Continuous Trading: Entry and Execution of Quotes and Orders

Orders and quotes received during continuous trading are immediately entered in the order book and executed where possible. Based on orders executed, the Exchange system calculates a reference price and displays this to participants.

Duration of continuous trading

Continuous trading runs from the opening to the close of trading in the particular segment. As a rule, there are no breaks in continuous trading, except in special situations.

Off-order book orders

During continuous trading, participants may also report off-order book orders, but in doing so they must comply with the duty to trade on the Exchange in accordance with the Rule Book and Directive 3: Trading.

Special rule for Market Maker Book - Fill or Kill: no order maintenance

The Market Maker Book - Fill or Kill (MMB-FOK) market model is a special case: with this model, participants may only keep quotes in the order books if they correspond to the minimum denomination. The Exchange System rejects orders that cannot be filled on entry. Consequently, there is no order maintenance in this case.