The normal trading day for Order Book Securities traded on ISE Xetra operatesfrom 06:30 to 17:15 Irish Time and is defined as follows:
|Pre-Trading Phase|| 06:30 to 07:50|
|Main Trading Phase|| |
|Opening Auction|| 07:50 to 08:00|
|Continuous Trading|| 08:00 to 16:28|
|Closing Auction|| 16:28 to 16.30|
|Post-Trading Phase|| 16:30 to 17:15|
The order book of ISE Xetra® is only open for trading during the main trading phase but certain functions such as the inputting, modifying and deletion of orders and quotes can take place during pre and post-trading phases also. OTC trading can be conducted and reported at any time during the trading day i.e. during the pre-trading, continuous trading and post-trading.
An auction is scheduled prior to and following continuous trading but may also be held intraday in certain circumstances. The purpose of the auction phase is to concentrate liquidity and to ensure the highest levels of integrity in the formation of opening and closing prices. All order sizes and all types of orders (with the exception of midpoint orders, top-of-the-book orders and book-or-cancel orders) in each security present on the order book participate in auctions. Price determination in auctions is effected according to the principle of highest executable volume.
For more information in relation to the trading day please see the Market Model.
The trading day for Government Bonds is between 08:00 and 16:30 Irish Time. Trades conducted during this time by member firms are reported to the ISE.
The hours for reporting non ISE MiFID Securities through ISE Xetra® are between 06:30 and 19:00 Irish Time.