This method is intended for trading with more liquid instruments.
A main trading session in continuous trading consists of an opening auction, continuous trading and a closing auction.
An opening auction consists of a call phase and a price determination 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 one-minute time interval in order to avoid potential price manipulations.
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).
Immediate trade execution is enabled during continuous trading. A trade is concluded as soon as an order on one side of the market (e.g. buying order) can be at least partially executed with an order on the other side of the market (e.g. selling order). Examination of the possibility to conclude transactions is checked continuously in the trading system and at each change of entered orders on the market. Transactions are concluded according to price and time priority.
A closing auction consist of same phases and has same characteristics as an opening auction.