JSE Limited is the largest stock exchange in Africa. It is an electronic multi-asset–class platform offering trading, clearing, and settlement of cash equities, equity and agricultural derivatives, and interest-rate products.
Currency: South African cents (ZAc)
|08:30 - 09:00||Opening Auction|
|09:00 - 16:50||Continuous Trading|
|12:00 - 12:15||Intraday Auction Call Session|
|16:50 - 17:00||Closing Auction Call Session|
|17:00 - 17:05||Closing Price Publication Session|
|17:05 - 17:10||Closing Price Cross Session|
|17:10 - 17:15||EOD Volume Auction Call Session|
|17:15 - 18:15||Post Close Sessions|
The JSE's fully automated electronic trading system is called JSE TradElect. TradElect is operated under licence from the London Stock Exchange. The system was modified to suit the JSE's specific needs. The JSE operates an order-driven, central order book trading system with opening, intra-day, and closing auctions.
Orders are matched on Price-Visibility-Time Basis. Within a price point, the visible orders have the highest priority over any Hidden Limit orders. Visible orders are executed based on their time priority within the price point.
Orders accumulated during this session will be executed at the uncrossing based on the Volume Maximizing algorithm following any Price Monitoring or Market Order Extensions. Any existing Hidden orders will participate during the uncrossing of the Auction. The opening price of an Instrument will be determined by the first trade. This is the Opening Auction uncrossing trade price. If no opening auction takes place, the first automatic trade price will be the opening price. If no trade happens for an Instrument, there will be no opening price and accordingly, no opening price message will be published.
The closing price is defined by the following auction mechanism.
Auction means an auction conducted in a trading platform with respect to qualifying orders to determine the auction price pursuant to the following process:
1. Continuous Trading Session (09:00 - 16:50)
2. Intraday Auction Call Session (12:00 - 12:15)
3. Closing Auction Call Session (16:50 - 17:00)
4. Closing Price Publication Session (17:00 - 17:05)
5. Closing Price Cross Session (17:05 - 17:10)
Order Types: Limit, Market, and Market-On-Close (MOC) orders will be eligible to participate in the uncrossing.