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Transcript
*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