This method is intended for trading with less liquid instruments.
Auction trading consists of a call phase and a price determination phase.
Call Phase
During a call phase, market participants may enter new orders and change or delete previously placed own orders. Trade execution is not yet possible in this phase. After lapse of a predetermined time this phase ends at a random moment within a two-minute time interval in order to avoid potential price manipulations.
Price Determination Phase
The price determination phase follows - according to the principle of executing as many orders as possible, all transactions are concluded at the same time and at the same price (auction price).
