-9:00
Order Matching – 8:55-9:00
Continuous Session – 9:00-17:30
Closing Auction – 17:30-17:35
Trading At Last – 17:35-17:40
Special Auction
Double fixing stocks trade from 11:30 to 16:30.
Single fixing stocks trade at designated auction
periods depending on the trading group it
belongs to. After each fixing, the stock trades for
another 30 minutes at the fixing price.
Germany
GMT+1
Monday – Friday
Hours
Pre-Open – 7:30-8:50
Opening Auction – 8:50-9:00
Continuous Session – 9:00-17:30
Intraday Auction – 13:00-13:02
Closing Auction – 17:30-17:35
Intraday Auction
Auction for odd, mixed, and unfilled round lots:
13:00-13:02.
Hours
Opening Auction 10:15:00 – 10:30:00
Continuous Session ends randomly
17:00:00 – 17:01:00
Closing Auction prints randomly
17:09:00 – 17:10:00
Trades At Last 17:10:00 – 17:15:00
Intraday Auction
Occurs on the 3rd Friday of every month for
derivatives expiry. Orders for the intraday
auction can be entered from 11:45 onwards. The
auction print occurs randomly any time between
11:59 and 12:00.
Settlement T+2
Volatility Auction
Activated when the maximum price range
deviation is exceeded, decided by the exchange.
Generally ends after 3 or 5 minutes, depending
on security. The change to the next scheduled
trading phase is carried out whether or not a
price occurs. Single volatility interruption occurs
if the expected auction price deviates less than
twice the value of the dynamic price range. An
extended volatility interruption occurs if the
expected exchange price deviates by less than
10% from the last price for at least 1 minute. If
the expected exchange price differs by more
than 3 times the dynamic price range, and if the
expected exchange price is not a market-driven
price, no further price determination takes place
that day. Trading continues on the next trading
day.
Greece
GMT+2
Monday – Friday
Settlement Cycle T+3
Volatility Auction
Static or dynamic price limits are set to avert
sudden fluctuations in the prices of transferable
securities. Price limits are determined as
percentages of divergence from their reference
prices. A price tolerance level of +/-30% from the
previous day’s closing price is set for most
securities. Volatility auctions occur within the
day if a stock moves static +/-10% from last
close and dynamic +/-2% from previous trade.
They last approximately 5 minutes.
Closing Auction
As of January 30th, 2017:
If a stock indicates more than +/- 3% from the
last price and/or the volume of market orders is
more than 50% of total closing auction volume
then the closing auction extension is activated
and the stock remains in auction for another 1
min (+ 1min random close).
1. If there are matched orders on closing
pre-call extension (i.e. even if 1 share gets
traded at +or- 30% regardless of market or
limit orders) then Closing price is the
Auction price
2. If there are no matched orders on
closing pre-call extension then the Closing
price is the VWAP of last 30 minutes of
trading session
If the auction price deviates less than 3% from
last trade and the auction volume is not from
MKT/ATO orders then the Closing price is the
Auction price.
If there are no matched orders on closing precall then the Closing price is the VWAP of last
30 minutes of trading session
Hungary
GTM+1
Monday – Friday
Settlement T+2
Hours
Pre-Trading – 8:15 – 8:30
Opening Auction Call – 8:30 – 9:00 + random end,
max 2 min.
Continuous Trading – 9:02 – 17:00
Closing Auction Call – 17:00 -17:05 + random end,
max 2 min
Post-Trading – 17:07 – 17:20
Special Phases
Volatility Interruption – 3 min + Random End
Ireland
GTM + 1
Monday – Friday
Settlement T+2
Hours
Pre-Trading Phase – 6:30-7:50
Opening Auction – 7:50-8:00
Continuous Session – 8:00-16:28
Closing Auction – 16:28-16:30
Post Trading Phase – 16:30-17:15
Auction Information
Start times for the opening and closing auctions
are staggered and vary from security to security
and from day to day. The timeframe for all
securities to enter into the auction phase is
typically no longer than 5 seconds, but the delay
may be longer when exceptional volumes of
orders are present on the order book.
Volatility Auction
Can occur during auctions and continuous
trading and can be initiated where the potential
execution price lies outside the dynamic price
range and the static price range. Static and
dynamic price ranges may be extended in a fast
market. Volatility interruptions may be extended
in certain circumstances.
Israel
GMT+2
Sunday –Thursday
Settlement T+2 (T+0 for domestic
investors)
Hours
Pre-Open – 9:00
Opening Auction – 9:45-9:46 (random) for Group A,
10:15 for Group B (see note)
Continuous Session – 9:45-9:46 (random) for Group
A, 10:15 for Group B
Pre-Closing Sun – 16:14-16:15 (random) Mon-Thur:
17:14-17:15 (random)
Closing Auction Sun – 16:24-16:25 (random) MonThur: 17:24-17:25 (random)
Note: Securities are separated into Group A
(made up of the TA 100, Tel Aviv’s 100 most
highly capitalized companies) and Group B (the
rest).
Italy
GMT+1
Monday- Friday
Settlement T+2
Hours
Opening Auction – 8:00-9:00 (ends randomly
between 9:00 and 9:00:59)
Continuous Session – 9:00-17:30
Closing Auction – 17:30-17:35 (ends randomly
between 17:35 and 17:35:59)
Trading at Closing Price – 17:35-17:42 (starts
randomly between 17:35 and 17:35:59)
After-hours Trading – 18:00-21:00
Opening Auction
At the end of the auction, incomplete orders are
cancelled and given an out.
Closing Auction
Functions the same way as the opening auction.
The only difference is that validation and auction
phases take place in just 5 minutes for Blue
Chip, Star and Ordinary 1 segments. Incomplete
orders are transferred to the following day’s
opening auction as orders with price limit (if
entered) or as opening price orders if they had
been entered the previous day as closing price
orders.
Volatility Auction
If the indicative auctions do not result in a valid
price, the volatility auction is triggered (repeated
for opening auction and once only for closing
auction).
Netherlands
GMT+1
Monday- Friday
Settlement T+2
Hours
Pre-Open – 7:15-9:00
Order Matching – 8:55-9:00
Continuous Session – 9:00-17:30
Closing Auction – 17:30-17:35
Closing Auction
In Trading At Last, shares can be traded at their
respective closing prices. This only applies for
certain securities.
Special Auction
Double fixing stocks trade from 11:30 to 16:30.
Single fixing stocks trade at designated auction
periods depending on the trading group it
belongs to. After each fixing, the stock trades for
another 30 minutes at the fixing price.
Norway
GTM+1
Monday-Friday
Settlement T+2
Hours
Pre-Trade – 8:15-9:00
Opening Auction – 9:00-9:00:30
Continuous Session – 9:00-16:20
Closing Auction – 16:20-16:25
Post Trade – 16:25-17:30
Opening Auction
There may be one or more auction extension
periods (typically 1 minute each): up to two price
monitoring extensions and up to one market
order extension.
Volatility Auction
Triggered when the price is outside the price
movement tolerance. Automatic execution
suspension period (AESP) occurs. Auction ends
after 3 minutes.
Poland
GMT+1
Monday-Friday
Settlement T+2
Hours
Pre-Open – 8:30-9:00
Opening Auction – 9:00
Continuous Session – 9:00-16:50
Pre-Closing – 16:50-17:00
Closing Auction – 17:00
Post-Auction Trading – 17:00-17:05
Opening Auction
Unfilled portions of orders automatically become
a limit order at the opening price.
Closing Auction
If any part of an at-the-opening market order
remains unexecuted, it becomes a limit order at
a price equal to the opening, closing, or single
price or, if applicable, the price resulting from the
balancing activities.
Min Size order type not supported in
auctions.
Portugal
GMT + 1
Hours
Pre-Open – 6:15-8:00
Order Matching – 7:55-8:00
Continuous Session – 8:00-16:30
Closing Auction – 16:30-16:35
Trading At Last – 16:35-16:40
Settlement T+2
Monday - Friday
Closing Auction
In Trading At Last, shares can be traded at their
respective closing prices. This only applies for
certain securities.
Special Auction
Double fixing stocks trade from 10:30 to 15:30.
Single fixing stocks trade at designated auction
periods depending on the trading group it
belongs to. After each fixing, the stock trades for
another 30 minutes at the fixing price.
Romania
GMT + 1
Settlement T+2
Hours
Opening auction: 07:30 - 07:45
Continuous trading: 07:45 - 15:55
Closing auction: 15:55 - 16.00
Monday – Friday
Trading at last: 16:00 - 16:10
Serbia
GMT + 1
Settlement T+2
Hours
Pre market 9 to 9:30
Continuous trading 9:25-9:30 - 14:00
Monday – Friday
Slovakia
GMT + 1
Settlement T+2
Hours
Fixing 10:30 AM – 10:50 AM
Continuous trading 11:00 AM – 3:30 PM
Monday – Friday
Slovenia
GMT + 2
Settlement T+2
Monday – Friday
Hours
Pre-trading 8:00 - 8:30
Opening Auction 8:30 – 9:29 + random end < 30
secs.
Continuous trading 9:30 - 12:50
Closing auction 12:50- 12:59 + random end < 30
secs.
Post-trading 13:00 – 13:30
Spain
GMT+1
Settlement T+3
Hours
Opening Auction – 8:30-9:00
Continuous Session – 9:00-17:30
Closing Auction – 17:30-17:35
Opening Auction
Auction ends randomly between 9:00:00 and
9:00:30 to prevent price manipulation. Order
book is partially visible when there is no auction
Monday-Friday
price. (Best Bid, Ask, and Volumes are shown.)
Closing Auction
Auctions randomly close between 17:35:00 and
17:35:30.
Volatility Auction
Static or dynamic range (calculated with the
most recent historic volatility of shares). Lasts
for 5 minutes plus random close of 30 seconds.
Sweden
GMT + 1
Settlement T+2
Hours
Pre-Open – 8:00-9:00
Opening Auction – 9:00
Continuous Session – 9:00-17:25
Closing Auction – 17:25-17:30
Monday - Friday
Volatility Auction
Triggered when the price deviates more than a
certain percentage from the reference price.
(See “Circuit Breakers” below for these
percentages.) Static volatility auction ends after
60 seconds, dynamic volatility auction ends after
180 seconds.
No Volatility Auction in the last 4 minutes of
trading.
Switzerland
GMT+1
Settlement T+2
Monday - Friday
Hours
Pre-Open – 8:30-9:00
Opening Auction – 9:00 (within 2 minutes)
Continuous Session – 9:00-17:20
Closing Auction – 17:20-17:30 (within 2 minutes of
17:30)
Opening Auction
Opening is randomized to occur within 2 minutes
of 9:00. The Open Auction can be delayed by 515 minutes if the theoretical opening price
deviates sharply from the reference price, or if at
the opening there are no quotes on the order
book even though executable orders exist on
both sides of the market. The same is done for
the close.
Volatility Auction
Continuous trading is suspended for five
minutes if the potential subsequent price differs
by more than a certain percentage, which varies
based on whether the securities are Blue Chip
or Mid Cap.
Turkey
GMT+ 2
Settlement T+2
Monday - Friday
Hours
Opening 9:40-9-55
Price Determination 9:55+
Continuous Trading 10:00-13:00
Midday Call Auction 13:00-13:55
Price Determination 13:55+
Continuous Trading 14:00-18:00
Closing Call Auction 18:00-18:05
Price Determination 18:05+
Trades at Close 18:07-18:10
Opening Auction
Price Determination and Matching is at 9:309:35 in the morning and 13:55+ -14:00 in the
afternoon.
Closing Auction
Closing Price Determination Phase occurs at
17:35-17:38.
United Kingdom
GMT+ 1
Settlement T+2
Monday - Friday
London Stock Exchange Hours
Opening Auction – 7:50-8:00
Continuous Session – 8:00-16:30
Intraday Auction – 12:00: 12:02
Closing Auction – 16:30:01-16:35
Post Close – 16:00-17:15
London International Order Book
Market Open – 7:00-8:00
Opening Auction – 7:50-8:00
Continuous Session – 8:15-15:30
Closing Auction – 15:30-16:00
Opening Auction
Auction open randomizes from 8:00:00 to
8:00:30. Could be delayed due to news out on
the stock or if the exchange has system issues.
Closing Auction
LN accepts market or limit orders in the closing
auction.
Volatility Auction
Caused by attempts to execute at prices above
or below the static and dynamic limits. Divided
into the volatility auction call and the volatility
uncrossing period. Exchange randomizes an
uncrossing period, during which orders entered
in the call period are matched if possible. During
the call period, participants may enter, modify,
and delete orders that contribute to the
determination of the intraday auction’s indicative
price.
Intraday Auction
LSE introduced an intraday auction for all SETS
equities. It will take place12:00 every day, for
two minutes, during which continuous trading
will be paused.
Middle East
Bahrain
GMT+3
Settlement T+2
Hours
Pre-opening session: 09:15– 09:30
Open: 09:30
Close: 13:00
Sunday - Thursday
Egypt
GMT in Summer +3, Winter +2
Settlement T+2 on Buys, T+1 on Sells
Hours
Pre-opening session: 08:00 – 10:00 (may close
randomly any time from 09:50 till 10:00)
Open: 10:00
Close: 14:30
Sunday - Thursday
Jordan
GMT Summer +3, Winter +2
Settlement T+2
Sunday - Thursday
Hours
First /Second Markets:
Pre-opening session: 10:00 – 10:30
Open: 10:30
Close: 12:30
Third Market:
Pre-opening session: 09:45 – 09:50
Open: 09:50
Close: 10:15
*The main difference between the three markets
depends on the company’s net shareholder equity
and earnings.
Kuwait
GMT +3
Settlement T+2
Sunday - Thursday
Hours
Pre-opening session: 08:50 – 09:00
Open: 09:00
Close: 12:30
Closing Auction
Price discovery: two minute auction (from 12:2812:30) where the matching occurs at the max
volume.
Lebanon
GMT Summer +3, Winter +2
Settlement T+3
Hours
Pre-opening session: 09:00 – 09:30
Open: 09:30
Close: 12:30
Monday - Friday
Oman
GMT+4
Hours
Pre-open: 09:00 - 10:00
Settlement T+3
Continuous trading: 10:00 - 13:00
Sunday – Thursday
Qatar
GMT+3
Settlement T+3
Hours
Pre-opening session: 09:00 – 09:30
Open: 09:30
Close: 13:15
Closing Auction
15 minute auction from 13:00 till 13:15. The first
10 mins is a price discovery session (where the
first 5 mins: any changes are possible, second 5
mins: additions only possible) and the last 5
minutes is for trading at the matching price.
ABU DHABI SECURITIES
EXCHANGE (ADX)
DUBAI FINANCIAL MARKET/
NASDAQ DUBAI
Hours
Pre-opening session: 09:30 – 10:00
Open: 10:00
Close: 14:00
Hours
Pre-opening session: 09:30 – 10:00
Open: 10:00
Close: 14:00
Closing Auction
10 minute price discovery auction from 13:50 till
14:00. Matching takes place last second before close
at the max volume.
Closing Auction
15 minute price discovery auction from 13:45 till
14:00 as below: From 13:45 - 13:53: any
changes and cancellations are possible.
From 13:53 - 13:55: order entry only, no
cancellations possible. 13:55: Order matching
where it takes place at the max volume.
From 13:55 - 14:00: trading at last. Orders can
be placed only at the last price (official closing
price)
Sunday – Thursday
UAE
GMT+4
Settlement T+2
Sunday – Thursday