Protective mechanisms in Continuous Trading

Protective mechanisms in Continuous Trading

In Continuous Trading, there are two protective mechanisms available to help stabilise exchange trading:

  • Volatility interruption
  • Liquidity interruption

Overview of content

Volatility interruption in Continuous Trading

A volatility interruption during an Auction augments price continuity and helps avoid mistrades in volatile markets.

In Continuous Trading, a volatility interruption is triggered if the potential execution price lies outside the dynamic and/or static price range.

The volatility interruption discontinues Continuous Trading by means of an Auction. The Auction consists of the outcry and price determination phases. The outcry phase has a minimum duration and then a random end. The market participants have the opportunity during the auction outcry phase to enter new orders and quotes or to change or delete orders already existing in the order book. The price is determined after the end of the outcry phase.

Continuous Trading resumes after price determination or, should it have not been possible to determine a price, after the end of the auction duration.

Should the potential execution price at the end of the volatility interruption be outside a set spread that is larger than the dynamic price range, an “extended” volatility interruption is initiated. The extended volatility interruption extends the outcry phase until such a time as Market Supervision terminates it manually. If the Auction is ended manually, the price is no longer assessed as regards deviation from the reference price.

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