Pre-trading period
Purpose
Pre-trading period - is held in the form of discrete auction, the results of which determine the opening price, providing deals with the largest number of securities.
This technology reduces the load on the trading system and the communication channels of participants at the start of trading, which minimizes the need for issuing a larger number of orders in the first second of trading.
Trading schedule:
09:45:00 - 09:59:59 MSK
Pre-trading period is always performed for all financial instruments admitted for trading on the main trading mode (T0 order book)
Securities market contacts
- Securities.Market@moex.com;
T: +7 495 363 32 32
During the pre-trading period market participant:
- may submit only limit orders with settlement code T0,
- has access to information only of their orders placed in the trading system
Unsatisfied or satisfied partially orders in the amount of the unexecuted part during the period of pre-trading period are queued in the trading period with the price indicated in their submission to the pre-trading period.
The opening price of a security is determined:
- On the basis of placed orders;
- After phase of orders placing of auction opening;
- As the price that provide deals with a maximum amount of securities that are the subject of these deals
If the highest purchase price among all the submitted orders during the pre-trading period does not intersect with the lowest price of sale, or the purchase or sale orders are absent in the Trading System, the price of pre-trading period is not defined.
At the inequality of supply and demand at the price of pre-trading period primarily satisfied the orders for purchase with greater price and the orders for sale at the lower price of , and at equal prices - the orders placed earlier.