johannesburgstockexchange
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| johannesburgstockexchange [2017/02/06 15:25] – [Auction Mechanisms] maya | johannesburgstockexchange [2023/02/27 11:58] (current) – [Financial and Economic News] hammed | ||
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| ====== Johannesburg Stock Exchange (JSE) ====== | ====== Johannesburg Stock Exchange (JSE) ====== | ||
| + | |||
| 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, | 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, | ||
| - | [[ http:// | + | [[ http:// |
| - | Currency: South African cents (ZAc)\\ | + | Currency: South African cents (ZAc) |
| - | Time Zone: UTC +02:00 | + | |
| - | + | ||
| - | **Trading Hours** | + | |
| - | + | ||
| - | ^Time^Session^ | + | |
| - | |08:30 - 09: | + | |
| - | |09:00 - 16: | + | |
| - | |12:00 - 12: | + | |
| - | |16:50 - 17: | + | |
| - | |17:00 - 17: | + | |
| - | |17:05 - 17: | + | |
| - | |17:10 - 17:15|EOD Volume Auction Call Session| | + | |
| - | |17:15 - 18:15|Post Close Sessions| | + | |
| [[ https:// | [[ https:// | ||
| + | |||
| ===== Trading Summary ===== | ===== Trading Summary ===== | ||
| + | |||
| 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, | 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, | ||
| 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 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. | ||
| - | ==== Lit Order Types ==== | + | ==== Order Types ==== |
| - | * Limit | + | |
| - | * Limit-On-Close | + | |
| - | * Market | + | |
| - | * Market-On-Close | + | |
| - | * Stop | + | |
| - | * Stop Limit | + | |
| - | + | ||
| - | ==== Dark Order Types ==== | + | |
| - | * Dark Limit Order | + | |
| + | * Limit Buy/ | ||
| + | * Limit-On-Close (LOC) Buy/ | ||
| + | * Market Buy/ | ||
| + | * Stop Buy/ | ||
| + | * Stop Limit Buy/ | ||
| ==== Basic Market Rules ==== | ==== Basic Market Rules ==== | ||
| + | |||
| * Lot Size: 100 shares. | * Lot Size: 100 shares. | ||
| * Tick Size: min. 1. | * Tick Size: min. 1. | ||
| * Short Sale Rules: short selling is allowed; naked short sells are prohibited. | * Short Sale Rules: short selling is allowed; naked short sells are prohibited. | ||
| - | * Circuit Breakers: JSE has safeguards in place during auction call and continuous trading phases. | + | * Circuit Breakers: JSE has safeguards in place during auction call and continuous trading phases. |
| ==== Auction Mechanisms ==== | ==== Auction Mechanisms ==== | ||
| + | |||
| === Open === | === Open === | ||
| Line 70: | Line 58: | ||
| **Auction Periods** | **Auction Periods** | ||
| - | 1. **Continuous | + | 1. **Continuous |
| * Regular orders may be entered, amended, and cancelled | * Regular orders may be entered, amended, and cancelled | ||
| * Regular orders will be matched | * Regular orders will be matched | ||
| Line 76: | Line 64: | ||
| * Regular orders will be matched | * Regular orders will be matched | ||
| - | 2. **Intraday Auction Call** (12:00 - 12:15) | + | 2. **Intraday Auction Call Session** (12:00 - 12:15) |
| * Orders may be entered, amended, and cancelled | * Orders may be entered, amended, and cancelled | ||
| * All orders entered during this session will be added to the order book | * All orders entered during this session will be added to the order book | ||
| * Hidden orders may not be entered, amended, or cancelled | * Hidden orders may not be entered, amended, or cancelled | ||
| - | * Orders with ' | + | * Orders with ' |
| * Orders will be matched at the end of auction call | * Orders will be matched at the end of auction call | ||
| - | 3. **Closing | + | 3. **Closing |
| * Orders may be entered, amended, and cancelled | * Orders may be entered, amended, and cancelled | ||
| * All orders entered will be added to the order book | * All orders entered will be added to the order book | ||
| * Hidden orders may not be entered, amended, or cancelled | * Hidden orders may not be entered, amended, or cancelled | ||
| - | * Orders with GFA (Good For Auction) validity after the intraday auction call will be added the order book | + | * Orders with GFA (Good For Auction) validity after the intraday auction call will be added to the order book |
| * Orders with ATC (At The Close) validity will be added to the order book | * Orders with ATC (At The Close) validity will be added to the order book | ||
| * Orders will not be matched | * Orders will not be matched | ||
| Line 94: | Line 82: | ||
| * Orders will not be matched | * Orders will not be matched | ||
| * Orders may be cancelled | * Orders may be cancelled | ||
| - | * Validity | + | * Orders with validity |
| * Orders with validity tags ' | * Orders with validity tags ' | ||
| * Closing Price will be published | * Closing Price will be published | ||
| 5. **Closing Price Cross Session** (17:05 - 17:10) | 5. **Closing Price Cross Session** (17:05 - 17:10) | ||
| - | * Market orders entered will be eligible to participate in the closing session excluding validity tags ' | + | * Market orders entered will be eligible to participate in the closing session, excluding validity tags ' |
| * Limit orders with a limit price equal to or better than the published Closing Price with a valid validity tag will be eligible to participate in the crossing session | * Limit orders with a limit price equal to or better than the published Closing Price with a valid validity tag will be eligible to participate in the crossing session | ||
| * No orders may be amended | * No orders may be amended | ||
| Line 106: | Line 94: | ||
| * New orders may remain unmatched if there are insufficient orders on the contra side | * New orders may remain unmatched if there are insufficient orders on the contra side | ||
| - | **Order Types:** Limit, Market, | + | **Order Types:** Limit and Market orders will be eligible to participate in the uncrossing. |
| ===== Additional Info ===== | ===== Additional Info ===== | ||
| ==== Financial and Economic News === | ==== Financial and Economic News === | ||
| - | [[ http:// | + | * [[ http:// |
| - | [[ http:// | + | |
| - | [[ http:// | + | |
| - | [[ http:// | + | |
| - | [[ http:// | + | |
| - | [[ http:// | + | |
| - | ==== Market Data ==== | + | |
| - | + | ||
| - | [[ http:// | + | |
| ===== See Also ===== | ===== See Also ===== | ||
| * [[market_guides|Market Guides]] | * [[market_guides|Market Guides]] | ||
| - | |||
johannesburgstockexchange.1486412746.txt.gz · Last modified: 2017/02/06 15:25 by maya