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====== 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, see the [[http://www.oslobors.no/ob_eng/Oslo-Boers/Trading/Trading-systems/Millennium-Exchange/Market-model | Market model]] page.

[[http://www.oslobors.no/ob_eng | Homepage]]

Currency: Norwegian Krone (NOK)

[[https://www.euronext.com/en/trade/trading-hours-holidays | Trading Hours & Holidays]]

==== Order Types ====

  * Limit Buy/Sell→ShortSell (Day/IOC)
  * Market Buy/Sell→ShortSell (Day)

==== Basic Market Rules ====

  * Lot Size: 1 share.
  * Tick Size: varies by symbol and price, as defined in Oslo Bors Business Parameters on the [[http://www.oslobors.no/ob_eng/Oslo-Boers/Trading/Trading-systems/Millennium-Exchange/Market-model | Market model]] page.
  * Short Sale Rules: naked short sales are prohibited.
  * Circuit Breakers: circuit breakers can be triggered based on both Dynamic and Static reference prices. The percent move required to trigger a trading pause is defined in Oslo Bors Business Parameters on the [[http://www.oslobors.no/ob_eng/Oslo-Boers/Trading/Trading-systems/Millennium-Exchange/Market-model | Market model]] page.
  * **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/dark orders) order must be sent above the Large In Scale (LIS) thresholds as defined by the European Securities and Markets Authority (ESMA). For more information about the MiFID II rules, visit the ESMA official website at https://www.esma.europa.eu/.

==== Auction Mechanisms ====

Oslo Bors has both opening and closing auction calls. For more information, see the [[http://www.oslobors.no/ob_eng/Oslo-Boers/Trading/Trading-systems/Millennium-Exchange/Market-model | Market model]] page.

=== Open ===

The opening auction starts with a call period at 08:15:00 - 09:00:00 during which time traders can enter and cancel orders, but orders will not be matched. Matching occurs at 09:00:00 and is followed by the commencement of the regular trading session.

=== Close ===

The closing price is defined by the following auction mechanism.

**Auction** means an auction conducted in a trading platform with respect to qualifying orders pursuant to the following process:

  * 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
      * 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 will be calculated as follows:
      * i. If there is an imbalance on the buy side at all of the prices at which the imbalance is minimized, the highest of these prices is considered.
      * ii. If there is an imbalance on the sell side all of the prices at which the imbalance is minimized, the lowest of these prices is considered.
      * 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
        * b) The lowest among those with a sell imbalance
  * d) If step c) resulted in two prices, then the auction price is determined as follows when comparing the two prices against the Dynamic Reference 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 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

**Auction Periods**

1. **Regular Trading** (09:00 - 16:20)
  * Orders entered as ATC (At The Close) will remain dormant until the closing auction call
  * ATC orders may be entered, amended, and cancelled
  * No closing orders will be matched

2. **Closing Auction Call** (16:20 - 16:24:45)
  * Orders may be entered, amended, and cancelled
  * No closing orders will be matched

3. **Uncross** (16:24:50)
  * Closing orders will not be accepted
  * Closing orders will be matched

**Order Types:** Limit, Market, and Market-on-Close orders may be entered during the closing call to participate in the uncross.

===== See Also =====

  * [[market_guides|Market Guides]]