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| oslo [2017/02/07 15:10] – [Basic Market Rules] maya | oslo [2020/12/23 14:57] (current) – [Oslo Börs] maya | ||
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| ====== Oslo Börs ====== | ====== Oslo Börs ====== | ||
| - | The Oslo Börs is the primary equities market in Norway. The Oslo Börs uses the Millennium Exchange trading system, developed by Millennium IT, a subsidiary of the London Exchange Group. For more information, | + | The Oslo Börs is the primary equities market in Norway. The Oslo Börs uses the Millennium Exchange trading system, developed by Millennium IT, a subsidiary of the London Exchange Group. For more information, |
| [[http:// | [[http:// | ||
| - | Currency: Norwegian Krone (NOK)\\ | + | Currency: Norwegian Krone (NOK) |
| - | Time Zone: UTC +01:00 | + | |
| - | [[http://www.oslobors.no/ob_eng/Oslo-Boers/About-us/Opening-hours | Opening | + | [[https://www.euronext.com/en/trade/trading-hours-holidays |
| - | ==== Lit Order Types ==== | + | ==== Order Types ==== |
| - | * Limit Buy/Sell (DAY/IOC) | + | |
| - | * Market Buy/Sell (DAY) | + | |
| - | ==== Available ATS ==== | + | |
| - | | + | * Market Buy/ |
| - | * [[turquoise|Turquoise]] | + | |
| ==== Basic Market Rules ==== | ==== Basic Market Rules ==== | ||
| + | |||
| * Lot Size: 1 share. | * Lot Size: 1 share. | ||
| - | * Tick Size: varies by symbol and price, as defined in Oslo Bors Business Parameters on the [[http:// | + | * Tick Size: varies by symbol and price, as defined in Oslo Bors Business Parameters on the [[http:// |
| * Short Sale Rules: naked short sales are prohibited. | * Short Sale Rules: naked short sales are prohibited. | ||
| - | * Circuit Breakers: circuit breakers can be triggered based on both Dynamic and Static reference prices. The % move required to trigger a trading pause is defined in Oslo Bors Business Parameters on the [[http:// | + | * Circuit Breakers: circuit breakers can be triggered based on both Dynamic and Static reference prices. The percent |
| + | * **Note:** as part of pre-trade transparency requirements under the new MiFID II rule, Europe hidden or hidden portion of iceberg (e.g., CHIX-X Bats and Turquoise reserve/ | ||
| ==== Auction Mechanisms ==== | ==== Auction Mechanisms ==== | ||
| - | Oslo Bors has both opening and closing auction calls with the mechanism used for both described in the Market Model which can be found [[http:// | ||
| - | Starting June 16 2014, Oslo Bors introduced intra-day | + | Oslo Bors has both opening and closing |
| === Open === | === Open === | ||
| - | The opening auction starts with a call period | + | |
| + | The opening auction starts with a call period | ||
| === Close === | === Close === | ||
| - | The closing price is defined by the following auction mechanism | + | The closing price is defined by the following auction mechanism. |
| - | **Auction** means an auction conducted in a trading platform | + | **Auction** means an auction conducted in a trading platform |
| - | | + | * a) The auction price will be the price at which the largest quantity can be executed, i.e., the price at which the executable quantity is maximized. |
| - | | + | * b) If the quantity is maximized at multiple prices then the auction price will be the price at which the order imbalance is minimized. The order imbalance at a particular price will be the difference between the following two quantities: |
| - | * i) The aggregate quantity of all market buy orders and limit buy orders with prices equal to or greater than the price being considered | + | * i. The aggregate quantity of all market buy orders and limit buy orders with prices equal to or greater than the price being considered |
| - | * ii) The aggregate quantity of all market sell orders and limit sell orders with prices equal to or less than the price being considered. | + | * ii. The aggregate quantity of all market sell orders and limit sell orders with prices equal to or less than the price being considered |
| - | | + | * c) If the order imbalance is minimized at multiple prices, then the concept of market pressure will be used. Market pressure |
| - | * i) If there is an imbalance on the buy side at all of the prices which the imbalance is minimized, the highest of these prices is considered. | + | * i. If there is an imbalance on the buy side at all of the prices |
| - | * ii) If there is an imbalance on the sell side all of the prices which the imbalance is minimized, the lowest of these prices is considered. | + | * ii. If there is an imbalance on the sell side all of the prices |
| - | * iii) If there are buy and sell imbalances at the prices at which the imbalance is minimized, the following two prices are considered for the final step: | + | * iii. If there are buy and sell imbalances at the prices at which the imbalance is minimized, the following two prices are considered for the final step: |
| - | * a.) The highest among those with a buy imbalance; and | + | * a) The highest among those with a buy imbalance; and |
| - | * b.) The lowest among those with a sell imbalance | + | * b) The lowest among those with a sell imbalance |
| - | | + | * d) If step c) resulted |
| - | * If the Dynamic Reference Price is equal or greater than the highest price, then the highest price should be chosen as the auction price | + | * If the Dynamic Reference Price is equal to or greater than the highest price, then the highest price should be chosen as the auction price |
| - | * If the Dynamic Reference Price is equal or less than the lowest price, then the lowest price should be chosen as the auction price | + | * If the Dynamic Reference Price is equal to or less than the lowest price, then the lowest price should be chosen as the auction price |
| * If the Dynamic Reference Price is in between the two prices, then the Dynamic Reference Price should be chosen as the auction price | * If the Dynamic Reference Price is in between the two prices, then the Dynamic Reference Price should be chosen as the auction price | ||
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| 1. **Regular Trading** (09:00 - 16:20) | 1. **Regular Trading** (09:00 - 16:20) | ||
| - | * Orders entered as ATC will remain dormant until the closing auction call | + | * Orders entered as ATC (At The Close) |
| - | * ATC orders may be entered, amended and deleted | + | * ATC orders may be entered, amended, and cancelled |
| * No closing orders will be matched | * No closing orders will be matched | ||
| - | 2. **Closing Auction Call** (16:20-16:25) | + | 2. **Closing Auction Call** (16:20 - 16:24:45) |
| - | * Orders may be entered, amended and deleted | + | * Orders may be entered, amended, and cancelled |
| * No closing orders will be matched | * No closing orders will be matched | ||
| - | 3. **Uncross** (16:25) | + | 3. **Uncross** (16:24:50) |
| * Closing orders will not be accepted | * Closing orders will not be accepted | ||
| * Closing orders will be matched | * Closing orders will be matched | ||
| - | **Order Types: | + | **Order Types:** Limit, Market, and Market-on-Close |
| - | The following documents can be used as reference: | + | ===== See Also ===== |
| - | [[http:// | + | |
| - | ===== Additional Info ===== | ||
| - | |||
| - | ===== See Also ===== | ||
| * [[market_guides|Market Guides]] | * [[market_guides|Market Guides]] | ||
| - | ===== References ===== | ||
oslo.1486498228.txt.gz · Last modified: 2017/02/07 15:10 by maya