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.

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Currency: South African Rand (ZAR)

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The JSE's fully automated (electronic trading) 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.

• Limit Order
• Market Order
• Market-On-Close Order
• Limit-On-Close Order
• Stop Order
• Stop Limit Order

• Dark Limit Order

• Lot Size - a standard round lot 100 share lot size
• Tick Size - the minimum possible price/price increment or an order is 1 ZAR on JSE
• Short Sale Rules - Short selling is allowed. However, naked short sells are forbidden
• Circuit Breakers - Circuit Breakers 5% in continuous trading, 10% in opening and closing auctions in leader stocks and SA/UK dual listed shares; and 10% in continuous trading, 20% in opening and closing auctions in medium liquid non-leader stocks.

The 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 Limit 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 orders accumulated during this session will be executed based on the Volume Maximizing algorithm following any Price Monitoring or Market Order Extensions. Any existing Hidden Limit orders should participate during the uncrossing of the Auction

To learn more about order types and matching mechanism on JSE please see here

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