Spanish Stock Market Trading Phases and Order Types
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Daily Trading Phases and Mechanics
1. Pre-Opening and Opening Auction (8:30 – 9:00)
The 30-minute pre-opening period allows orders to buy and sell to be entered into the system. The official opening occurs when the equilibrium point of supply and demand is reached (where the greatest volume of buyers and sellers agree). New orders cannot be entered during the calculation period. This auction ends randomly, varying by up to 30 seconds to prevent price manipulation.
2. Opening Auction
After auction orders are matched at the equilibrium price, unmatched orders remain to form the basis of the open session order book. The market then opens, and further orders may enter.
3. Open Market (9:00 – 17:30)
During this period (or 11:30 – 17:30 for LatIbex)... Continue reading "Spanish Stock Market Trading Phases and Order Types" »