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Trading limits

Price change limits

The volatility interruption mechanism is used in share and Structured securities trading. The Exchange shall set limits of price change in respect of each share by resolution on the basis of liquidity and/or market in which the respective share is listed. Price change limits will be posted on the Exchange website.

The reference price for monitoring price movements in percentage terms is the previous day's closing price (volume weighted average price). The reference price may be modified during the trading day as a result of the volatility interruption mechanism.

The volatility interruption mechanism will be triggered in the event of entry in the trading system of an order which, if filled, might result in the matching of one or more transactions that would exceed the permitted limit of price change.

The order triggering the volatility interruption mechanism will be filled through transactions within the limit of price change so a volatility interruption mechanism will be triggered automatically. The unexecuted quantity at a price exceeding the limit will be parked in the order book in the trading system for the duration of the volatility interruption, with the exception of immediate orders which will be deleted.

Afterwards, continuous auction will resume and the price achieved in the course of the volatility interruption will be set as the new reference price for monitoring the price changes in percentage terms. In case the volatility interruption does not result into transactions, the reference price will remain unchanged.