Trading at Close

In harmony with the latest upgrade of Xetra T7 trading platform, new functionality “Trade at Close (TaC)” is introduced. This new functionality will become available starting from 30th November 2020.

Trading principles:

- TaC phase starts when Closing Auction ends. Traders will have the possibility to trade at the fixed price - the price from the Closing Auction.

- Executions take place continuously.

- Best bid or best order is visible for the market. Order book can be empty or bid side is available or sell side is available.

- PSE set the phase TaC for all instruments which have Closing Auction (it means all instruments with the trading procedure Continuous trading).

- TaC for the concrete trading day and instrument starts only in the case that there is a turnover in Closing Auction. For instruments without any turnover in Closing Auction the trading day ends without TaC.

- No quotes in TaC.

- Price priority is not used (the trading price is set ahead). But time priority is used.

Trading schedule:

- TaC phase can take place 10 min.

- No randomization for TaC phase.

- The time period for Continuous phase will be shortened so that the time when the trading day is closed (approx. 16:30) is maintained.

Detailed Trading schedule available here.