EMEA

 
Vienna Stock Exchange (Wiener Börse)
Austria (EMEA)
Market Information
Venue Identifier
MIC: XWBO
Time Zone
GMT+1
Instrument Code
Bloomberg: AV
ISIN: AT
Reuters: VI
Investor ID
Not Required
Trading Hours
Open: Monday - Friday

Market Model: Continuous trading
  −  Continuous Trading: 09:00 - 12:00 hrs and 12:03 - 17:30 hrs
  −  Intraday auction: 12:00 - 12:03 hrs

Opening Auction Details
Market Model: Continuous trading
  −  Pre-open: 08:00 - 08:55 hrs
  −  Opening Auction: 08:55 - 09:04 hrs (up to 9:00 for ATX instruments)

Closing Auction Details
Market Model: Continuous trading
  −  Closing Auction : 17:30 - 17:34 hrs (up to 17:33 for ATX instruments)
  −  Post-trading: 17:34 - 17:45 hrs (from 17:33 for ATX instruments)

Currency
Euro (EUR)
Major Market Indices
ATX: The ATX is a capitalisation weighted index which tracks the price trends of blue chips on the Wiener Borse in real time. The index uses free float adjusted shares for calculation.2

Other Indices:
CECE, RDX
Basic Information
Market Segments:
The Equity market on the Wiener Börse is divided into 4 segments - Prime Market, Mid Market Standard Market and Global Market. The Prime Market consists of stocks which adhere to high standards of reporting, transparency and disclosure standards. The Mid Market comprises of those companies which have low capital requirements and wish to raise capital through the stock market. The Standard Market comprises of those stocks which do not meet the criteria of the Prime and the Mid Market.
Order Types Supported
Limit Order
Market Order
Stop Orders (Stop Market Order and Stop Limit Order)
Iceberg Order (Minimum Overall Quantity: 1,000, Minimum Peak Quantity: 100)
Market-to-Limit Order
Trailing Stop Order
One-cancels-the-other Order

Validity restrictions:
  −  Good for day
  −  Good till date
  −  Good till cancelled

Execution restrictions:
  −  Immediate or cancel
  −  Fill or kill
  −  Book or cancel
  −  Top of the book
  −  TOP+ order

https://www.wienerborse.at/en/trading/trading-information/order-types/
Stock Tick Size
Stock tick size is determined in accordance with MiFID II rules. See Annex to RTS 11 for the tick size table, here http://eur-lex.europa.eu/legal-content/EN/TXT/?uri=uriserv:OJ.L_.2017.087.01.0411.01.ENG&toc=OJ:L:2017:087:TOC
Trading Units
1 share per lot
Block Trading
No on-exchange block trading. Block trades can be concluded OTC and then brought under exchange rules.
Odd-Lot Trading
Not applicable
Short Selling
Permitted as per EU Short Selling Regulation
Day Trading
Permitted
Daily Price Limit
The exchange does not publish thresholds for price limits. However, a Volatility Auction is triggered when either a static or a dynamic price limit is breached. This auction lasts approximately 2 minutes and ends randomly. Further, if the price lies beyond the defined range, the auction continues until manually terminated.
Foreign Ownership Limit
No general restrictions
Settlement
Settlement Cycle
T+2 (exchange transactions in CCP eligible securities)
Equities Market Charges
Stock Exchange Fees
Stock exchange fees are based on the gross value of the respective transaction and are charged to the broker.

Transaction fees range from 1 to 6 bps for both sides
Supplementary Information
Notes
Exchange website: http://en.wienerborse.at
Venue enquiries: info@wienerborse.at
Source
 
Euronext Brussels
Belgium (EMEA)
Market Information
Venue Identifier
MIC: XBRU
Time Zone
GMT+1
Instrument Code
Bloomberg: BB
ISIN: BE
Reuters: BR
Investor ID
Not Required
Trading Hours
Open: Monday - Friday

Continuous session: 09:00 - 17:30 hrs
Opening Auction Details
Pre-open session: 07:15 - 09:00 hrs1
Regular Session: 09:00 hrs
09:00 Random: The opening auction will randomly uncross between 09:00:00 and 09:00:30 hrs
Closing Auction Details
Regular Session: 17:35 hrs
17:35 Random: The closing auction will randomly uncross between 17:35:00 and 17:35:30 hrs

Trading at last: 17:35 - 17:40 hrs
17:35 Random: The TAL phase will continue up to 17:40:00, but will be triggered after the random uncross at a time between 17:35:00 and 17:35:30 hrs
Currency
Euro (EUR)
Major Market Indices
BEL 20: the BEL 20 is the most widely used index of the Belgian Stock Exchange. It is a free float market capitalisation weighted indicator which tracks the performance of 20 largest stocks listed on Euronext Brussels.

Other Indices
Euronext 100, Next 150
Basic Information
All companies admitted to listing/trading with any of Euronext’s markets are automatically segmented into one of three groups by market capitalisation. This classification allows investors to distinguish between companies with small, medium and large capitalisations:
Segment A—market cap: > €1 billion
Segment B—market cap: €150 million to €1 billion
Segment C—market cap: < €150 million
In addition, the Euronext list is organized in a way that allows companies to position themselves on the basis of three factors beyond market cap:

International sector classification: All Euronext sector indices are based on the Industry Classification Benchmark (ICB), the industry standard for international exchanges.

Liquidity profile: There are three liquidity profiles on the cash markets. Highly liquid companies are continuously traded; companies can also be traded at double daily-auction or single daily- auction. Less liquid companies may benefit from the presence of a Liquidity Provider.

Indices: The group has a portfolio of over 450 benchmark indexes, including pan-European and national, as well as a series of local mid-cap and small-cap indices.

This breakdown of compartments is reviewed at the end of each year and any changes are published.
Order Types Supported
Limit Order
Pure Market Order
Market-to-Limit Order
Market-on-opening Order (Market-to-limit order in pre-opening phase)
Stop Limit Order
Stop Order
Stop on Quote Orders
Pegged Order
Iceberg Order
Hidden Order3
Stock Tick Size
Stock tick size is determined in accordance with MiFID II rules. See Annex to RTS 11 for the tick size table, here http://eur-lex.europa.eu/legal-content/EN/TXT/?uri=uriserv:OJ.L_.2017.087.01.0411.01.ENG&toc=OJ:L:2017:087:TOC
Trading Units
1 share per lot
Block Trading
Permitted. Trades have to be placed outside the central order book. There are size restrictions, however the same depends on the instruments traded and the trading method (continuous or call auction)4
Odd-Lot Trading
Not applicable
Short Selling
Short selling is permitted on Euronext Brussels as per EU Short Selling Regulation. However, reporting is required for short positions larger than 0.25% of share capital. The exchange does not encourage lending shares of financial companies.
Day Trading
Permitted
Daily Price Limit
±10% (6% for BEL 20 stocks) from the dynamic reference price. The dynamic price is reset every time the market breaches either the upside or the downside threshold (last closing price for the opening). If the traded price moves more than ±5% (3% for BEL 20 stocks) from the last traded price, the trading stops for 2 minutes.

The dynamic reference price is re-adjusted during continuous trading only after an incoming order has been matched (as far as possible) against orders in the Central Order Book. When an incoming order is matched by more than one order on the Central Order Book, the dynamic reference B3 is only updated with the last trade generated in this way.
Foreign Ownership Limit
No general restrictions. Issuers may have their own restrictions.
Settlement
Settlement Cycle
T+2
Equities Market Charges5
Members of the exchange are able to choose from 2 fee options:

Option 1
Charge per executed order = €0.15
First €0.7bn executed (≤€0.7bn) 0.95 bps
Next €1.3bn executed (€0.7bn - €2.0bn) 0.70 bps Next €1.5bn executed (€2.0bn - €3.5bn) 0.63 bps Next €24.5bn executed (€3.5bn - €28.0bn) 0.55 bps All subsequent volumes (>€28.0bn) 0.45 bps
  −  The executed order fee is applied once, regardless of the number of individual trades generated from the original order.
  −  The volume based charges apply in addition to the per executed order fee and in addition to complex order below (section 1.2.5 of the cash fee grid). The volume threshold are calculated on a monthly basis.
  −  Executed Iceberg orders 0.15 bps
Executed Immediate-or-Cancel (IOC) and Fill-or-Kill (FOK) orders €0.02 Entry of Stop and Stop-Limit orders €0.30

Option 2

Option 2A - min monthly fee = €200 000
Blue-chip continuous trading (min charge per executed order = €0.60; variable charge = 0.10 bps)
Other (min charge per executed order = €1.00; variable charge = 0.60 bps)
Option 2B - no minimum monthly fee
Blue-chip continuous trading (min charge per executed order = €1.00; variable charge = 0.20 bps) Other (min charge per executed order = €1.30; variable charge = 0.80 bps)


Supplementary Information
Notes
Exchange website: www.euronext.com
Venue enquiries: ccc@euronext.com
Source
All information sourced from the exchange website and Bloomberg. For additional information please see below:
1 https://www.euronext.com/en/calendars-hours
2https://www.euronext.com/fr/listings/faq/euronext
3https://www.euronext.com/en/trading-fees-charges
 
Zagreb Stock Exchange
Croatia (EMEA)
Market Information
Venue Identifier
MIC: XZAG
Time Zone
GMT+1
Instrument Code
Bloomberg: ZA
ISIN: HR
Reuters: ZA
Investor ID
Not Required
Trading Hours
Open: Monday - Friday
Continuous Trading: 09:30 - 12:00
Intraday Auction: 12:00 - 12:10
Continuous Trading: 12:10 - 15:55
Opening Auction Details
Pre Trading: 08:00 - 09:00
Opening Auction: 09:00 - 09:30 (Earliest End, the opening auction and the closing auction end with variable end which may take 15 seconds at most.)
Closing Auction Details
Closing Auction: 15:55 - 16:00
Post Trading: 16:00 - 1615
Currency
Croatian Kuna (HRK)
Major Market Indices
CROBEX: CROBEX is a free float market capitalisation weighted index which tracks the prices of shares listed on the Zagreb Stock Exchange. Each stock is capped at 10% weighting of the index capitalisation.1

Other indices:
CROBEX10, CROBEXplus, CROBEXindustrija, CROBEXkonstrukt, CROBEXnutris, CROBEXtransport, CROBEXtourist, CROBEXtr
Basic Information
Regulated Market is divided into the 3 market segments: Prime Market, Official Market and Regular Market. Prime Market is the most demanding market segment with regard to the requirements set to the issuer. Regular Market commits the issuer to submit only a minimum of information stipulated by the Capital Market Act while the Exchange Rules stipulate additional requirements applicable to the Official and the Prime Market.
Order Types Supported
Limit Order
Market Order
Iceberg Order
Stock Tick Size
Stock tick size is determined in accordance with MiFID II rules. See Annex to RTS 11 for the tick size table, here http://eur-lex.europa.eu/legal-content/EN/TXT/?uri=uriserv:OJ.L_.2017.087.01.0411.01.ENG&toc=OJ:L:2017:087:TOC
Trading Units
1 share per lot
Block Trading
Block trades are concluded through the exchange of messages on the trading system. Block trading can be concluded between:
09:00 - 16:00 hrs on all trading days
Min size: HRK 2,000,000
Odd-Lot Trading
Permitted
Short Selling
Permitted as per EU Short Selling Regulation but not seen in practice.
Day Trading
Permitted
Daily Price Limit
Price limits prescribed for various categories.
Circuit breakers and static limits are designed as per this classification:

Class 1 – the static limit in respect of any shares traded on 75% of trading days for an average daily turnover in excess of HRK 100,000.00 is 10%
Class 2 – the static limit in respect of any shares traded on 50% of trading days for an average daily turnover in excess of HRK 50,000.00 is 15%
Class 3 – the static limit in respect of other shares is 20%.
Foreign Ownership Limit
No general restrictions
Settlement
Settlement Cycle
T+2
Equities Market Charges
Ranges from 0.02% to 0.08% depending on the total billable turnover of the member.2
Supplementary Information
Notes
Exchange website: www.zse.hr
Venue enquiries: pitanja@zse.hr
Source
All information sourced from the exchange website and Bloomberg. For additional information please see below:
1 http://www.bloomberg.com/quote/CRO:IND
2 http://www.zse.hr/userdocsimages/legal/2018/2018-12-21-ZSE-Trading_Manual-ENG.pdf
 
Prague Stock Exchange
Czech Republic (EMEA)
Market Information
Venue Identifier
MIC: XPRA
Time Zone
GMT+1
Instrument Code
Bloomberg: CK
ISIN: CZ
Reuters: PR
Investor ID
Not Required
Trading Hours
Open: Monday - Friday
09:00 - 16:20 hrs
Opening Auction Details
Pre-trading: 08:00 - 08:50 hrs
Opening Auction: 08:50 - 09:00 hrs
Closing Auction Details
16:20 - 16:30 hrs
Currency
Czech Koruna (CZK)
Major Market Indices
PX: PX completely reflects the free float of constituent securities and is also the official index of the Prague Stock Exchange.

Other Indices:
PX-TR, PX-Glob
Basic Information
Trades at the Prague Stock Exchange can be concluded only through exchange members,
i.e. brokerage companies and major banks. Investors are required to produce proof of identity, set up an asset account in Central Securities Depository Prague, and a cash account to commence trading activity on the Prague Exchange.
Order Types Supported
Market Order
Limit Order
Iceberg Order
Market-to-limit Order
Stock Tick Size
Stock tick size is determined in accordance with MiFID II rules. See Annex to RTS 11 for the tick size table, here http://eur-lex.europa.eu/legal-content/EN/TXT/?uri=uriserv:OJ.L_.2017.087.01.0411.01.ENG&toc=OJ:L:2017:087:TOC
Trading Units
1 share per lot
Block Trading
No on-exchange block trading. Block trades can be concluded OTC.
Odd-Lot Trading
Not applicable
Short Selling
Permitted as per EU Short Selling Regulation
Day Trading
Permitted
Daily Price Limit
The electronic securities trading system includes two important safety mechanisms – volatility interruption and market order interruption – which contribute significantly to the prevention of price jumps and help to increase price continuity.
1) Volatility interruption (triggered in dynamic & static corridors)
a) in Single auctions;
b) in Continuous trading
2) Market order interruption during any auction trading (except in auctions resulting from a volatility interruption)
Dynamic Limit: ± 3%
Static Limit: ±10%
Extended Limit for Shares and funds: ± 6%
Foreign Ownership Limit
No general restrictions. Foreign ownership in weapon manufacturing companies must be lower than 50%.
Settlement
Settlement Cycle
T+2
Equities Market Charges
Trading on Prime Market:
Annual Fee: .05%, Min 500 CZK, max 300,000 CZK
Trading on Standard market: Annual fee:10,000 CZK
No one-off fee for admission to trading
Supplementary Information
Notes
Exchange website: http://www.pse.cz
Venue enquiries: info@pse.cz
Source
 
Nasdaq OMX Copenhagen
Denmark (EMEA)
Market Information
Venue Identifier
MIC: XCSE
Time Zone
GMT+1
Instrument Code
Bloomberg: DC
ISIN: DK
Reuters: CO
Investor ID
Not Required
Trading Hours
Open: Monday - Friday
Continuous Trading : 09:00 - 16:55 hrs
Opening Auction Details
Pre-Open: 08:00 - 09:00 hrs
Opening Auction: 09:00 hrs
Closing Auction Details
16:55 - 17:00 hrs
Currency
Danish Krone (DKK)
Major Market Indices
OMXC20: The OMXC20 tracks the prices of 20 most heavily traded shares listed on Nasdaq Copenhagen. The index portfolio consists of shares in terms of free floated market capitalisation.1

OMXnordic40: The index comprises of the 40 biggest and most heavily traded shares on the Nordic exchanges.2
Basic Information
Nasdaq Copenhagen is a part of the integrated Nasdaq Nordic Market. Nasdaq Nordic offers a centralised facility to access 4 Nordic markets- namely Nasdaq Copenhagen, Nasdaq Helsinki, Nasdaq Stockholm and Nasdaq Iceland.

With its trading systems, Nasdaq Nordic provides efficient cross border trading and membership. All of the above 4 markets require membership and application to any one of the 4 markets will be considered as an application to Nasdaq Nordic and membership will be granted to all 4 markets automatically.

Trading on Nasdaq Markets takes place on 2 systems namely, INET Nordic and GENIUM INET. While equities are traded on INET Nordic, GENIUM INET provides the fixed income functionality.3
Order Types Supported
Market Order
Limit Order
Imbalance Order for open and close auctions as well as midday auction
Hidden Order
Pegged Order
Minimum execution quantity
Nordic@mid order
Top of Book
Stock Tick Size
Stock tick size is determined in accordance with MiFID II rules. See Annex to RTS 11 for the tick size table, here http://eur-lex.europa.eu/legal-content/EN/TXT/?uri=uriserv:OJ.L_.2017.087.01.0411.01.ENG&toc=OJ:L:2017:087:TOC
Trading Units
1 share per lot
Block Trading
Permitted. Block trades are considered large in scale compared to the average daily turnover. They are allowed to be reported outside the Volume Weighted Average Spread (VWAS) in the market.
Odd-Lot Trading
Not applicable
Short Selling
Permitted as per EU Short Selling Regulation
Day Trading
Permitted
Daily Price Limit
Static limit: 15% (10% for OMXC20) from the opening;
Dynamic limit: 5% (3% for OMXC20).

Suspension is 3 minutes for static and 1 minute for dynamic.
Foreign Ownership Limit
No general restrictions
Settlement
Settlement Cycle
T+2
Equities Market Charges
Transaction-based fees per trade:
Maker pays between 2.00 DKK and 4.00 DKK; Taker pays between 2.98 DKK and 5.96 DKK.

Value-based fee per trade:
Maker pays between 0.0011% and 0.0025%; Taker pays between 0.0018 % and 0.0039%
Supplementary Information
Notes
Source
 
Nasdaq OMX Tallinn
Estonia (EMEA)
Market Information
Venue Identifier
MIC: XTAL
Time Zone
GMT+2
Instrument Code
Bloomberg: ET
ISIN: EE
Reuters: TL
Investor ID
Not Required
Trading Hours
Open: Monday - Friday
10:00 - 15:55 hrs
Opening Auction Details
Pre-open: 09:00 - 10:00 hrs
Uncross: 10:00 hrs
Closing Auction Details
Pre-close: 15:55 - 16:00 hrs
Uncross: 16:00 hrs
Post Trading Session: 16:00 - 16:30 hrs
Currency
Euro (EUR)
Major Market Indices
OMX Tallinn formerly known as TALSE: OMX Tallinn (OMXT) is a capitalisation-weighted chain-linked total return index of OMX Tallinn which tracks all the shares of companies listed on the main and secondary lists of OMX Tallinn.
Basic Information
The Tallinn Exchange Equity Market is divided into 2 segments - the main list and the secondary list. The main list contains all the blue chip companies listed on the Tallinn Exchange, while the secondary board consists of all the stocks which do not fulfill the quantitative criteria specified for the main list.
Order Types Supported
Limit Order
Call-only Order
On-open Order
On-close Order
Market Order
Imbalance Order

Attributes:
Iceberg
Minimum quantity
Non-displayed
Pegged
Stock Tick Size
Stock tick size is determined in accordance with MiFID II rules. See Annex to RTS 11 for the tick size table, here http://eur-lex.europa.eu/legal-content/EN/TXT/?uri=uriserv:OJ.L_.2017.087.01.0411.01.ENG&toc=OJ:L:2017:087:TOC
Trading Units
1 share per lot
Block Trading
Permitted1
Odd-Lot Trading
Not applicable
Short Selling
Permitted as per EU Short Selling regulation
Day Trading
Permitted
Daily Price Limit
±10% Dynamic volatility guard (difference from last sale price)
±15% Static volatility guard (difference from reference price, usually day’s opening price)
Foreign Ownership Limit
No general restrictions
Settlement
Settlement Cycle
T+2
Equities Market Charges
Trading fee for automatic matching (order book):
Value-based trading fee: 0.035% of the transaction value (min. EUR 0.30)

Fee for on-exchange trade reporting (manual trades):
Value-based trading fee: 0.035% of the transaction value (min. EUR 0.30, max. EUR 150)
Supplementary Information
Notes
Exchange website: www.nasdaqomxbaltic.com
Source
All information sourced from the exchange website and Bloomberg. For additional information please see below:
1 http://www.nasdaqbaltic.com/market/?lang=et
 
Nasdaq OMX Helsinki
Finland (EMEA)
Market Information
Venue Identifier
MIC: XHEL
Time Zone
GMT+ 2
Instrument Code
Bloomberg: FH
ISIN: FI
Reuters: HE
Investor ID
Not required
Trading Hours
Open: Monday - Friday
10:00 - 18:25 hrs
Opening Auction Details
Pre-Open: 09:00 - 10:00 hrs
Opening Auction: 10:00 hrs
Closing Auction Details
18:25 - 18:30 hrs
Currency
Euro (EUR)
Major Market Indices
OMXH25: The OMXH25 tracks the prices of the 25 most heavily traded shares listed on Nasdaq Helsinki. The index portfolio consists of shares in terms of free floated market capitalisation.1

OMXnordic40: The index comprises of the 40 biggest and most heavily traded shares on the Nordic exchanges.2
Basic Information
Nasdaq Helsinki is a part of the integrated Nasdaq Nordic Market. Nasdaq Nordic offers a centralised facility to access 4 Nordic Markets - namely Nasdaq Copenhagen, Nasdaq Helsinki, Nasdaq Stockholm and Nasdaq Iceland.
With its trading systems, Nasdaq Nordic provides efficient cross border trading and membership. All of the above 4 markets require membership. Application to any one of the 4 markets will be considered as an application to Nasdaq Nordic and membership will be granted to all 4 markets automatically.
Trading on Nasdaq Markets takes place on 2 systems namely, INET Nordic and GENIUM INET. While equities are traded on INET Nordic, GENIUM INET provides the fixed income functionality.3
Order Types Supported
Market Order
Limit Order
Imbalance Order for open and close auctions as well as midday auction
Reserve Order
Hidden Order
Pegged Order
Minimum execution quantity
Nordic@mid Order
Top of Book
Market Maker Order
Stock Tick Size
Stock tick size is determined in accordance with MiFID II rules. See Annex to RTS 11 for the tick size table, here http://eur-lex.europa.eu/legal-content/EN/TXT/?uri=uriserv:OJ.L_.2017.087.01.0411.01.ENG&toc=OJ:L:2017:087:TOC
Trading Units
1 share per lot
Block Trading
Permitted. Block trades are trades considered large in scale compared to the average daily turnover. They are allowed to be reported outside the Volume Weighted Average Spread (VWAS) in the market.
Odd-Lot Trading
Not applicable
Short Selling
As per EU Short Selling Regulation
Day Trading
Permitted
Daily Price Limit
Static limit: 15% (10% for OMXH25) from the opening
Dynamic limit: 5% (3% for OMXH25)
Suspension is 3 minutes for static and 1 minute for dynamic
Foreign Ownership Limit
No general restrictions
Settlement
Settlement Cycle
T+2
Equities Market Charges
Transaction-based fees per trade:
Maker pays between 0.27 EUR and 0.54 EUR; Taker pays between 0.41 EUR and 0.80 EUR.

Value-based fee per trade:
Maker pays between 0.0011 % and 0.0025 %; Taker pays between 0.0018 % and 0.0039%
Supplementary Information
Notes
Source
 
Euronext Paris
France (EMEA)
Market Information
Venue Identifier
MIC: XPAR
Time Zone
GMT+1
Instrument Code
Bloomberg: FP
ISIN: FR
Reuters: PA
Investor ID
Not Required
Trading Hours
Open: Monday - Friday
Continuous session: 09:00 - 17:30 hrs
Opening Auction Details
Pre-open session: 07:15 - 09:00 hrs1
Regular Session: 09:00 hrs
09: 00 Random: The opening auction will randomly uncross between 09:00:00 and 09:00:30
Closing Auction Details
Regular Session: 17:35 hrs
17:35 Random: The closing auction will randomly uncross between 17:35:00 and 17:35:30
Trading at last: 17:35 - 17:40 hrs
17: 35 Random: The TAL phase will continue up to 17:40:00, but will be triggered after the random uncross at a time between 17:35:00 and 17:35:30
Currency
Euro (EUR)
Major Market Indices
CAC 40: CAC 40 is a free-float market capitalisation-weighted indicator that tracks the prices of 40 biggest and most actively traded shares on Euronext Paris. CAC40 also serves as an underlying for several funds, ETFs, structured products.

Other Indices:
CAC Mid 60, Euronext 100, Next 150
Basic Information
All companies admitted to listing/trading with any of Euronext’s markets are automatically segmented into one of three groups by market capitalisation. This classification allows investors to distinguish between companies with small, medium and large capitalisations:
Segment A—market cap: > €1 billion
Segment B—market cap: €150 million to €1 billion Segment C—market cap: < €150 million
In addition, the Euronext list is organised in a way that allows companies to position themselves on the basis of three factors beyond market cap:

International sector classification: All Euronext sector indices are based on the Industry Classification Benchmark (ICB), the industry standard for international exchanges.

Liquidity profile: There are three liquidity profiles on the cash markets. Highly liquid companies are continuously traded; companies can also be traded at double daily-auction or single daily- auction. Less liquid companies may benefit from the presence of a Liquidity Provider.

Indices: The group has a portfolio of over 450 benchmark indexes, including pan-European and national, as well as a series of local mid-cap and small-cap indices.
This breakdown of compartments is reviewed at the end of each year and any changes are published.2
Order Types Supported
Limit Order
Pure Market Order
Market-to-Limit Order
Market-on-opening Order (Market-to-limit Order in pre-opening phase)
Stop Limit Order
Stop Order
Stop on Quote Order
Pegged Order
Hidden Order3
Stock Tick Size
Stock tick size is determined in accordance with MiFID II rules. See Annex to RTS 11 for the tick size table, here http://eur-lex.europa.eu/legal-content/EN/TXT/?uri=uriserv:OJ.L_.2017.087.01.0411.01.ENG&toc=OJ:L:2017:087:TOC
Trading Units
1 share per lot
Block Trading
Permitted. Trades have to be placed outside the central order book. There are size restrictions, however the same depends on the instruments traded and the trading method (continuous or call auction)4
Odd-Lot Trading
Not applicable
Short Selling
Short selling is permitted on Euronext markets as per EU Short Selling Regulation. However, reporting is required for short positions larger than 0.25% of share capital. The exchange does not encourage lending shares of financial companies.
Day Trading
Permitted
Daily Price Limit
±10% from the dynamic reference price. The dynamic price is reset every time the market breaches either the upside or the downside threshold (last closing price for the opening). If the traded price moves more than ± 5% from the last traded price, the trading stops for 2 minutes.

The dynamic reference price is re-adjusted during continuous trading only after an incoming order has been matched (as far as possible) against orders in the Central Order Book. When an incoming order is matched by more than one order on the Central Order Book, the dynamic reference price is only updated with the last trade generated in this way.
Foreign Ownership Limit
Restrictions on certain specific sectors that the French Government considers sensitive - defense, healthcare and public safety
Settlement
Settlement Cycle
T+2
Equities Market Charges5
Members of the exchange are able to choose from 2 fee options:

Option 1
Charge per executed order = €0.15
First €0.7bn executed (≤€0.7bn) 0.95 bps
Next €1.3bn executed (€0.7bn - €2.0bn) 0.70 bps Next €1.5bn executed (€2.0bn - €3.5bn) 0.63 bps Next €24.5bn executed (€3.5bn - €28.0bn) 0.55 bps All subsequent volumes (>€28.0bn) 0.45 bps
  −  The executed order fee is applied once, regardless of the number of individual trades generated from the original order.
  −  The volume based charges apply in addition to the per executed order fee and in addition to complex order below (section 1.2.5 of the cash fee grid). The volume threshold are calculated on a monthly basis.
  −  Executed Iceberg orders 0.15 bps
Executed Immediate-or-Cancel (IOC) and Fill-or-Kill (FOK) orders €0.02 Entry of Stop and Stop-Limit orders €0.30

Option 2

Option 2A - min monthly fee = €200 000
Blue-chip continuous trading (min charge per executed order = €0.60; variable charge = 0.10 bps)
Other (min charge per executed order = €1.00; variable charge = 0.60 bps)
Option 2B - no minimum monthly fee
Blue-chip continuous trading (min charge per executed order = €1.00; variable charge = 0.20 bps) Other (min charge per executed order = €1.30; variable charge = 0.80 bps)


Supplementary Information
Notes
Exchange website: www.euronext.com
Venue enquiries: ccc@euronext.com
Source
All information sourced from the exchange website and Bloomberg. For additional information please see below:
1 https://www.euronext.com/en/calendars-hours
2https://www.euronext.com/fr/listings/faq/euronext
3https://www.euronext.com/en/trading-fees-charges
 
Deutsche Boerse
Germany (EMEA)
Market Information
Venue Identifier
MIC: XFRA
Time Zone
GMT+1
Instrument Code
Bloomberg: GR
Reuters: DB1
ISIN: DE
Bloomberg Code Xetra: GY
Bloomberg Code German Regional Exchanges: GR
Investor ID
Not Required
Trading Hours
Open: Monday - Friday
09:00 - 17:30 hrs1
Opening Auction Details
Pre-open: 07:30 - 08:50 hrs
Opening: 08:50 - 09:00 hrs
Intraday auction (for odd, unfilled and mixed lots): 13:00 - 13:02 hrs
Closing Auction Details
17:30 - 17:35 hrs
Currency
Euro (EUR), Swiss Frank (CHF), Pound Sterling (GBP), US Dollar (USD), Renminbi
Major Market Indices
DAX: The DAX is a free float market capitalisation index which tracks the performance of 30 select German blue chip stocks.

Other Indices:
MDAX, SDAX, TecDAX
Basic Information
The Equity segment of Deutsche Boerse is divided into 3 main segments, namely Prime Standard, General Standard and Entry Standard. Companies listed on the Prime Standard and General Standard comply with the highest European transparency standards and enjoy all the advantages of a full listing in the EU Regulated Market. In Prime Standard, companies comply with stricter standards than those listed in the General Standard segment. Entry Standard segment provides the SMEs an easy, quick and efficient way of including shares for exchange trading.
Order Types Supported
Market Order
Limit Order (rejected if it could cause volatility interruption)
Stop Order
Iceberg Order
Volume Discovery Order
Midpoint Order
Trailing Stop Order
Hidden Order
TOP+ Order

Validity Restrictions:
Good for Day
Good Till Date Good Till Cancelled
Good Till Crossing/ Auction2
Stock Tick Size
Stock tick size is determined in accordance with MiFID II rules. See Annex to RTS 11 for the tick size table, here http://eur-lex.europa.eu/legal-content/EN/TXT/?uri=uriserv:OJ.L_.2017.087.01.0411.01.ENG&toc=OJ:L:2017:087:TOC
Trading Units
Board lot is 100, though most securities trade at a board lot of 1.
Block Trading
Block Trading facility available; called Xetra Midpoint. Orders flagged as midpoint go directly to the dark book.
Odd-Lot Trading
Mixed and odd lots allowed only during intra-day auction.
Short Selling
Permitted as per EU Short Selling Regulation. However, short selling of German companies is banned globally.
Day Trading
Permitted.
Daily Price Limit
The exchange does not publish thresholds for price limits. However, a Volatility Auction is triggered when either a static or a dynamic price limit is breached. This auction lasts approximately 2 minutes and ends randomly. Further, if the price lies beyond the defined range, the auction continues until manually terminated.
Foreign Ownership Limit
No general restrictions.
Settlement
Settlement Cycle
T+2
Equities Market Charges
Registration and clearing fees are levied by agent banks
Stock exchange fees determined on the basis of medium of trading (electronic or floor) - usually expressed in terms of basis points
For Standard Orders
High volume: 0.48 bps
Medium Volume: 0.504 bps
Low volume: 0.552 bps
Supplementary Information
Notes
Exchange website: http://deutsche-boerse.com
Venue enquiries: info@deutsche-boerse.com
Source
 
Athens Stock Exchange
Greece (EMEA)
Market Information
Venue Identifier
MIC: ASEX
Time Zone
GMT+2
Instrument Code
Bloomberg: GA
Reuters: AT
ISIN: GR
Investor ID
Required
Trading Hours
Open: Monday - Friday
10:30 - 17:00 hrs
Opening Auction Details
10:15 - 10:30 hrs
Closing Auction Details
17:00 - 17:09 hrs
Aftermarket Session: 17:10 - 17:20 hrs
Currency
Euro (EUR)
Major Market Indices
FTSE/ATHEX Market Index: The ATHEX or the Athens Stock Exchange General Index is a capitalisation-weighted index of Greek stocks listed on the Athens Stock Exchange.1

Other Indices: FTSE/ATHEX Large Cap FTSE/ATHEX Mid Cap
FTSE/ATHEX Mid & Small Cap Factor Weighted Index
FTSE/ATHEX Global Traders Index Plus FTSE/ATHEX Global Traders Index FTSE Med 100
Greece & Turkey 30 Index
FTSE/ATHEX-CSE Banking Index and various Sector Indices.
Basic Information
The Athens Exchange comprises of 5 markets, namely - regulated securities markets, regulated derivatives stock lending/borrowing market, alternative market, carbon market and the OTC market. Investors can trade in warrants regulated securities market.
Order Types Supported
Market Order
Limit Order
Stop Order

Attributes:
Immediate or cancel
Fill or kill
Stock Tick Size
Stock tick size is determined in accordance with MiFID II rules. See Annex to RTS 11 for the tick size table, here http://eur-lex.europa.eu/legal-content/EN/TXT/?uri=uriserv:OJ.L_.2017.087.01.0411.01.ENG&toc=OJ:L:2017:087:TOC
Trading Units
1 share per lot3
Block Trading
Permitted through 3 methods:
Simple Block
Trade Settlement Block
Trade Restitution Block

For Simple Block Trade:
  −  For shares with average daily trading value less than 25 million Eur, min size of block trade is 250,000 Eur
  −  For shares with average daily trading volume higher than 25 million but less than 50 million, minimum block size is 400,000 Eur
  −  For shares with average daily trading volume higher than 50 million, minimum block size is 500,000 Eur4
Odd-Lot Trading
Not applicable
Short Selling
Naked short selling is generally not allowed in the Greek market. Covered short selling is allowed with restrictions. EU Short Selling Regulation applies.
Day Trading
Permitted
Daily Price Limit
Price limits do not apply in the first three days of a company’s listing.
Price Fluctuation Limits*: ± 30% Static
Price Range: ± 10%
Dynamic Price Range: ± 3%
Price Tolerance Rule: 30%
Volume Min Rule: 30%
Vol. Int Pre Call: 5 min
Vol. Int Extension: 3 min
Vol. Int. Random: 1 min

*Price Fluctuation Limits for shares with low turnover velocity ± 10%
Foreign Ownership Limit
Rules same for Greek and foreign investors. Interministerial committee approval required to raise holdings above 20% in national strategically sensitive companies.
E.g. telecommunications
Settlement
Settlement Cycle
T+2
Equities Market Charges
Exchange Fee 0.0125% of the transaction value
Clearing Fee 0.020% of the transaction value
Tax on sale transaction, 0.20%, for listed equity is applicable for all sale trades
Supplementary Information
Notes
Exchange website: www.athexgroup.gr
Venue enquiries: Members-Support@athexgroup.gr
Source
 
Budapest Stock Exchange
Hungary (EMEA)
Market Information
Venue Identifier
MIC: XBUD
Time Zone
GMT+1
Instrument Code
Bloomberg: HB
Reuters: HU
ISIN: HU
Investor ID
Not Required
Trading Hours
Open: Monday - Friday
From the end of Opening Auction Phase until 17.00 hrs1
Opening Auction Details
Pre-trading(before opening auction): 08:15 - 08:30 hrs
Auction Call Sub-Phase: 08:30 - 09:00 hrs
Price Determination and matching: 09:00 hrs + random end
Order book balancing Sub-Phase: max 2 minutes
Closing Auction Details
Auction Call Sub-Phase: 17.00-17.05 hrs
Price Determination and matching: 17:05 hrs + random end
Order book balancing Sub-Phase: max 2 minutes
Post trading: after closing auction till 17:20 hrs
Currency
Hungarian Forint (HUF)
Major Market Indices
BUX: BUX is a capitalisation-weighted index adjusted for free float which tracks the daily prices of actively traded large stocks listed on the Budapest Stock Market.2

BUMIX, CETOP20
Basic Information
The cash market of the Budapest Stock exchange is divided into two segments - the equities and the debt securities section. Securities, which represent ownership right are traded on the equities section. Besides these instruments also the structured products (certificates, ETFs) and special securities (compensation notes) are represented in this section. Debt securities are represented in the Debt Securities Section, such as government debt securities (treasury bills and government bonds), corporate bonds and mortgage bonds.3
Order Types Supported
Limit Order
Market Order
Iceberg Order
Market to Limit

Trading Restrictions:
Main Trading
Auctions in Main Trading Only
Auction Only
Opening Auction Only
Closing Auction Only
Accept Surplus

Execution Restrictions:
Fill-or-Kill
Immediate-or-Cancel
Stop Market Order
Stop Limit Order
Book-or-Cancel Order

Validity:
Good for day Order
Good till date Order
Good till cancelled
Stock Tick Size
Stock tick size is determined in accordance with MiFID II rules. See Annex to RTS 11 for the tick size table, here http://eur-lex.europa.eu/legal-content/EN/TXT/?uri=uriserv:OJ.L_.2017.087.01.0411.01.ENG&toc=OJ:L:2017:087:TOC
Trading Units
1 share per lot
Block Trading
No on-exchange block trading. Block trades can be concluded OTC.
Minimum Order value of Negotiated Deal Orders in case of all securities as follows.
  −  For all Securities traded in HUF: 25 000 000 HUF
  −  For all Securities traded in EUR: 100 000 EUR
  −  For all Securities traded in USD: 100 000 USD
Odd-Lot Trading
Not Applicable
Short Selling
Permitted as per EU Short Selling Regulation
Day Trading
Permitted
Daily Price Limit
In the case of equities listed in the Equities Premium Market and BUX Basket Equities, orders may be submitted in the Continuous Trading with Auctions Trading Model with the following limitations with respect to Order Limits:
a. for a buy Order, the Price may be a maximum of 15 percent higher than the Base Price;
b. for a sell Order, the Price may be a maximum of 15 percent lower than the Base Price.

For all other Exchange Products traded in the Continuous Trading with Auctions Model, Orders may be submitted subject to the following limitations with respect to Order Limits:
a. for a buy Order, the Price may be a maximum of 20 percent higher than the Base Price;
b. for a sell Order, the Price may be a maximum of 20 percent lower than the Base Price.
Foreign Ownership Limit
No general restrictions. Issuers may have their own restrictions
Settlement
Settlement Cycle
T+2
Equities Market Charges
0.015% of transaction value with a min of 50 forints and max 35,000 forints4
Supplementary Information
Notes
Exchange website: http://www.bse.hu
Venue enquiries: info@bse.hu
Source
 
Euronext Dublin
Ireland (EMEA)
Market Information
Venue Identifier
MIC: XDUB
Time Zone
GMT
Instrument Code
Bloomberg: ID
ISIN: IE
Reuters: I
Investor ID
Not Required
Trading Hours
Open: Monday - Friday
08:00 - 16:28 hrs
Opening Auction Details
Pre-Trading Phase: 06:30 - 07:50 hrs
Opening Auction: 07:50 - 08:00 hrs
Closing Auction Details
Closing Auction: 16:28 - 16:30 hrs
Post-Trading Phase: 16:30 - 17:15 hrs
Currency
Euro (EUR)
Major Market Indices
ISEQ overall: The ISEQ Overall Index is a capitalisation-weighted index of all listed stocks on the Irish Stock Exchange. However, the stocks of companies which are registered in the UK are excluded from calculations.

Other Indices:
ISEQ Financial, ISEQ General, ISEQ small cap, ISEQ ESM, ISEQ 20 Index, ISEQ 20 leveraged index, ISEQ 20 capped index
Basic Information
Euronext Dublin operates 4 markets. These are: Main Securities Market: For listing debt shares, funds and ETFs Global Exchange Market: For listing Debt and funds
Enterprise Securities Market & Atlantic Securities Market: For companies raising equity
Order Types Supported
Market Order
Limit Order
Market to Limit Order
Hidden Order
Midpoint Order
Iceberg Order
Stop Market Order
Stop limit Order
Stock Tick Size
Stock tick size is determined in accordance with MiFID II rules. See Annex to RTS 11 for the tick size table, here http://eur-lex.europa.eu/legal-content/EN/TXT/?uri=uriserv:OJ.L_.2017.087.01.0411.01.ENG&toc=OJ:L:2017:087:TOC
Trading Units
1 share per lot
Block Trading
Block trades can be concluded on exchange, off-order book.
Odd-Lot Trading
Not applicable
Short Selling
Permitted as per EU Short Selling Regulation
Day Trading
Permitted
Daily Price Limit
Volatility Auction can be triggered during auctions as well as continuous trading phases where the price lies outside the dynamic or static price ranges. Static and dynamic price ranges are widened in a fast market. Volatility auctions may also be extended in some situations.
Foreign Ownership Limit
No general restrictions, but issuers may have their own restrictions
Settlement
Settlement Cycle
T+2
Equities Market Charges
Members of the exchange are able to choose from 2 fee options:

Option 1
Charge per executed order = €0.15
First €0.7bn executed (≤€0.7bn) 0.95 bps
Next €1.3bn executed (€0.7bn - €2.0bn) 0.70 bps Next €1.5bn executed (€2.0bn - €3.5bn) 0.63 bps Next €24.5bn executed (€3.5bn - €28.0bn) 0.55 bps All subsequent volumes (>€28.0bn) 0.45 bps
  −  The executed order fee is applied once, regardless of the number of individual trades generated from the original order.
  −  The volume based charges apply in addition to the per executed order fee and in addition to complex order below (section 1.2.5 of the cash fee grid). The volume threshold are calculated on a monthly basis.
  −  Executed Iceberg orders 0.15 bps
Executed Immediate-or-Cancel (IOC) and Fill-or-Kill (FOK) orders €0.02 Entry of Stop and Stop-Limit orders €0.30

Option 2

Option 2A - min monthly fee = €200 000
Blue-chip continuous trading (min charge per executed order = €0.60; variable charge = 0.10 bps)
Other (min charge per executed order = €1.00; variable charge = 0.60 bps)
Option 2B - no minimum monthly fee
Blue-chip continuous trading (min charge per executed order = €1.00; variable charge = 0.20 bps) Other (min charge per executed order = €1.30; variable charge = 0.80 bps)


Supplementary Information
Notes
Exchange website: www.ise.ie
Venue enquiries: isexetra@ise.ie
Source
All information sourced from the exchange website and Bloomberg. For additional information please see below:
1 https://www.euronext.com/en/calendars-hours
2https://www.euronext.com/fr/listings/faq/euronext
3https://www.euronext.com/en/trading-fees-charges
 
Borsa Italiana
Italy (EMEA)
Market Information
Venue Identifier
MIC: XMIL
Time Zone
GMT+ 1
Instrument Code
Bloomberg: IM
ISIN: IT
Reuters: MI
Investor ID
Not Required
Trading Hours
Open: Monday - Friday
MTA: 09:00 - 17:30 hrs (continuous trading session)
After Hours Trading: 18:00 - 20:30 hrs1
Opening Auction Details
08:00 - 09:00 hrs (ends randomly between 09:00:00 and 09:00:59 hrs)
Closing Auction Details
17:30 - 17:35 hrs (ends randomly between 17:30:00 and 17:35:59 hrs)
Trading at Closing Price: 17:35 - 17:42 hrs
Currency
Euro (EUR)
Major Market Indices
FTSE Italia All Share: The FTSE Italia All-Share Index is a free-float capitalisation-weighted index which includes all the constituents of FTSE MIB, FTSE Italia Mid Cap and FTSE Italia Small Cap indices. It reflects 95% of the total domestic market capitalisation.

FTSE MIB: The FTSE MIB index tracks performance of the 40 largest and most actively traded stocks listed on Borsa Italiana.2

FTSE All share capped, FTSE MIB, FTSE Italia Mid Capped, FTSE Italia small cap, FTSE Italia Micro Cap, FTSE Italia Star
Basic Information
MTA is the main equity market in Italy which specially caters to mid and large size companies. MTA includes the STAR segment, dedicated to midsize companies which are leading in their respective industries. Companies listed on the STAR segment have a market capitalisation between 40m and 1bn EUR, a free float of at least 35% and comply with high transparency, disclosure and liquidity requirements.
In addition, Borsa Italiana offers trading services on equity instruments through an MTF named BIt Global Equity Market, dedicated to after-hours trading (TAH) and to trading services for shares of non-Italian issuers which are already listed on EU Regulated Markets.2
Order Types Supported
Market Order (including Market to Limit Order)
Limit Order
Iceberg Order
Executable Quotes
Stop Order (including Stop Limit Order)3
Stock Tick Size
Stock tick size is determined in accordance with MiFID II rules. See Annex to RTS 11 for the tick size table, here http://eur-lex.europa.eu/legal-content/EN/TXT/?uri=uriserv:OJ.L_.2017.087.01.0411.01.ENG&toc=OJ:L:2017:087:TOC
Trading Units
1 share per lot for almost all securities.
Block Trading
Permitted. Block trades can be concluded on the BTF (Block Trade Facility)
Odd-Lot Trading
Not Applicable
Short Selling
Short selling is permitted on Borsa Italiana as per the EU Short Selling Regulation. However, reporting is required for short positions larger than 0.2% of share capital.
Day Trading
Permitted
Daily Price Limit3
Static and dynamic price limits apply to the securities. These tolerance levels vary depending on the market segment to which the instrument belongs.
Static Price Limits:
Constituent Shares of FTSE MIB index: ± 5%
Other shares: ± 10%

Dynamic Price Limits:
Constituent shares of FTSE MIB index: ±3.5%
Other shares: ± 5%
Foreign Ownership Limit
No general restrictions, but issuers may have their own restrictions
Settlement
Settlement Cycle
T+2
Equities Market Charges
The trading fee for the MTA market and AIM Italia is calculated on the basis of the turnover of
each single executed order, as follows. The minimum monthly trading fee (Minimum Activity
Charge) is 2,167 €.
For MTA, AIM Italia and BIt GEM, the fee per executed order is:
− doubled for executed orders with value between €150,000 and €300,000
− tripled for executed orders with value between €300,000 and €450,000
− quadrupled for executed orders with value over €450,000
Concessions are available for transactions deriving from the fulfilment of trading specialist and liquidity providers obligations.
Supplementary Information
Notes
Exchange website: http://www.borsaitaliana.it
Source
 
Euronext Amsterdam
Netherlands (EMEA)
Market Information
Venue Identifier
MIC: XAMS
Time Zone
GMT+1
Instrument Code
Bloomberg: NA
ISIN: NL
Reuters: AS
Investor ID
Not Required
Trading Hours
Open: Monday - Friday
Continuous session: 09:00 - 17:30 hrs
Opening Auction Details
Pre open session: 07:15 - 09:00 hrs1
Regular Session: 09:00 hrs
09:00 Random: The opening auction will randomly uncross between 09:00:00 and 09:00:30
Closing Auction Details
Regular Session: 17:35 hrs
17:35 Random: The closing auction will randomly uncross between 17:35:00 and 17:35:30
Trading at last: 17:35 - 17:40 hrs
17:35 Random - 17:40: The TAL phase will continue up to 17:40:00, but will be triggered after the random uncross at a time between 17:35:00 and 17:35:30
Currency
Euro (EUR)
Major Market Indices
AEX: The AEX is a market capitalisation-weighted index adjusted for free float of actively traded Dutch stocks on Euronext Amsterdam.

Other Indices:
AMX, AScx, Alternate All share, Euronext 100, Next 150
Basic Information
All companies admitted to listing/trading with any of Euronext’s markets are automatically segmented into one of three groups by market capitalisation. This classification allows investors to distinguish between companies with small, medium and large capitalisations:
Segment A—market cap: > €1 billion
Segment B—market cap: €150 million to €1 billion Segment C—market cap: < €150 million
In addition, the Euronext list is organized in a way that allows companies to position themselves on the basis of three factors beyond market cap:

International sector classification: All Euronext sector indices are based on the Industry Classification Benchmark (ICB), the industry standard for international exchanges.

Liquidity profile: There are three liquidity profiles on the cash markets. Highly liquid companies are continuously traded; companies can also be traded at double daily-auction or single daily-auction. Less liquid companies may benefit from the presence of a Liquidity Provider.

Indices: The group has a portfolio of over 450 benchmark indexes, including pan-European and national, as well as a series of local mid-cap and small-cap indices.
This breakdown of compartments is reviewed at the end of each year and any changes are published.2
Order Types Supported
Limit Order
Pure Market Order
Market-to-Limit Order
Market-on-opening Order (Market-to-limit order in pre-opening phase)
Stop Limit Order
Stop Order
Stop on Quote Orders
Pegged Order
Hidden Order3
Stock Tick Size
Stock tick size is determined in accordance with MiFID II rules. See Annex to RTS 11 for the tick size table, here http://eur-lex.europa.eu/legal-content/EN/TXT/?uri=uriserv:OJ.L_.2017.087.01.0411.01.ENG&toc=OJ:L:2017:087:TOC
Trading Units
1 share per lot
Block Trading
Permitted. Trades have to be placed outside the central order book. There are size restrictions, however the same depends on the instruments traded and the trading method (continuous or call auction)4
Odd-Lot Trading
Not applicable
Short Selling
Short selling is permitted on Euronext markets as per EU Short Selling Regulation. However, reporting is required for short positions larger than 0.25% of share capital. The exchange does not encourage lending shares of financial companies.
Day Trading
Permitted
Daily Price Limit
±10% from the dynamic reference price. The dynamic price is reset every time the market breaches either the upside or the downside threshold (last closing price for the opening). If the traded price moves more than ±5% from the last traded price, the trading stops for 2 minutes.

The dynamic reference price is re-adjusted during continuous trading only after an incoming order has been matched (as far as possible) against orders in the Central Order Book. When an incoming order is matched by more than one order on the Central Order Book, the dynamic reference price is only updated with the last trade generated in this way.
Foreign Ownership Limit
No general restrictions
Settlement
Settlement Cycle
T+2
Equities Market Charges5
Members of the exchange are able to choose from 2 fee options:

Option 1
Charge per executed order = €0.15
First €0.7bn executed (≤€0.7bn) 0.95 bps
Next €1.3bn executed (€0.7bn - €2.0bn) 0.70 bps Next €1.5bn executed (€2.0bn - €3.5bn) 0.63 bps Next €24.5bn executed (€3.5bn - €28.0bn) 0.55 bps All subsequent volumes (>€28.0bn) 0.45 bps
  −  The executed order fee is applied once, regardless of the number of individual trades generated from the original order.
  −  The volume based charges apply in addition to the per executed order fee and in addition to complex order below (section 1.2.5 of the cash fee grid). The volume threshold are calculated on a monthly basis.
  −  Executed Iceberg orders 0.15 bps
Executed Immediate-or-Cancel (IOC) and Fill-or-Kill (FOK) orders €0.02 Entry of Stop and Stop-Limit orders €0.30

Option 2

Option 2A - min monthly fee = €200 000
Blue-chip continuous trading (min charge per executed order = €0.60; variable charge = 0.10 bps)
Other (min charge per executed order = €1.00; variable charge = 0.60 bps)
Option 2B - no minimum monthly fee
Blue-chip continuous trading (min charge per executed order = €1.00; variable charge = 0.20 bps) Other (min charge per executed order = €1.30; variable charge = 0.80 bps)


Supplementary Information
Notes
Exchange website: www.euronext.com
Venue enquiries: ccc@euronext.com
Source
All information sourced from the exchange website and Bloomberg. For additional information please see below:
1 https://www.euronext.com/en/calendars-hours
2https://www.euronext.com/fr/listings/faq/euronext
3https://www.euronext.com/en/trading-fees-charges
 
Oslo Børs
Norway (EMEA)
Market Information
Venue Identifier
MIC: XOSL
Time Zone
GMT+1
Instrument Code
Bloomberg: NO
ISIN: NO
Reuters: OL
Investor ID
Not Required
Trading Hours
Open: Monday - Friday
Continuous Trading Hours: 09:00 - 16:20 hrs
Opening Auction Details
Pre-Trade: 08:15 - 09:00 hrs
Matching: 09:00:00 - 09:00:30 hrs
Closing Auction Details
Closing Call: 16:20 - 16:25 hrs
Post Trade: 16:25 - 17:30 hrs
Currency
Norwegian Krone (NOK)
Major Market Indices
OBX: The OBX index tracks the performance and prices of 25 most liquid and actively traded stocks listed on the Oslo Bors.
OSEBX: OSE Benchmark Index is a total return index which reflects the overall performance of the Oslo exchange1
Other Indices:
OSEAX, OAAX
Basic Information
Equities can be traded on the Oslo Bors Marketplace as well as Oslo Axess. All listed companies are required to comply fully with the stipulations mandated by the Stock Exchange regardless of whether they are traded on the marketplace or Oslo Axess. Oslo Bors is regulated as an exchange. Oslo Axess is a completely regulated market for those companies which are often in their pre-commercial lifecycle phase.
Order Types Supported
Market Order
Limit Order
Iceberg Order
Pegged Order
Hidden pegged Order
Hidden limit Order

Validity:
Good till cancel/time
Fill or kill
Execute and eliminate
At the open/close
Good for auction/day/intra- day auction
Stock Tick Size
Stock tick size is determined in accordance with MiFID II rules. See Annex to RTS 11 for the tick size table, here http://eur-lex.europa.eu/legal-content/EN/TXT/?uri=uriserv:OJ.L_.2017.087.01.0411.01.ENG&toc=OJ:L:2017:087:TOC
Trading Units
1 share per lot for most securities
Block Trading
Large block off-book trading is permitted.
Odd-Lot Trading
Not applicable
Short Selling
Short selling is permitted as per EU Short Selling Regulation. However, naked short selling of certain financial stocks is prohibited.
Day Trading
Permitted
Daily Price Limit
Circuit breakers are triggered following big price movements in a security. Oslo Exchange applies both static and dynamic price limits on a security. These limits vary depending on the security being traded:

OBX Shares:
Static Limit: 5%
Dynamic: 15%

Other Shares:
Static Limit: 15%
Dynamic Limit: 25%2
Foreign Ownership Limit
There are no foreign ownership restrictions in Norwegian companies with the exception where this is stated in the specific companies’ ‘Articles of Associations’.
Settlement
Settlement Cycle
T+2
Equities Market Charges
Fee on the Oslo Bors depends on the accumulated value traded. The highest rate is .0055% of value traded, while the lowest is .0010% of value traded.3
Supplementary Information
Notes
Exchange website: www.oslobors.no
Venue enquiries: stockwatch@oslobors.no
Source
 
Warsaw Stock Exchange
Poland (EMEA)
Market Information
Venue Identifier
MIC: XWAR
Time Zone
GMT+1
Instrument Code
Bloomberg: PW
Reuters: PL
ISIN: PL
Investor ID
Not Required
Trading Hours
Open: Monday - Friday
Continuous Trading: 09:00 - 16:50 hrs
Opening Auction Details
Pre-Open: 08:30 - 9:00 hrs
Opening Auction: 09:00 hrs
Closing Auction Details
Pre-Closing: 16:50-17:00 hrs
Closing Auction: 17:00 hrs
Post-Auction Trading: 17:00 - 17:05 hrs
Currency
Polish Zloty (PLN)
Major Market Indices
WIG20: The WIG20 index is a modified capitalisation-weighted indicator which tracks the performance of 20 leading Polish stocks listed on the Warsaw Stock Exchange.1
Apart from WIG20, the Warsaw Stock Exchange has 28 indices capturing WIG20, mWIG40, sWIG80, WIG as well as WIG-PL.
Basic Information
The Warsaw Stock Exchange comprises of 4 main markets, namely Main Market (Regulated Market), NewConnect (SME’s MTF), Catalyst (Corporate bonds platform) and the TBSP (Treasury wholesale market). Equities can be traded on both the NewConnect Market as well as the Main Market.
Order Types Supported
Market Order
Limit Order
Hidden Order
Min size Order
Stop Order
Peg Order

Validity:
Fill or kill
Fill and kill
Valid for Auction
Valid for Closing
Good till Cancel/ date/ time
Stock Tick Size
Stock tick size is determined in accordance with MiFID II rules. See Annex to RTS 11 for the tick size table, here http://eur-lex.europa.eu/legal-content/EN/TXT/?uri=uriserv:OJ.L_.2017.087.01.0411.01.ENG&toc=OJ:L:2017:087:TOC
Trading Units
1 share per lot
Block Trading
Permitted. Thresholds for block trades according to the provisions of Article 20 of Commission Regulation (EC) No 1287/2006 and Table 2 in Annex II to the Regulation
Odd-Lot Trading
Not applicable
Short Selling
Permitted as per EU Short Selling Regulation. Exchange Short Selling restrictions have been fully lifted as of June 2015. All securities admitted for trading are eligible for short selling.2
Day Trading
Permitted
Daily Price Limit
Static and dynamic limits are employed. Where the prices breach these limits, transactions are suspended and market enters a balancing phase.
Foreign Ownership Limit
No general restrictions, however permissions from the Financial Supervisory Authority and the Antimonopoly office are required for acquiring majority stake in any company. This applies to both domestic and foreign investors.
Settlement
Settlement Cycle
T+2
Equities Market Charges
Volume-based trading fee
0-PLN 100,000: 0.029%
PLN 100,000 - PLN 2mil: 0.024%
PLN 2mil and above: 0.010%
Supplementary Information
Notes
Exchange website: http://www.gpw.pl
Venue enquiries: gpw@gpw.pl
Source
 
Euronext Lisbon
Portugal (EMEA)
Market Information
Venue Identifier
MIC: XLIS
Time Zone
GMT
Instrument Code
Bloomberg: PL
ISIN: PT
Reuters: LS
Investor ID
Not Required
Trading Hours
Open: Monday - Friday
Continuous session: 09:00 - 17:30 hrs
Opening Auction Details
Pre-open session: 07:15 - 09:00 hrs1
Regular Session: 09:00 hrs
09:00 Random: The opening auction will randomly uncross between 09:00:00 and 09:00:30
Closing Auction Details
Regular Session: 17:35 hrs
17:35 Random: The closing auction will randomly uncross between 17:35:00 and 17:35:30
Trading at last: 17:35 - 17:40 hrs
17:35 Random - 17:40: The TAL phase will continue up to 17:40:00, but will be triggered after the random uncross at a time between 17:35:00 and 17:35:30
Currency
Euro (EUR)
Major Market Indices
PSI 20: The Portugal PSI 20 Index is a free float capitalisation-weighted index of 20 leading stocks listed on Euronext Lisbon.
Other Indices:
Euronext 100, Next 150
Basic Information
All companies admitted to listing/trading with any of Euronext’s markets are automatically segmented into one of three groups by market capitalisation. This classification allows investors to distinguish between companies with small, medium and large capitalisations:
Segment A—market cap: > €1 billion
Segment B—market cap: €150 million to €1 billion Segment C—market cap: < €150 million
In addition, the Euronext list is organized in a way that allows companies to position themselves on the basis of three factors beyond market cap:

International sector classification: All Euronext sector indices are based on the Industry Classification Benchmark (ICB), the industry standard for international exchanges.

Liquidity profile: There are three liquidity profiles on the cash markets. Highly liquid companies are continuously traded, companies can also be traded at double daily-auction or single daily- auction. Less liquid companies may benefit from the presence of a Liquidity Provider.

Indices: The group has a portfolio of over 450 benchmark indexes, including pan-European and national, as well as a series of local mid-cap and small-cap indices.
This breakdown of compartments is reviewed at the end of each year and any changes are published.2
Order Types Supported
Limit Order
Pure Market Order
Market-to-Limit Order
Market-on-Opening Order (Market-to-limit order in pre-opening phase)
Stop Limit Order
Stop Order
Stop on Quote Orders
Pegged Order
Hidden Order3
Stock Tick Size
Stock tick size is determined in accordance with MiFID II rules. See Annex to RTS 11 for the tick size table, here http://eur-lex.europa.eu/legal-content/EN/TXT/?uri=uriserv:OJ.L_.2017.087.01.0411.01.ENG&toc=OJ:L:2017:087:TOC
Trading Units
1 share per lot
Block Trading
Permitted. Trades have to be placed outside the central order book. There are size restrictions, however the same depends on the instruments traded and the trading method (continuous or call auction)4
Odd-Lot Trading
Not applicable
Short Selling
Short selling is permitted on Euronext markets as per EU Short Selling Regulation. However, reporting is required for short positions larger than 0.25% of share capital. The exchange does not encourage lending shares of financial companies.
Day Trading
Permitted
Daily Price Limit
±10% from the dynamic reference price. The dynamic price is reset every time the market breaches either the upside or the downside threshold (last closing price for the opening). If the traded price moves more than ±5% from the last traded price, the trading stops for 2 minutes.

The dynamic reference price is re-adjusted during continuous trading only after an incoming order has been matched (as far as possible) against orders in the Central Order Book. When an incoming order is matched by more than one order on the Central Order Book, the dynamic reference price is only updated with the last trade generated in this way.
Foreign Ownership Limit
No general restrictions
Settlement
Settlement Cycle
T+2
Equities Market Charges5
Members of the exchange are able to choose from 2 fee options:

Option 1
Charge per executed order = €0.15
First €0.7bn executed (≤€0.7bn) 0.95 bps
Next €1.3bn executed (€0.7bn - €2.0bn) 0.70 bps Next €1.5bn executed (€2.0bn - €3.5bn) 0.63 bps Next €24.5bn executed (€3.5bn - €28.0bn) 0.55 bps All subsequent volumes (>€28.0bn) 0.45 bps
  −  The executed order fee is applied once, regardless of the number of individual trades generated from the original order.
  −  The volume based charges apply in addition to the per executed order fee and in addition to complex order below (section 1.2.5 of the cash fee grid). The volume threshold are calculated on a monthly basis.
  −  Executed Iceberg orders 0.15 bps
Executed Immediate-or-Cancel (IOC) and Fill-or-Kill (FOK) orders €0.02 Entry of Stop and Stop-Limit orders €0.30

Option 2

Option 2A - min monthly fee = €200 000
Blue-chip continuous trading (min charge per executed order = €0.60; variable charge = 0.10 bps)
Other (min charge per executed order = €1.00; variable charge = 0.60 bps)
Option 2B - no minimum monthly fee
Blue-chip continuous trading (min charge per executed order = €1.00; variable charge = 0.20 bps) Other (min charge per executed order = €1.30; variable charge = 0.80 bps)


Supplementary Information
Notes
Exchange website: www.euronext.com
Venue enquiries: ccc@euronext.com
Source
All information sourced from the exchange website and Bloomberg. For additional information please see below:
1 https://www.euronext.com/en/calendars-hours
2https://www.euronext.com/fr/listings/faq/euronext
3https://www.euronext.com/en/trading-fees-charges
 
Ljubljana Stock Exchange
Slovenia (EMEA)
Market Information
Venue Identifier
MIC: XLJU
Time Zone
GMT+ 1
Instrument Code
Bloomberg: SV
ISIN: SI
Reuters: SQ
Investor ID
Not Required
Trading Hours
Open: Monday - Friday
Continuous Trading: 09:15 - 14:20 hrs1
Opening Auction Details
Pre Trading: 08:00 - 08:15 hrs
Opening Auction: 8:15 - 9:15 hrs (For Prime, Standard and Entry Market)
Closing Auction Details
Closing Auction: 14:20 - 14:30 hrs (For Prime Market)
Closing Auction: 14:20 - 14:33 hrs (For Standard Market)
Closing Auction: 14:20 - 14:35 hrs (For Entry Market)
Post Trading Phase: 16:00 hrs
Currency
Euro (EUR)
Major Market Indices
SBI Top: SBI Top is a free float capitalisation-weighted index which comprises of blue chip companies of Slovenia traded on the Ljubljana Stock Exchange.
Basic Information
The equity market on the Ljubljana Stock Exchange is divided into 3 markets, namely Prime Market, Standard Market and the Entry Market. Blue chip stocks are traded on the Prime market, whereas the other stocks are traded on the Standard Market.
Order Types Supported
Immediate or cancel Order
Fill or kill Order
Book or cancel Order
Stop market Order
Stop limit Order
Market-to-limit Order
Iceberg Order
Top of the book Order
TOP+ order2
Stock Tick Size
Stock tick size is determined in accordance with MiFID II rules. See Annex to RTS 11 for the tick size table, here http://eur-lex.europa.eu/legal-content/EN/TXT/?uri=uriserv:OJ.L_.2017.087.01.0411.01.ENG&toc=OJ:L:2017:087:TOC
Trading Units
1 share per lot
Block Trading
Permitted during regular trading hours. 08:00 - 14:30 hrs.
Odd-Lot Trading
Not applicable
Short Selling
Permitted as per EU Short Selling Regulation
Day Trading
Permitted
Daily Price Limit
Prime Market (blue chip) shares and all shares in continuous trading- ±30%
Foreign Ownership Limit
No general restrictions
Settlement
Settlement Cycle
T+2
Equities Market Charges
The LJSE transaction fee for shares is 0.08 % of the value of the transaction
Supplementary Information
Notes
Exchange website: www.ljse.si
Venue enquiries: info@ljse.si
Source
 
Bolsas y Mercados Españoles
Spain (EMEA)
Market Information
Venue Identifier
MIC: XMAD
Time Zone
GMT+1
Instrument Code
Bloomberg: SM
ISIN: ES
Reuters: MC
Investor ID
Not Required
Trading Hours
Open: Monday - Friday:
09:00 - 17:30 hrs1
Opening Auction Details
08:30 - 09:00 hrs
Closing Auction Details
17:30 - 17:35 hrs
Currency
Euro (EUR)
Major Market Indices
IBEX 35: The IBEX 35 is a free-float index comprising of 35 most liquid and actively traded
stocks traded on the Spanish Stock Exchange.
IGBM, IBEX Medium Cap, IBEX Small Cap, FTSE4Good IBEX, FTSE Latibex
Basic Information
The cash equity market in Spain is a common platform open to market members of Bolsa de Madrid and the 3 other Exchanges in Spain (Barcelona, Bilbao and Valencia), and come under
the common holding company: BME (Bolsas y Mercados Españoles).
Trading on all segments within BME’s Equity Unit is based on single electronic order book per
security that matches parameters based on price/time priority.
Besides Equities, market segments are: ETFs, Warrants & Certificates, Latibex (Eurodenominated
MTF for Latin American Stocks) & MAB (MTF for Alternatives)
Order Types Supported
Market Order
Limit Order
Market-to-Limit Order
Iceberg Order
Minimum Volume Conditions are also supported

Validity:
Immediate or Cancel
Fill or Kill
Stock Tick Size
Stock tick size is determined in accordance with MiFID II rules. See Annex to RTS 11 for the tick size table, here http://eur-lex.europa.eu/legal-content/EN/TXT/?uri=uriserv:OJ.L_.2017.087.01.0411.01.ENG&toc=OJ:L:2017:087:TOC
Trading Units
Minimum tradable quantity is 1 security in all segments
Block Trading
Available
Odd-Lot Trading
Not applicable
Short Selling
Permitted as per EU Short Selling Regulation. Naked short selling is not permitted.
Day Trading
Permitted
Daily Price Limit
The Spanish Exchange has static and dynamic price ranges. If the trading price of any particular security reaches the limit up or limit down of any of those ranges, then a volatility auction would be triggered.
Foreign Ownership Limit
There are no general restrictions on foreign ownership; except in certain sectors of national importance (Real Decreto 664/1999). Any holdings in a Spanish company above 3 percent must be reported by the investor to the CNMV (Real Decreto 1362/2007).
Settlement
Settlement Cycle
T+23
Equities Market Charges
Cash Value of Transaction in EURApplicable fee in EUR
up to 3001.1
300.01 - 30002.45 + 2.4 bps
3000.01 - 35,0004.65 + 1.2 bps
35000.01 - 70,0006.40 + 0.7 bps
70,000 - 140,0009.2 + 0.3 bps
140,000 and above13.40

If the total fee exceeds € 110, then the lower of 0.33 bps on the cash traded or €110 wil be applied.
More details can be found at the website3
Supplementary Information
Notes
Exchange website: www.bmerv.es
Source
 
Nasdaq OMX Stockholm
Sweden (EMEA)
Market Information
Venue Identifier
MIC: XSTO
Time Zone
GMT+ 1
Instrument Code
Bloomberg: SS
ISIN: SS
Reuters: ST
Investor ID
Not required
Trading Hours
Open: Monday - Friday
09:00 - 17:25 hrs
Opening Auction Details
Pre-Open: 08:00 - 9:00 hrs
Opening Auction: 09:00 hrs
Closing Auction Details
17:25 - 17:30 hrs
Currency
Swedish Krona (SEK)
Major Market Indices
OMXS30: The OMXS30 tracks the prices of the 30 most heavily traded shares listed on Nasdaq Stockholm. The index portfolio consists of shares in terms of free-floated market capitalisation.1

OMXnordic40: The index comprises of the 40 biggest and most heavily traded shares on the Nordic exchanges.
Basic Information
Nasdaq Stockholm is a part of the integrated Nasdaq Nordic Market. Nasdaq Nordic offers a centralised facility to access 4 Nordic Markets: Nasdaq Copenhagen, Nasdaq Helsinki, Nasdaq Stockholm and Nasdaq Iceland.
With its trading systems, Nasdaq Nordic provides efficient cross border trading and membership.
All of the above 4 markets require membership and application to any one of the 4 markets will be considered as an application to Nasdaq Nordic and membership will be granted to all 4 markets automatically.
Trading on Nasdaq Markets takes place on 2 systems, INET Nordic and GENIUM INET. While equities are traded on INET Nordic, GENIUM INET provides the fixed income functionality.2
Order Types Supported
Market Order
Limit Order
Imbalance Order for open and close auctions as well as midday auction
Reserve Order
Hidden Order
Pegged Order
Minimum execution quantity
Nordic@mid Order
Top of Book
Market Maker Order
Stock Tick Size
Stock tick size is determined in accordance with MiFID II rules. See Annex to RTS 11 for the tick size table, here http://eur-lex.europa.eu/legal-content/EN/TXT/?uri=uriserv:OJ.L_.2017.087.01.0411.01.ENG&toc=OJ:L:2017:087:TOC
Trading Units
1 share per lot
Block Trading
Permitted. Block trades are trades considered large in scale compared to the average daily turnover. They are allowed to be reported outside the Volume Weighted Average Spread (VWAS) in the market.
Odd-Lot Trading
Not applicable
Short Selling
Permitted as per EU Short Selling Regulation
Day Trading
Permitted
Daily Price Limit
Static limit: 15% (10% for OMXS30) from the opening
Dynamic limit: 5% (3% for OMXS30)

Suspension is 3 minutes for static and 1 minute for dynamic.
Foreign Ownership Limit
No general restrictions
Settlement
Settlement Cycle
T+2
Equities Market Charges4
Transaction-based fees per trade:
Maker pays between 2.49 SEK and 4.97 SEK; Taker pays between 3.72 SEK and 7.44 SEK.

Value-based fee per trade:
Maker pays between 0.0011 % and 0.0025 %; Taker pays between 0.0018 % and 0.0039%
Supplementary Information
Notes
Source
 
SIX Swiss Exchange
Switzerland (EMEA)
Market Information
Venue Identifier
MIC: XSWX
Time Zone
GMT+1
Instrument Code
Bloomberg: SE
Reuters: S/VX
ISIN: CH
Investor ID
Required - Member ID and Trader ID
Trading Hours
Open: Monday - Friday 09:00 - 17:30 hrs
Opening Auction Details
Pre opening: 09:00 hrs (random auction within two minutes)
(Blue Chip Shares, Mid/ Small Cap Shares, Secondary Listing Shares, Sponsored Foreign Shares)
Closing Auction Details
Random auction within 2 minutes: 17:20-17:30
(Blue Chip Shares, Mid-/Small-Cap Shares, Secondary Listing Shares, Sponsored Foreign Shares, Separate Trading Lines)
Currency
- Blue Chips, Mid- /Small Caps and Structured Products: Swiss Frank (CHF).
- SIX Swiss Exchange Liquidnet Service (SLS) is traded in the relevant local currency: CHF, EUR, GBP, DKK, SKK
- Sponsored Foreign Shares: multi-currency listing is possible in CHF, EUR and USD.
Major Market Indices
SMI Family
SLI Family
SPI Family
SXI Family
SwissAll Share Index
Investment Index
Basic Information
SIX Swiss Exchange (SSX) is Switzerland’s principal stock exchange. SSX is made up of the following segments:
Equities: Blue Chips, Mid-/Small-Caps, Sponsored Foreign Shares, Secondary Listed Shares and Separate Trading Lines.
Bonds: CH Bonds, International Bonds
Exchange Traded Products: Exchange Traded Funds, Exchange Traded Structured Funds, Exchange Traded Products, Investment Funds, Sponsored Funds.
SSX has two trading partitions:
Partition 1: CLOB (Central Limit Order Book): Blue Chips, Mid-/Small Caps, Secondary Listed Shares, Seperate Trading Lines, Investment Funds, Subscription Rights, CHF Bonds. This book only accepts orders.
Partition 2: MMB (Market Maker Book): ETF’s, ETSF’s, ETP’s International Bonds, Derivatives, Sponsored Funds, International Bonds, CHF Bonds. This book accepts orders and quotes.
SSX also operates two Non Display Order Books:
  −  SIX Swiss Exchange Liquidnet Service (SLS) - Equities non display liquidity pool for block orders, midpoint matching (from reference market), spanning 11 European markets and traded in the relevant local currency. SLS is Central Counter Party Cleared.
  −  SwissAtMid - Equity non display order book for Swiss BlueChips and Mid-/Small-Cap securities, midpoint matching on the same matching engine as the SSX Central Limit Order Book (CLOB).
Other SSX offerings:
XBTR - Bilateral trading platform for structured products. Connexor - platform for capture and distribution of reference data. SIX Exfeed - real time market data for SSX.
Order Types Supported
Normal Order
Iceberg Order
Sweep Order (For more details, visit http://www.six-swiss-exchange.com/download/participants/regulation/trading_guides/swissatmid_factsheet_en.pdf)
Direct Order to Swiss@Mid
Limit Plus and Iceberg Plus (expected to be launched in Q2 2018)
Stock Tick Size
Stock tick size is determined in accordance with MiFID II rules. See Annex to RTS 11 for the tick size table, here http://eur-lex.europa.eu/legal-content/EN/TXT/?uri=uriserv:OJ.L_.2017.087.01.0411.01.ENG&toc=OJ:L:2017:087:TOC
Trading Units
Standard lot size is the smallest tradable denomination.
Block Trading
SIX Swiss Exchange Liquidnet Service (SLS) - Equities non display liquidity pool for block orders, midpoint matching (from reference market), spanning 11 European markets and traded in the relevant local currency. SLS is Central Counter Party Cleared.
Odd-Lot Trading
Not applicable
Short Selling
Short selling permitted; the seller is required to settle the short sale latest upon the valid execution of trade
Day Trading
Permitted
Daily Price Limit
For Large Cap Stocks
If the follow up price of the stock deviates by 1.5% or more, then trading is halted for 5 mins.

For Small and Mid Cap Stocks
If the follow-up price of the stock deviates by 2% or more, then trading is halted for 15 mins.
Foreign Ownership Limit
No general restrictions; approvals required for investing in banking and insurance sectors
Settlement
Settlement Cycle
T+2
Equities Market Charges
Transaction Fee on the Six Swiss Exchange is a fixed charge.
The transaction fee differs depending on the interface with the exchange system. For an order executed on the same day in several tranches, the transaction fee is due pro rata for every individual tranche.

For equities, approx fee is CHF 15
Supplementary Information
Notes
Exchange website: www.six-swiss-exchange.com
Source
 
London Stock Exchange
United Kingdom (EMEA)
Market Information
Venue Identifier
MIC: XLON
Time Zone
GMT
Instrument Code
Bloomberg: LN
ISIN: GB
Reuters: L
Investor ID
Not Required
Trading Hours
Open: Monday - Friday
08:00 - 16:30 hrs
08:00 - 15:30 hrs (IOB)
Opening Auction Details
07:50 - 08:00 hrs
Intraday Auction: 12:00 - 12:02 hrs
Closing Auction Details
16:30 - 16:35 hrs
15:30 - 15:40 hrs (IOB)
Note: all closing auctions with a successful uncrossing are followed by a Closing Price Crossing Session
Currency
British Pound Sterling (GBX). Prices are usually quoted in pence.
Major Market Indices
FTSE 100: The FTSE 100 Index is a capitalisation-weighted index of 100 highly capitalised companies whose stocks are traded on the London Stock Exchange. The index is calculated using an investibility weighting approach.
Basic Information
Equity trading on the London Stock Exchange can be concluded on the following 4 segments:

SETS Order Book: This segment covers constituent stocks of FTSE All Share index, FTSE AIMUK50 index and most other liquid small companies, ETFs and ETCs.

SETS QX: This segment covers other less liquid companies and all trades are settled via CCP.

SEAQ: This is the non-electronically executable quotation segment that enables market makers to quote prices in AIM (a multilateral trading facility for small growing companies operated by London Stock Exchange) securities which are not traded on the SETS and SETS QX.

International Order Book: This segment covers stocks from fast growing economies including Asia, Central Europe and the Middle East through depositary receipts.1
Order Types Supported
Market Order
Limit Order
Stop Limit Order
Stop Order
Passive Only
Mid Price
Iceberg Order (optional random peak size)
Hidden Limit Order
Pegged Order

Additional Functionalities:
Fill or Kill
Execute and Eliminate
Good till Cancelled
Good till Time
Self Execution Prevention
Stock Tick Size
Stock tick size is determined in accordance with MiFID II rules. See Annex to RTS 11 for the tick size table, here http://eur-lex.europa.eu/legal-content/EN/TXT/?uri=uriserv:OJ.L_.2017.087.01.0411.01.ENG&toc=OJ:L:2017:087:TOC
Trading Units
1 share per lot for majority of securities
Block Trading
Block trades can be executed through the block trading facility (BTF) during regular trading hours.
Odd-Lot Trading
Permitted
Short Selling
Short selling is permitted as per the EU Short Selling Regulation.
Day Trading
Permitted
Daily Price Limit
5% to 25% tolerance levels (depending on the liquidity of the security).

Once the tolerance level is breached, the trading for securities resumes with an auction and after the auction is completed, continuous trading commences.2
Foreign Ownership Limit
No exchange-wide restrictions, but individual stocks may have foreign ownership restrictions.
Settlement
Settlement Cycle
T+2
Equities Market Charges
Standard Trading fee for equities:
First 3.5bn GBP of orders executed: 0.45bps
Next 5bn GBP of orders executed: 0.35bps
All subsequent value of orders executed: 0.25bps
Trading fee for International Order Book (IOB):
First 0.7bnGBP of orders executed: 0.45bps
Next 1bnGBP of orders executed: 0.35bps
All subsequent value of orders executed: 0.25bps3
Supplementary Information
Notes
Source
 
Aquis Exchange
Aquis (EMEA)
Market Information
Venue Identifier
MIC: AQXE
Time Zone
GMT
Instrument Code
Bloomberg: QX
Reuters: .AQX
Investor ID
Not Required
Trading Hours
Open: Monday - Friday
08:00 – 16:30 hrs2
Opening Auction Details
No opening auction
Closing Auction Details
16:30 – 16:35 hrs (MaC Period)
17:30 (Connectivity Closed)
Currency
GBX, EUR, CHF, DKK, NOK, SEK
Major Market Indices
Not applicable
Basic Information
Aquis Exchange is a pan-European equities trading exchange. It offers a wide range of instruments for trading from the following countries:
Belgium, Denmark, Finland, France, Germany, Italy, Netherlands, Norway, Portugal, Spain, Sweden, Switzerland and UK.
Order Types Supported
Limit Order
Iceberg Order
MaC (Market at Close) Order
MaC Order Type: MaC is a new order type that allows Members to enter orders for matching on the Aquis Exchange platform at the closing price of the market-of-listing end-of-day auction. It is an innovative order type that is designed to address a number of issues in the market. Its launch brings competition into the closing auction markets at the end of the day and gives the industry a choice for the first time. Furthermore, users of MaC avoid paying the very high tariffs charged by the national exchanges for trading in the auction.

Validity:
Immediate or Cancel
Fill or Kill
Good till Day
Stock Tick Size
Stock tick size is determined in accordance with MiFID II rules. See Annex to RTS 11 for the tick size table, here http://eur-lex.europa.eu/legal-content/EN/TXT/?uri=uriserv:OJ.L_.2017.087.01.0411.01.ENG&toc=OJ:L:2017:087:TOC
Trading Units
1 share per lot
Block Trading
Aquis does not operate a dark pool.
Odd-Lot Trading
Not applicable
Short Selling
Permitted as per EU Short Selling Regulation
Day Trading
Permitted
Daily Price Limit
The Aquis static price collars are set according to recognised market groupings. Aquis may also remove a security from trading or suspend trading in that security if it considers that suspension is required to maintain fair and orderly trading.
Foreign Ownership Limit
Varies from stock to stock. Governed by national legislation of each security.
Settlement
Settlement Cycle
Aquis Exchange has arrangements with several European CCPs: EuroCCP NV, LCH Clearnet Ltd and Six X Clear. Settlement takes place according to the requirements and settlement timelines of the respective local Central Securities Depository for each security.
Equities Market Charges
Members of Aquis Exchange are charged by the message traffic that they generate, rather than a basis point commission on the value of their trades. A message is defined as an order, a cancellation or a modification. All tiers are expressed as monthly subscriptions.
Unlimited Membership: GBP 50,000 (daily average in excess of 30,000 aggressive messages)
Tier 3 Membership: GBP 30,000 (daily average of up to 30,000 aggressive messages)
Tier 2 Membership: GBP 15,000 (daily average of up to 15,000 aggressive messages)
Tier 1 Membership: GBP 5,000 (daily average of up to 5,000 aggressive messages)
Basic Membership: GBP 2,000 (daily average of up to 1,000 aggressive messages)
Additional GBP10,000 for Market At Close: Unlimited MaC messages
Supplementary Information
Notes
Exchange website: www.aquis.eu
As a response to the complexities posed by Brexit and the Share Trading Obligation under MiFID II, the venue operator may relocate a part of its business to an EU 27 location. It appears that shares with primary listing in EU27 will be available to trade on the new EU 27 platform, while all remaining shares will continue to trade on the London venue. Please be advised that the operator has not confirmed/announced its plans and this position is subject to change.
Source
 
Cboe Europe
Europe (EMEA)
Market Information
Venue Identifier
BXE
MIC (Lit Order Book): BATE
MIC (Dark Order Book): BATD
CXE
MIC (Lit Order Book): CHIX
MIC (Dark Order Book): CHID
Time Zone
GMTGMT
Instrument Code
Bloomberg: EB
Reuters: .BS
Bloomberg: IX
Reuters: .CHI
Investor ID
Not required. No fees for exchange membership.
Trading Hours
Open: Monday - Friday
08:00 – 16:30 hrs
Follows market of listing for holidays
Opening Auction Details
Opening Auction period begins 08:00 hrs for stocks listed on the RIE.

BXE Order Book: No opening auction on the MTF.
Official Market Open (Exchange Trade Reports only): 07:50 hrs.

CXE Order Book: No opening auction on the MTF.

Official Market Open (Exchange Trade Reports only): 07:50 hrs.
Closing Auction Details
Closing Auction period begins 16:30 hrs for stocks listed on the RIE.

BXE Order Book: No closing auction on the MTF.
Exchange Trade Report: 07:50 - 18:00 hrs.

CXE Order Book: No closing auction on the MTF.

Exchange Trade Report: 07:50 - 18:00 hrs.
Currency
GBX, EUR, CHF, NOK, DKK, SEK (Follows national market of listing currency for the 15 countries Cboe Europe offers trading in.
Major Market Indices
Cboe Europe launched an index business in 2016 and currently offers 26 indices across the German, French, Italian, Swiss and UK market. Cboe Indices provide real-time, high quality, low-cost alternatives to commonly used indices and the indices are priced off of Cboe Europe’s market data (CXE trades).
Basic Information
Cboe Europe is Europe’s largest equities exchange and offers trading in more than 5,500 securities across 15 major European markets, over one platform and under one rule book. Cboe offers trading on two Integrated Order Books, two Dark Order Books, a Periodic Auction Book, and Large in Scale block trading facility called Cboe LIS. Cboe Europe offers trading in pan-European equities along with exchange traded funds, exchange traded commodities, exchange traded currencies and depository receipts.

Order Types Supported7
Limit Order
  −  Good Till Day
  −  Immediate or Cancel
  −  Market Order
  −  MinQuantity
  −  At the Open
  −  At the Close
  −  Good for Auction
Post Only Order
Reserve/ Iceberg Order
Hidden Order
Peg Order
  −  Primary
  −  Market
  −  Midpoint
  −  Alternate Midpoint
  −  Guarded Midpoint
Dark / Lit Sweep Order
Routed order

The Dark Books only allow Midpoint peg orders, which peg to the midpoint of the PBBO. Limit prices are allowed on the orders as a risk management tool. Participants can also define the Minimum Quantity parameter for their orders.
Validity:
- Day
- IOC - Immediate or Cancel
Stock Tick Size
Stock tick size is determined in accordance with MiFID II rules. See Annex to RTS 11 for the tick size table, here http://eur-lex.europa.eu/legal-content/EN/TXT/?uri=uriserv:OJ.L_.2017.087.01.0411.01.ENG&toc=OJ:L:2017:087:TOC
Trading Units
1 share per lot
Block Trading
Block trades can be concluded through the Dark Order Books or LIS eligible orders on the Lit books. Participants may also execute negotiated transactions outside the Order Book.
Cboe Europe also operates a Block Trading Facility Cboe LIS using the US BIDS Trading technology as the operating platform.
Odd-Lot Trading
Not applicable
Short Selling
Permitted as per EU Short Selling Regulation
Day Trading
Permitted
Daily Price Limit
A dynamic order price collar prevents moves of 5% or more from the EBBO. A day limit, or static collar, prevents trading at more than 10% from the reference price (normally previous close). This can be reset after a halt to allow more than 10% move on a day.
Trading in a security may be suspended if the primary market suspends trading due to a compliance or regulatory default.
Foreign Ownership Limit
Varies from stock to stock. Determined by the national legislation of the security
Settlement
Settlement Cycle
We follow the settlement cycle of the underlying CSD of each instrument. Cboe Europe participants may choose a CCP from a group of 3 interoperable clearers, namely EuroCCP NV, LCH Clearnet and SIX x-Clear. The interoperable group covers all pan-European markets except SIX x-clear for Spain.
Equities Market Charges
Cboe trading tariffs vary depending on the book of entry of which there are now six: BXE and CXE lit, BXE and CXE dark, Periodic Auctions Book and Cboe LIS. https://cdn.cboe.com/resources/participant_resources/BATSEuro_Pricing.pdf
Supplementary Information
Notes
As a response to the complexities posed by Brexit and the Share Trading Obligation under MiFID II, the venue operator may relocate a part of its business to an EU 27 location. It appears that shares with primary listing in EU27 will be available to trade on the new EU 27 platform, while all remaining shares will continue to trade on the London venue. Please be advised that the operator has not confirmed/announced its plans and this position is subject to change.
Exchange websites:
http://markets.cboe.com/
Source
 
Equiduct
Europe (EMEA)
Market Information
Venue Identifier
MIC: EQTA, EQTB, EQTC
Time Zone
GMT+1
Instrument Code
Bloomberg: BQ
Investor ID
Not Required.
Trading Hours
Open: Monday - Friday
9:00 – 17:30 hrs
Opening Auction Details
Opening Cross: 09:00:00 hrs

Xetra Intraday Auction:
Xetra Home Market Instruments traded on Equiduct will be halted in line with the intraday auctions held on the Xetra Market. As each Xetra Market Segment transitions back to continuous trading, affected instruments will enter a 5 second auction phase on Equiduct and will resume trading following this auction plus a random end time of up to 5 seconds.
Closing Auction Details
Closing Cross: 17:35 hrs
Currency
GBX, EUR, CHF, DKK, SEK
Major Market Indices
Not Applicable
Basic Information
Equiduct is a pan-European trading platform which offers trading in Europe's most liquid ~1,500 equities and ETFs. Equiduct’s suite of trading products comprises of a single central limit order book and 2 Best Execution liquidity provision schemes.

PartnerEx: Best Execution service with guaranteed liquidity size and availability for orders that comply with Equiduct’s Fair Usage policy, targeted at retail order flow.

SpotVBBO: Best Execution service with a pool of Liquidity Providers but without the guaranteed liquidity size and availability of PartnerEx, for orders that fall outside of Equiduct’s Fair Usage policy.

Orders submitted for execution within either of Equiduct’s Best Execution schemes execute against Liquidity Providers at the VBBO. The VBBO is the best volume weighted bid or offer price an order could achieve if executed aggressively against the best priced liquidity available across Europe’s major lit books at the time of execution. This is calculated by Equiduct using low latency market data from the contributing venues.

It is a Regulated Market as per MiFID II regulation and operated by Boerse Berlin.
Order Types Supported
Market Order
Limit Order
Iceberg Order
Pegged Order
Safe Order
At Best Order
Stop Order (Limit/Market)

Validity:
Good for Day
Good till Date
Good till Time
Good till Cancelled
At the Open
At the Close
Good for Session

Execution Restrictions:
Fill or Kill
Immediate or Cancel
Market Order Match Open
Market Order Match Close
Stock Tick Size
Stock tick size is determined in accordance with MiFID II rules. See Annex to RTS 11 for the tick size table, here http://eur-lex.europa.eu/legal-content/EN/TXT/?uri=uriserv:OJ.L_.2017.087.01.0411.01.ENG&toc=OJ:L:2017:087:TOC
Trading Units
1 share per lot
Block Trading
Block trades can be concluded OTC
Odd-Lot Trading
Not applicable
Short Selling
Permitted as per the EU Short Selling Regulation
Day Trading
Permitted
Daily Price Limit
Determined as per the rules of primary exchanges
Foreign Ownership Limit
Varies from stock to stock. Governed by national legislation of each security.
Settlement
Settlement Cycle
Trades are settled through several European Clearing Houses. These are:
  −  LCH Clearnet SA: Mandatory non-interoperable CCP for Euronext (French, Belgian, Dutch and Portuguese) instruments
  −  LCH Clearnet Ltd: Interoperable for UK, Italian, German, Spanish, Swiss and Nordic instruments
  −  SIX x Clear: Interoperable CCP for UK, Italian, German, Swiss and Nordic instruments. Preferred alternative for Euronext Instruments
  −  Euro CCP: Interoperable CCP for UK, Italian, German, Spanish, Swiss and Nordic instruments. Preferred alternative for Euronext instruments.
Equities Market Charges
Trading Fee:
Standard Central Limit Order Book fee of 0.2 bps.
SpotVBBO standard passive and aggressive fee of 0.12bps and 0.28bps respectively; internalised trading fees capped at €100k per year.
For PartnerEx trading fees on various market segments, the website link may be referred to.4
Supplementary Information
Notes
Exchange website: www.equiduct.com
Source
 
Turquoise
Europe (EMEA)
Market Information
Venue Identifier
MIC: TRQX (TRQM for Turquoise Plato Order Book)
Time Zone
GMT
Instrument Code
Bloomberg: TQ
Reuters: TQ
Investor ID
Not required.
Non-members may access Turquoise via Direct Market Access (DMA) and Sponsored Access (SA)1
Trading Hours
Open: Monday - Friday
08:00 – 16:30 hrs1

Turquoise typically observes the domestic market practice for open business days. Therefore, where the Primary market of a Security is closed on a business day, Turquoise will also be closed for that Market. Where there is cause for doubt a Market Notice is sent out to Participants for clarification.¹ The up-to-date Turquoise Trading Calendar can also be found on the Turquoise website.²
Opening Auction Details
No opening auction
System Start Up: 04:31:00 – 07:59:59
(System connectivity is allowed, no order entry allowed)
Closing Auction Details
No Closing Auction
Close: 16:30 hrs (no order management, persistent orders are canceled, no matching)
End of Day: 17:00 hrs (Capture of closing price, end of day syncing with all CCPs)
Currency
GBX, EUR, CHF, DKK, NOK, PLN, SEK, USD, CZK and HUF
Note: Turquoise only supports billing in GBP and EUR, not in local currencies
Major Market Indices
Not applicable
Basic Information
Turquoise is a European multilateral trading facility majority owned by London Stock Exchange Group in partnership with the user community. With a single connection, members can trade shares, depository receipts, European rights issues and ETFs of 19 European countries with an efficient interoperable post-trade model, as well as US securities. Members include banks, brokers, specialist trading firms and retail intermediaries.
Turquoise features two orders books. Turquoise Integrated Lit Book combines simple limit and iceberg orders with Large In Scale hidden orders. Turquoise Plato™ prioritizes orders by size and allows users to configure Minimum Execution Size; it features two distinct mechanisms, each executing at the midpoint of the Primary Market Best Bid and Offer: continuous matching and Turquoise Plato Uncross™, an innovation that provides randomised uncrossings during the trading day, ideal for larger and less time sensitive passive orders. Turquoise Plato Block Discovery™ is a new service matching undisclosed Block Indications that execute in Turquoise Plato.
Order Types Supported
Price:
Market Order
Limit Order
Pegged Order

Size:
Hidden (any size Turquoise Plato Order Book, greater than Large in Scale Turquoise Integrated Order Book)
MAQ (Turquoise Integrated Order)
MES (Turquoise Plato Order Book)
Iceberg Order

Validity:
Fill or Kill
Immediate or Cancel (including Dark Lit Sweep Orders)
Good for Auction
Good till Time
Good Till Date + Expiry Time Day

Execution Instruction3:
Turquoise Uncross™ only
Turquoise Uncross™ then Continuous Continuous and Turquoise Uncross™ Continuous only
Turquoise offers Self-Execution Prevention, and optional Member Priority Matching within the Turquoise Plato Order Book.
Block Indications and Block Discovery Notifications provide access to Turquoise Plato Block Discovery™
Stock Tick Size
Stock tick size is determined in accordance with MiFID II rules. See Annex to RTS 11 for the tick size table, here http://eur-lex.europa.eu/legal-content/EN/TXT/?uri=uriserv:OJ.L_.2017.087.01.0411.01.ENG&toc=OJ:L:2017:087:TOC
Trading Units
1 share per lot for both order books
Block Trading
Turquoise Plato Block Discovery™ facilitates the trading of larger block orders by matching Block Indications. On identifying potential matches, the service will require participants to send firm qualifying block orders to Turquoise Plato Uncross™, maximising available liquidity for customers of both services.
Existing users of Turquoise Plato Uncross™ can also elect to explicitly ‘opt-in’ a firm resting order for Turquoise Plato Block Discovery™ thereby increasing the opportunity to match in size subject to MES and improve available liquidity for both services.
Robust reputational scoring and surveillance will monitor the conversion of Block Indications into firm orders to optimise the use of the service.
Odd-Lot Trading
Not applicable
Short Selling
Permitted as per EU Short selling regulation
Day Trading
Permitted
Daily Price Limit
In response to information within Turquoise, Market Operations can halt securities immediately via an ad-hoc change to a securities trading status.
Turquoise will ascertain from a primary market’s feed or a regulatory request whether a trading suspension/halt was based on regulatory reasons, a volatility break or a technical fault and may halt a security if it considers there may be a disorderly market.

Turquoise defines two Volatility Band parameters for each Security (Static and Dynamic) which form the Price Control Band. Orders are subjet to Price Control Band Validation for Limit Orders; Market Order Execution Limit; Maximum Order Value (for Market and Limit Orders) and Well Formed Market Checks.1
Foreign Ownership Limit
Varies from stock to stock. Governed by national laws of each country.
Settlement
Settlement Cycle
All trades are settled as per the default settlement practices of the Primary Exchange of the line that is being traded. Non-standard settlement instructions are not supported.¹ Turquoise operates an interoperable clearing model for the pan European equity trading service. Participants are given the choice of EuroCCP N.V., LCH.Clearnet Ltd., and SIX
x-clear for the clearing of all traded instruments, with the exception of Polish and Spanish instruments, which are cleared by EuroCCP N.V. and LCH.Clearnet Ltd. only, and US instruments, which remain cleared by EuroCCP N.V. only. Turquoise also provides the flexibility for participants to select a different CCP for the clearing activity in different countries.
Equities Market Charges
Turquoise uses a Passive/Aggressive (Maker/Taker) tariff model for the Turquoise Integrated Lit Order Book and a flat tariff model for its Turquoise Plato™ Order Book. There is no incremental cost to use the Turquoise Plato Block Discovery™ service.
https://www.lseg.com/sites/default/files/content/documents/Turquoise%20tariff%20schedule%20-%207.8.4_0.pdf
Supplementary Information
Notes
Exchange website: www.tradeturquoise.com
As a response to the complexities posed by Brexit and the Share Trading Obligation under MiFID II, the venue operator may relocate a part of its business to an EU 27 location. It appears that shares with primary listing in EU27 will be available to trade on the new EU 27 platform, while all remaining shares will continue to trade on the London venue. Please be advised that the operator has not confirmed/announced its plans and this position is subject to change.
Source
All information sourced from the exchange website and Bloomberg. For additional information please see below:
1 Turquoise Trading Service Description http://www.lseg.com/sites/default/files/content/documents/Turquoise%20Trading%20Services%20Description%203.26%20FINAL.pdf
2 Turquoise Trading Calendar http://www.lseg.com/sites/default/files/content/documents/Equities%20Trading%20Calendar%202016-17.pdf
3 Turquoise Website: Turquoise Plato Block Discovery™ http://www.lseg.com/turquoise-plato-block-discovery
4 Turquoise Website: Clearing & Settlement http://www.lseg.com/areas-expertise/our-markets/turquoise/equities/clearing-and-settlement-0
5 Turquoise Website: Fees http://www.lseg.com/markets-products-and-services/our-markets/turquoise/fees
 
Nasdaq Auctions on Demand
Europe (EMEA)
Market Information
Venue Identifier
Stockholm: MSTO
Helsinki: MHEL
Copenhagen: MCSE
Iceland: MICE
Time Zone
GMT + 1
Basic Information
Auctions on Demand are conducted throughout the day separate from continuous lit trading. Orders may be entered at any time – an auction is triggered when there is a matching order.
Trading Hours
Monday – Friday
Copenhagen- 09:00 – 17:00 (Local Time)
Stockholm- 09:00 – 17:30 (Local Time)
Helsinki- 10:00 – 18:30 (Local Time)
Iceland- 09:30 – 15:30 (Local Time)
Auctions and Dark Pools
Instrument Scope
Shares traded on Nasdaq Stockholm (including Norwegian shares), Nasdaq Copenhagen, Nasdaq Helsinki and Nasdaq Iceland
ETFs and investment funds on Nasdaq Copenhagen
Duration of Periodic Auction
Auctions occur over a fixed duration of 25 ms and a random end of upto 75 ms.
Order Types
Market Order
Limit Order
Pegged Order (Bid/ Mid/ Offer)

Validity:
Day
Good till Time
(Speed bumps are applied on cancels)
Price Restriction
Only at or within Primary BBO
Price Determination
Price at which executable volume is maximised
Order Size Restriction
None
Minimum Fill Size
Traders can specify a Minimum Execution Size (MES). An order with MES specified will not match unless there is one opposite order equal or larger than MES.
MiFID Pre Trade Transparency
Nothing is disseminated until a potential match occurs- no imbalance or direction. Indicative price and executable quantity published in real time
Allocation Priority
Broker/ Size/ Time
MiFID II Post Trade Transparency
Auction price and total size of executed orders are published
Separate MIC codes on execution reports.
Supplementary Information
Notes
Source
 
Turquoise Lit Auctions
Europe (EMEA)
Market Information
Venue Identifier
MIC: TRQA
Time Zone
GMT
Basic Information
Turquoise Plato Lit Auction is a pre-trade transparent, MiFID II compliant, matching mechanism providing indicative price and quantity to the market. It operates as a separate lit book during European trading hours.


Auctions and Dark Pools
Instrument Scope
All securities tradable on Turquoise Plato - Roughly 4200 securities and ETFs from 17 European markets
Trading Hours
Monday – Friday
08:00 – 16:30 (London Time)
Duration of Periodic Auction
Random period between 50 and 100 milliseconds.
Turquoise Plato Lit Auction is triggered when Turquoise receives orders it can potentially match from its members within the Primary Best Bid Offer ('PBBO') (which acts as a reference Price Collar), or on receipt of a GFA order which is valid for a single Auction (which ever happens soonest). Once the Auction has started, members have 50 milliseconds in which to submit further orders to the auction, before a further 50 millisecond randomised uncrossing period commences. Turquoise Plato Lit Auctions supports orders pegged to the PBBO midpoint (with or without a limit price acting as a cap) and limit orders.

https://www.lseg.com/markets-products-and-services/our-markets/turquoise/turquoise-trading-services/turquoise-plato-lit-auctions%E2%84%A2
Order Types

Limit Order
Pegged Order - with or without a limit price

Validity:
Day
Good for Auction
Good for a single Turquoise Lit Auction
Price Restriction
Auction will match only at or within PBBO.
Price Determination
Price to maximise quantity matched, then Member(group)/Time priority.
Order Size Restriction
None
Minimum Fill Size
Traders can specify a ‘Minimum Acceptable Quantity (MAQ)’. It gives participants control over the minimum total execution size of their orders.
Orders with a MAQ designated do not execute unless the minimum quantity or greater can be filled. An order may be filled by multiple opposite orders.
MiFID Pre Trade Transparency
Aggregated Auction Quantity and Price (no imbalance)
Allocation Priority
Member Group/Member/Time
MiFID II Post Trade Transparency
Auction price and total size of executed orders are published
Supplementary Information
Notes
Source
 
Cboe Periodic Auctions
Europe (EMEA)
Market Information
Venue Identifier
MIC: BATP
Time Zone
GMT
Basic Information
Periodic Auctions book operates as a distinct lit order book separate from the BXE and CXE Integrated (Lit) and Dark Books. It independently conducts intra-day auctions throughout the day.
Auctions and Dark Pools
Instrument Scope
All securities tradable on BXE
Trading Hours
Monday – Friday
08:00 – 16:30 (London Time)
Duration of Periodic Auction
Auctions occur over a set duration + random end. Duration of each auction varies depending upon the activity levels in each security
Order Types
Market Order
Limit Order
Mid-EBBO Pegged Order

Validity:
Day
Good till Date
Good till Cancel
Good for Auction
Orders can be amended or cancelled at any time during the auction call phase.
Price Restriction
Auction will match only at or within Cboe EBBO.
Cboe EBBO is defined as the best Displayed buy Order and the best Displayed sell Order available from the Consolidated European Market. (At present, the Cboe EBBO consists of quotes from BXE, CXE, Turquoise and the Listing market. This applies to all instruments on Cboe except for Spanish securities, in which case the Listing market is not included in the Cboe EBBO).
Price Determination
To determine a single equilibrium match price the following criteria shall be assessed in sequence:
i.Maximum executable volume. If a singleauction price can be chosen which uniquelymaximises the auction volume, then this ischosen as the auction price.
ii.Minimum surplus. If, within the set of pricesidentified in (i) which maximises executablevolume, there is a price which minimises theorder volume which would be left on theorder book priced at the auction price, thenthis price level is selected.
iii.Market pressure. If the set of pricesidentified in (ii) would always result in unexecuted order volume on the buy side of the book, then the highest price identified in (ii) is selected as the auction price. Similarly, if the remaining volume would always be on the sell side of the book, then the lowest price would be used.
Reference price. If (iii) does not yield a unique price level, then out of the set of potential prices identified in (ii), the price which is closest to the Reference Price for the security is chosen.
Order Size Restriction
€ 3000 across all securities
Minimum Fill Size
Traders can specify a ‘Minimum Acceptable Quantity (MAQ)’. It gives participants control over the minimum total execution size of their orders.
Orders with a MAQ designated do not execute unless the minimum quantity or greater can be filled. An order may be filled by multiple opposite orders.
MiFID Pre Trade Transparency
Nothing is disseminated until a potential match occurs- no imbalance or direction. Indicative price and executable quantity published in real time

If there is insufficient contra volume to satisfy a MAQ on an order then that order is not considered for execution (at that time) and so does not contribute to any calculated indicative executable volume in auction update messages.
Allocation Priority
Price/ Size/ Time
Broker Preferencing: Participants will be allowed to select a broker preferencing attribute. Broker preferencing will take effect at the execution allocation point and will move the allocation priority from Price/ Size/ Time to Broker/ Price/ Size/ Time.
MiFID II Post Trade Transparency
Auction price and total size of executed orders are published
All Periodic Auction market data is published over existing BXE feeds. Auction summaries with Auction Type marked ‘P’ pertain to the Periodic Auctions Book.
If the indicative price goes beyond the Cboe EBBO collar, the auction update message will be flagged as “outside tolerance (O)” at which point the price and volume fields are blanked.
Supplementary Information
Notes
Exchange Website: http://markets.cboe.com/
Source
 
Cboe LIS Service
Europe (EMEA)
Market Information
Venue Identifier
MIC: LISX
Time Zone
GMT
Basic Information
Cboe LIS enables participants to enter IOIs and negotiate large blocks of European securities. Participants may select other participants to whom they wish to reveal their IOIs, based on objective criteria.
Once IOIs are submitted, Cboe LIS system scans for potential matches. After the system finds a match, it prompts the participants to send firm orders. Firm orders are executed through Cboe Europe RIE (CXE).
Auctions and Dark Pools
Instrument Scope
Trading is available in more than 5500 securities across 15 European markets.
Order Types
Limit Order
Market Order
Pegged Orders (Primary (near), Midpoint, Market (far))
Minimum Order Size
Large in Scale only
Minimum Fill Size
Traders can specify a ‘Minimum Quantity Value’
Price Determination
System will match as close to EBBO mid-price as possible.
In any event, not outside EBBO.
Matching Priority
Traders can choose between: Size/ Price/ Time and Price/ Size/ Time
MiFID Pre Trade Transparency
No Pre trade transparency- LIS Waiver
MiFID II Post Trade Transparency
Trades published over CXE feeds as ‘off-book, on-exchange’ trades in real time
Supplementary Information
Notes
Exchange Website: http://markets.cboe.com/
Source
 
Euronext Block
Europe (EMEA)
Market Information
Venue Identifier
MIC: XSMP
Time Zone
GMT
Basic Information
Euronext Block allows participants to send conditional (Invitation to Trade) or firm Block Size Orders (LIS). Participants can also choose the distribution group to which their Invitation to Trade/ conditional order will be made visible.
The platform continuously scans for matches for all orders residing in the book that meet specified minimum price and quantity. If a potential match is found for a conditional order, requests are sent to participants to firm up their orders.
Firm orders are then entered into the periodic auctions book for execution.
Auctions and Dark Pools
Instrument Scope
Trading is available in over 2000 instruments on 15 European markets.
Order Types
Limit Order
Market Order
Pegged Order (Primary Bid, Mid, Offer)

Validity:
Day
Good Till Cross
Minimum Order Size
Large in Scale only
Minimum Fill Size
Traders can specify a ‘Minimum Acceptable Quantity’
Price Determination
Standard auction methodology
Execution price can be at the Primary Bid, Mid or Offer, or even outside of the PBBO if that is where buy and sell interest meet.
Matching Priority
Not specified
MiFID Pre Trade Transparency
No Pre trade transparency- LIS Waiver
MiFID II Post Trade Transparency
Auction price and executed volume published in real time indicated by separate MIC
Supplementary Information
Notes
Exchange website: www.euronext.com
Source
 
Turquoise Block Discovery
Europe (EMEA)
Market Information
Venue Identifier
MIC: TRQM
Time Zone
GMT
Basic Information
Turquoise Block Discovery allows participants to submit an IOI or ‘Block Indication’ before submitting a firm order. The Block Discovery platform identifies potential matches where the Minimum Execution Size of an order is met.
Upon identification of a match, participants are requested to firm their orders and send them to Turquoise Plato Uncross to participate in the upcoming uncross event.
Auctions and Dark Pools
Instrument Scope
All securities tradable on Turquoise Plato- Roughly 4200 securities and ETFs from 17 European markets
Order Types
Limit Order
Market Order
Pegged Order type not supported

Validity:
Good For Auction
Good Till Tile
Good Till Date
Day
Minimum Order Size
Minimum Indication Value defined for each security at 25% of LIS. This may change to LIS if dark trading on Turquoise Plato Uncross is suspended on account of the volume caps.
Minimum Fill Size
Available. Referred to as ‘Minimum Execution Size’
Price Determination
Randomised Midpoint Uncrossing
Turquoise uses PBBO and Primary Midpoint Price as Reference Prices
Matching Priority
Size/ Time
If the Limit Price precludes an order from matching at the prevailing midpoint price, the Limit Order will retain its queue priority but will be prevented from matching while the prevailing midpoint price is beyond the specified Limit price.
MiFID Pre Trade Transparency
Firmed up orders are sent to Turquoise Plato Uncross for matching, which utilizes a Reference Price Waiver and does not provide pre trade transparency.
Trades executed by matching orders below LIS will contribute towards calculation of Double Volume Caps. In the event that trading under the Reference Price Waiver is suspended on Turquoise Plato Uncross, orders above LIS may still be able to trade provided an LIS approval is in place.
MiFID II Post Trade Transparency
Trades published over Turquoise Plato Uncross feeds
Supplementary Information
Notes
Exchange website: www.lseg.com
Source
 
Borsa Istanbul
Turkey (EMEA)
Market Information
Venue Identifier
MIC: XEQY
Time Zone
GMT+3
Instrument Code
Bloomberg: TI
ISIN: TR
Reuters: IS
Investor ID
Investor accounts are required to be maintained at Central Registry Agency (CRA)
Trading Hours
Open: Monday - Friday


AM continuous Trading: 10:00 - 13:00
PM continuous trading: 14:00 - 18:00

Mid day auction: 13:00 - 13:55

https://www.borsaistanbul.com/en/products-and-markets/markets/equity-market/trading-hours
Opening Auction Details
Opening Auction Call Phase: 09:40 - 09:55
Opening Match Auction: 09:55
Closing Auction Details

Closing Match Auction: 18:00 - 18:05
Currency
Turkish Lira (TRY)
Major Market Indices
Borsa Istanbul 100 Index: the Borsa Istanbul 100 Index is a capitalisation weighted index that comprises of all National Market companies excluding investment trusts.1

ISE National All-100, ISE National -30, ISE National -50, ISE National -100
Basic Information
Equities are divided into 4 groups: A,B,C and D. These categories are determined semi- annually based on pre determined criteria by the exchange. Groups C&D are not allowed to be short sold.2
Order Types Supported
Limit Order
Market Order
Market to Limit Orders
Imbalance Orders
Conditional Orders
Quotations
Mid-Point Orders
Trades at VWAP
Odd Lot Orders
Short Sell Orders

https://www.borsaistanbul.com/en/products-and-markets/markets/equity-market/order-types
Stock Tick Size
Price BandTick Size
0.01 - 19.990.0100
20 - 49.980.0200
50 - 99.950.0500
100 and over0.1000
Trading Units
1 share per lot
Block Trading
Special orders might be assumed as block trading. These are orders which exceed the quantity determined by Borsa İstanbul Board on equity basis and executed with the approval of a Borsa İstanbul official when matched with another special order, and are treated as an indivisible whole. Orders which are in excess of the quantity determined separately by Borsa İstanbul for each stock can be given as Special Orders. The amount of special orders may be up to 10% of the paid-in capital of the relevant company. Special orders entered in the system may be cancelled at any time before being matched. Special order transactions are not registered, but are taken into account in calculating traded value and traded volume.
Odd-Lot Trading
Abolished3
Short Selling
“List of Securities Subject to Margin Trading and Short Selling” covers all equities and ETFs traded on Borsa İstanbul Markets with the exception of the Watchlist Companies Market. Therefore, equities and ETFs traded on Borsa İstanbul National, Collective Products and Second National Markets may be subject to margin trading and short selling transactions.
However, with regard to the principles of application of CMB’s decision dated October 30, 2014, governing classification of the equities traded on Borsa İstanbul Markets under groups, A, B, C and D:
C and D group equities may not be involved in margin trading and short selling.4
Day Trading
Allowed except for those equities where Takasbank removes the netting-off facility (Gross Settlement symbols)
Certain equity symbols do not have netting-off facility and as such cannot be traded intra- day as investors that intend to buy such equity must keep the corresponding amount of cash, and those that intend to sell such equity must keep the corresponding quantity of equities in their accounts.5
Daily Price Limit
Price bands are automatically set by the System at 10% above and 10% below the base price of a security over the preceding session.6
Foreign Ownership Limit
No foreign ownership limitations. However, if the ownership is in excess of 5% of the capital of the listed company then such ownership must be declared to the public by way of a document indicating the ownership in the company. This document is to be submitted to Borsa Istanbul.
Settlement
Settlement Cycle
T+2
Equities Market Charges
Supplementary Information
Notes
Source
 
Bahrain Bourse
Bahrain (EMEA)
Market Information
Venue Identifier
MIC: BFEX
Time Zone
GMT+3
Instrument Code
Bloomberg: BI
Reuters: BH
ISIN: BH
Investor ID
A NIN (National Investor Number) is required for trading
Trading Hours
Open: Sunday - Thursday
09:30 - 13:00 hrs
Opening Auction Details
09:30 hrs
Pre-open session: 09:15- 09:30 hrs
Closing Auction Details
Not applicable
Currency
Bahraini Dinar (BD), US Dollar (USD) for certain stocks
Major Market Indices
Bahrain all share: Bahrain Bourse All Share Index is a capitalisation-weighted index that comprises of all Bahraini public companies which are listed on the Bahrain Bourse.1

Other Indices:
Islamic Index, Dow Jones Bahrain Index, Esterad Index
Basic Information
A trading ID or an NIN is mandatory for trading on the Bahrain Exchange. Foreign Investors are required to have two accounts prior to commencement of any trading activity: namely, the registry account and the trading account with a local broker. Certain disclosures are required to be made to the exchange and concerned authorities when ownership reaches 5% or more. Additionally, a Central Bank approval is required if the investor wishes to acquire 10% or more of any listed stock.
Order Types Supported
Limit Order
Market Order
Stop Limit Order
Stop Loss Order
Day Order
Stock Tick Size
Price BandTick size
For Prices in BD
0.001 - 0.20.0010
0.202 - 0.50.0020
0.505 – 10.0050
1.01 and above0.0100
For Prices in USD
0.005 – 10.0050
1.01 – 2.50.0100
2.52 – 4.50.0200
4.55 – 100.0500
10.10 and above0.1000
Trading Units
1 share per lot
Block Trading
Permitted during normal trading hours. Minimum block size is 500,000 BD
Odd-Lot Trading
Not Applicable
Short Selling
Not Permitted generally, allowed subject to approval from Bahrain Bourse.2
Day Trading
Not Permitted
Daily Price Limit
±10% of the previous closing price
Foreign Ownership Limit
As per the general guidelines, foreigners can own up to 49% of total capital. However there are certain exceptions where foreign investors can own 100% of total capital.
Settlement
Settlement Cycle
T+2
Equities Market Charges
Stock exchange fees 5.5 bps2
Supplementary Information
Notes
Exchange website: www.bahrainbourse.net
Source
All information sourced from the exchange website and Bloomberg. For additional information please see below:
1 http://www.bloomberg.com/quote/BHSEASI:IND
2 http://www.bahrainbourse.net/bhb/regulations.asp?page=regulations&sec=Legal_Frame
 
Egyptian Exchange
Egypt (EMEA)
Market Information
Venue Identifier
MIC: XCAI
Time Zone
GMT+2
Instrument Code
Bloomberg: EY
ISIN:EG
Reuters: CA
Investor ID
A unified ID is required for trading
Trading Hours
Open: Sunday - Thursday
Trading Session 10:00 - 14:30 hrs1
Opening Auction Details
Pre-Open: 09:30 - 10:00 hrs (random close between 9:50-10:00)
Closing Auction Details
No closing auction.
Currency
Egyptian Pound (EGP), US Dollar (USD) for certain stocks)
Major Market Indices
EGX30: The EGX30 is a market capitalisation-weighted and free float-adjusted index of top 30 most actively traded and liquid companies traded on the Egyptian Exchange.2

Other indices:
Dow Jones EGX Titans 20, EGX 70 Price Index, EGX 100 Price Index, EGX EWI Index, EGX 20 Capped Index, SP/EGX ESG Index, Nile Index
Basic Information
Main Market Board: market for larger more established companies
SME Board: market for medium and small enterprises
OTC Board: this board is used for trading securities over the counter
Order Types Supported
Market Order
Limit Order

Execution Restrictions:
Fill or kill
Minimum fill
All or none
Stock Tick Size
EGP 0.01 for all listed stock
Trading Units
Board lot for most securities is 1
Block Trading
Block trading is intended for transactions or deals valued at more than the daily average trading volume of the security. Min value - EGP 10mn per leg or 1% of share capital.

09:15 - 09:45 Hrs
Odd-Lot Trading
Not applicable
Short Selling
Not permitted
Day Trading
Permitted4
Daily Price Limit
The Egyptian Exchange (EGX) has set price limits (ceiling/floor) of 10% during the trading session. The security is halted for 15 minutes if it exceeded the 5%, which is announced in the market to provide investors with time to evaluate their investment decisions. The price limit is 5% for the SMEs market.
Foreign Ownership Limit
There are no regulatory restrictions limiting foreign participation in the market. However, a few exceptions to this rule exist because certain companies’ charters do not permit foreign shareholders.
Settlement
Settlement Cycle
T+2
Equities Market Charges
In terms of listed securities, the Exchange service fees are levied at 0.012% (EGP 12/ EGP 100 thousand) of the value of each party of the transaction, with a maximum of EGP 5,000.

As for non-listed securities, the Exchange service fees are levied at 0.1% (EGP 1/ EGP 1000) of the value of each party of the transaction, with a maximum of EGP 50,000.


As for Global Depository Receipts transactions, the Exchange service fees is 0.025% (EGP 25/ EGP 100) of the value of each transaction and it is paid in USD.

As for the commission for transactions executed in USD are paid in the same currency

http://www.egx.com.eg/en/Trading_Fees.aspx
Supplementary Information
Notes
Exchange website: www.egx.com.eg
Venue enquiries: webmaster@egx.com.eg
Source
 
Tel Aviv Stock Exchange
Israel (EMEA)
Market Information
Venue Identifier
MIC: XTAE
Time Zone
GMT+ 2
Instrument Code
Bloomberg: IT
Reuters: TA
Investor ID
An account with the Exchange member is required1
Trading Hours2
Open: Sunday - Thursday
Continuous Session 09:45 - 09:46 hrs (random) for Group A
10:15 hrs for Group B
Opening Auction Details
09:45 - 09:46 hrs (random start time of up to 60 seconds is applied)
Closing Auction Details
Pre-closing (Sunday) 16:14 – 16:15 hrs (randomised)
Pre-closing (Mon - Thurs) 17:14 – 17:15 hrs (randomised)
Closing Auction (Sunday) 16:24 – 16:25 hrs (randomised)
Closing (Mon - Thurs) 17:24 – 17:25 (randomised)
Currency
Israeli New Shekel (ILS)
Major Market Indices
TA 25: The TA25 index is a free float-adjusted market capitalisation-weighted index of 25 leading stocks traded on the Tel Aviv Stock exchange.3

Other Indices:
TA 100, TA 75, TA Blue Tech 50, TA Banking
Basic Information
Equities traded on the Tel Aviv Stock Exchange are divided into 2 groups.
Group A equities includes all constituents of TA-Composite index. Group B include all the other stocks.
Order Types Supported
Limit Order
Limit at opening Order
Stop limit Order
Iceberg Order
Market Order
Fill or kill Order
Immediate or cancel Order
Stock Tick Size
Tick size depends on stock price
Trading Units
Board lot is 1 for almost all securities
Block Trading
Permitted. Referred to as 'off exchange trading’
Odd-Lot Trading
There is no odd lots trading in Israel.
Minimum size for TA25 stocks5k ILS and 2k ILS for other stocks in continuous stage of trading. At opening and closing auction any size can be traded. Minimum size is calculated beginning of each month according to price of the stock
Short Selling
Permitted- provided you have a borrow in place. After 3 days without a borrow on day 4 BUYIN by the TASE takes place ( for dual stocks BUYIN is extended to day 7) 4
Day Trading
Permitted
Daily Price Limit
Equities
Static VolatilityDynamic Volatility
TA-257%4%
TA-758%4%
TA-Mid Cap9%5%
Foreign Ownership Limit
No general restrictions; however limits in some industries and state-controlled companies (banking, insurance, asset management) are applicable. Investments over a certain amount are subject to authorisation.
Settlement
Settlement Cycle
T+1
Equities Market Charges
Trading fee: .005% of trading volume for each side6
Supplementary Information
Notes
Exchange website: www.tase.co.il
Source
 
Amman Stock Exchange
Jordan (EMEA)
Market Information
Venue Identifier
MIC: XAMM
Time Zone
GMT+ 2
Instrument Code
Bloomberg: JR
Reuters: AM
ISIN: JO
Investor ID
The Securities Depository Center (SDC) number which is:
- the national ID number for the individual Jordanian Investors.
- a number issued by the SDC for other investors which include non-Jordanian Investors.
Trading Hours
Open: Sunday - Thursday
±10:30 - 12:30 hrs1

Opening of OTC Market:
± 09:50 - 10:15 hrs
Opening Auction Details
Pre-open: 10:00 - 10:30 hrs
Pre opening for OTC Market: 09:45/ 09:50 ±
Closing Auction Details
No closing auction
Currency
Jordanian Dinar JOD (JD)
Major Market Indices
ASE General Index: The ASE General Index is a free-float market capitalisation-weighted index comprising of the top 100 highly traded and capitalised stocks traded on both First and Second markets of the Jordanian Exchange.2

Other Indices:
ASE unweighted, ASE market cap weighted , ASE Free float
Basic Information
The Amman Stock Exchange is divided into 7 segments: Secondary Market, First Market, Second Market, Third Market, Bonds Market, Rights Issues Market and Transactions off the Trading Floor. Secondary market is the platform through which equities are traded in accordance with the provisions of the law. The Secondary market is further divided into First market, Second market, Third market and the Rights Issues market where trading in equities takes place.3
In 2016, the Amman Stock Exchange (ASE) launched Over- The- Counter (OTC) Market which is specialized in buying and selling securities which are unlisted at the Amman Stock Exchange (ASE).
Order Types Supported
Limit Order
Market to Limit Order
Stop Limit Order
Stock Tick Size
0.01 JD for all stocks
Trading Units
1 share per lot, except for Arab Bank: 18 shares per lot
Block Trading
Supported with conditions related to the size and price.4
Concluded between: 12:30 - 12:45 hrs

Size Limits:
Min value of trade: JD 200k per leg Price Limits:
First Market:±7.5% last traded price
Second and Third Market: ±5% last traded price
Odd-Lot Trading
Not applicable
Short Selling
Short Selling is not permitted. Margin Trading is supported.
Day Trading
Investors are allowed to sell securities that were bought during the same trading session
Daily Price Limit
±7.5% - stocks listed on First Market
± 5% - stocks listed on Second or Third market
± 10% stocks listed on OTC Market
Foreign Ownership Limit
No general restrictions
Settlement
Settlement Cycle
T+25
Equities Market Charges
JD 5.4 per thousand JD to JD 7.4 per thousand JD, includes brokers’ commissions and capital market institutions.6
Supplementary Information
Notes
Exchange website: www.ase.com.jo
Venue enquiries: info@ase.com.jo
Source
 
Kuwait Stock Exchange
Kuwait (EMEA)
Market Information
Venue Identifier
MIC: XKUW
Time Zone
GMT+ 3
Instrument Code
Bloomberg: KK
ISIN: KW
Reuters: KW
Investor ID
Required (KCC number)
Trading Hours
Open: Sunday - Thursday
09:00 - 12:30 hrs1
Opening Auction Details
Order acceptance: 08:50 hrs
Pre-auction: 08:59 hrs
Closing Auction Details
12:30 hrs
Currency
Kuwaiti Dinar (KWD)
Major Market Indices
KWSE: The KWSE price weighted price index tracks the prices of all companies listed on the Kuwait Stock Exchange.2
Basic Information
The Exchange may segment the market into several markets. Each market shall include a number of Listed Companies according to the requirements, including liquidity of the share, set by The Exchange, as follows:
• Premier Market.
• Main Market.
• Auction Market.
Order Types Supported
Market Order
Limit Order

Validity:
Day Session
Good till cancelled
Good till date
Stock Tick Size
Price BandTick Size1
(in Fils; 1KWD=1000 Fils)(in Fils)
0.1 - 100.90.1000
101 and above1.0000
Trading Units
1 share per lot
Block Trading
Big Block trades (5% - 29.99% of the company’s capital) are pre-negotiated trades which are concluded after obtaining approval from the exchange. Before the approval is granted they are offered to other members of market to give them the opportunity to buy.
Odd-Lot Trading
Not applicable
Short Selling
Short Selling is not permitted
Day Trading
Permitted
Daily Price Limit
The Exchange sets a 5% increase or decrease in the Security’s price that triggers Circuit Breakers in the Premier and Main Markets.
Foreign Ownership Limit
Foreign investors may own upto 49% of all listed stock
Settlement
Settlement Cycle
T+3
Equities Market Charges
Transaction up to KWD 50,000: 3.75 bps
Transactions over KWD 50,000: 3 bps1
Supplementary Information
Notes
Exchange website: www.kuwaitse.com
Venue enquiries: webmaster@kuwaitse.com
Source
All information sourced from the exchange website and Bloomberg. For additional information please see below:
1 http://www.kuwaitse.com/KSE/Trading.aspx
2 http://www.bloomberg.com/quote/KWSEIDX:IND
 
Casablanca Bourse
Morocco (EMEA)
Market Information
Venue Identifier
MIC: XCAS
Time Zone
GMT+1
Instrument Code
Bloomberg: MC
ISIN: MA
Reuters: CS
Investor ID
No ID required. Only legal name and custody account number are required for trading.
Trading Hours
Open: Monday - Friday
09:30 - 15:30 hrs1
Opening Auction Details
Pre-open: 08:10 - 09:00 hrs
Closing Auction Details
Closing Auction: 15:20 - 15:30 hrs
Trading at last: 15:30 - 15:40 hrs
End Session: 15:40 hrs
Currency
Moroccan Dirham (MAD)
Major Market Indices
MASI: MASI Float index is a broad based index which consists of all shares traded on the Casablanca Stock Exchange.2
MADEX: MADEX is a free float stock index which comprises of the most actively traded listed stocks on the Casablanca Bourse.3
Basic Information
The Stock Exchange is a regulated market on which transferable securities are publicly traded. The Stock Exchange comprises a central market, where buy and sell orders are matched for each security listed on the Stock Exchange and a block-trade market where listed securities are traded over-the-counter for a size equal to or greater than the minimum block size under price conditions derived from the central market.
Order Types Supported
Market Order
Best Limit Order
Limit Order
Stock Tick Size
Price BandTick Size
0 - 1000.0100
100 - 5000.0500
500 - 10000.1000
1000 and above1.0000
Trading Units
1 share per lot
Block Trading
Can be concluded over the counter subject to size and price conditions during regular trading hours. No fixed size condition; varies on volume and prices on the central market and block trade market.4
Odd-Lot Trading
No
Short Selling
Not permitted
Day Trading
Permitted
Daily Price Limit
± 10% from previous close
If the stock moves 6% in either direction, trading is halted for 5mins. If it moves further by 4% in the same direction, it reaches the maximum limit.
Foreign Ownership Limit
Morocco allows foreign investors to own up to 100% stock of any listed company. However, public disclosures are required at specified levels of ownership: 5%, 10%, 20%, 33.33%, 50% and 66.66%. If the listed company under consideration is a bank, then an approval from the Central Bank must be sought prior to acquiring 10%.
Settlement
Settlement Cycle
T+3
Equities Market Charges
Exchange Fee 10 bps
VAT on Exchange Fee 1 bps
VAT on Commissions 10%
Supplementary Information
Notes
Exchange website: www.casablanca-bourse.com
Venue enquiries: contact@casablanca-bourse.com
Source
 
The Nigerian Stock Exchange
Nigeria (EMEA)
Market Information
Venue Identifier
MIC: XNSA
Time Zone
GMT+1
Instrument Code
Bloomberg: NL
ISIN: NG
Reuters: NG
Investor ID
Required
Trading Hours
Open: Monday - Friday
Regular session: 10:15 - 14:20 hrs1
Opening Auction Details
Pre Open: 09:30 - 09:55 hrs
Pre Open Imbalance: 09:55 - 10:00hrs
Closing Auction Details
Currency
Nigerian Naira (NGN)
Major Market Indices
NSE 30 - the NSE 30 is a price index weighted by adjusted market capitalisation which tracks the prices of 30 top companies listed on the Nigerian Stock Exchange.2
Basic Information
Every listed equity security belongs to a Board. Each Board may have a particular trade parameter associated with it, the Trade parameters indicate the type of orders that will be accepted as well as general rules and functions such as the trading schedule, trading hours, or tick and lot sizes, etc. Trade parameters for a board are configured by the NSE. Below is the categorization of the boards in the Equities Market:
Premium Board
The Premium Board is the market for trading securities of an elite group of Issuers that meet The Exchange’s most stringent corporate governance and listing standards. The Premium Board lists companies that adhere to international best practices on corporate governance and meet The Exchange’s highest standards of capitalization and liquidity.
Main Board
The Main Board is the primary market for trading in securities and the most recognized source of liquidity in the Nigerian Market.
Alternative Securities Market (ASeM)
The ASeM is the specialized market for trading emerging businesses – small and mid-sized companies with high growth potential. It gives such companies the opportunity to raise long-term capital from the capital market at relatively low cost, allowing them to grow and institutionalize.
REITs and Closed End Funds
This serves as the market for trading in alternatives such as REITs and Closed End Funds which give them increased visibility and investor attention.
Order Types Supported
Market Order
Limit Order

Validity:
Good till month Day
Fill or Kill
Stock Tick Size
PriceTick Size
0 - 51 Kobo
5 - 1005 Kobo
100 and above10 Kobo
Trading Units
1 share per lot
Block Trading
Permitted, but the size of the trade will determine pre trade requirements, including exchange approval
Odd-Lot Trading
NA
Short Selling
Short selling is a legitimate activity. However, naked short selling is prohibited.
Day Trading
Permitted
Daily Price Limit
Group A: ±10% based on the previous day’s closing price
Group B: ±10% based on the previous day’s closing price
Foreign Ownership Limit
No general restrictions
Settlement
Settlement Cycle
T+3
Equities Market Charges
Trading fee: 0.3% of consideration on the sell side
Supplementary Information
Notes
Exchange website: www.nse.com.ng
Venue enquiries: contactcenter@nse.com.ng
Source
 
Muscat Securities Market
Oman (EMEA)
Market Information
Venue Identifier
MIC: XMUS
Time Zone
GMT+4
Instrument Code
Bloomberg: OM
ISIN: OM
Reuters: OM
Investor ID
A depository number or folio number is required for trading
Trading Hours
Open: Sunday - Thursday
10:00 - 13:00 hrs
Opening Auction Details
Pre-open:
09:00 - 10:00 hrs
Closing Auction Details
13:00 hrs
Currency
Omani Rial (OMR)
Major Market Indices
MSM 30: The MSM30 index is a market capitalisation-weighted index of the 30 most actively traded and liquid stocks listed on the Muscat Stock Exchange. It is calculated on a free-float market capitalisation methodology. A 10% capping (CAP) is set to ensure wider representation of smaller companies in the index.1
Basic Information
As per the federal laws, foreign investors may own up to 70% of non-banking listed stocks and up to 49% of listed banking stocks. However, certain disclosures are mandatory. At 10% of ownership or more a public disclosure is required after trading. If the stock under consideration is a bank, then an approval from the Central Bank is required before acquiring 10% and for every share bought afterwards.
Order Types Supported
Limit Price Order
Cross Order
Market Order
Market to Limit Order
Opening Price Order
Stop Order
Stop Limit Order
On 1 limit Order
Fill and kill market Order
Stock Tick Size
1000 Baisa = 1 Omani Rial
Price Band (Baisa)Tick Size
0 - 3001.0000
301 - 6002.0000
604 - 10004.0000
1000 and above5.0000
Trading Units
1 share per lot
Block Trading
Permitted but volume and price restrictions apply Min 300,000 or 5% of the capital
Price: ±15% from previous close
Odd-Lot Trading
Not applicable
Short Selling
Not supported
Day Trading
Permitted
Daily Price Limit
±10% from previous closing price
Foreign Ownership Limit
Foreign investors may own up to 70% of all non banking listed stocks and up to 49% of listed banks.
Settlement
Settlement Cycle
T+3
Equities Market Charges
Stock Exchange Fee is 10 bps2
Supplementary Information
Notes
Exchange website: www.msm.gov.om
Venue enquiries: info@msm.gov.om, web.services@msm.gov.om
Source
All information sourced from the exchange website and Bloomberg. For additional information please see below:
1 http://www.bloomberg.com/quote/MSM30:IND
2 https://www.msm.gov.om/
 
Qatar Stock Exchange
Qatar (EMEA)
Market Information
Venue Identifier
MIC: DSMD
Time Zone
GMT+3
Instrument Code
Bloomberg: QD
ISIN: QA
Reuters: QA
Investor ID
National Investor Number (NIN)
Trading Hours
Open: Sunday - Thursday
09:30 - 13:10 hrs
Opening Auction Details
Pre-Open Session: 09:00 - 09:30 hrs
Opening: 09:30 hrs
Closing Auction Details
Pre-Close: 13:10 - 13:15 hrs
Market Close: 13:15 hrs
Currency
Qatari Riyal (QAR)
Major Market Indices
QE Index: The QE Index is a capitalisation-weighted index of 20 most actively traded, capitalised stocks traded on the Qatar Stock Exchange.1
Basic Information
Trading on the Qatar Exchange can be done only through an intermediary or a broker. Currently, the Qatar Exchange has licensed 11 stock-broking firms to act as intermediaries to conclude trades on behalf of investors.2
Order Types Supported
Market Order
Limit Order
Market to Limit Order Iceberg Order
Stop Order

Validity:
Good till day
Good till cancelled
Stock Tick Size
Price BandTick Size
0 - 24.990.0100
25 - 49.990.0500
50 and above0.1000
Trading Units
1 share per lot
Block Trading
Supported outside central order book subject to regulatory approval
Minimum block value= 10mil Qatari Rial
Odd-Lot Trading
Not applicable
Short Selling
Short selling is prohibited. Margin Trading is permitted.
Day Trading
Permitted
Daily Price Limit
The daily fluctuation limit in share price and indices is 10% in both directions.
Foreign Ownership Limit
49% total capital in listed Qatari companies. More than 49% may require additional approvals and permissions.
Settlement
Settlement Cycle
T+33
Equities Market Charges
Stock Exchange Fees 5.5 bps
Supplementary Information
Notes
Exchange website: www.qe.com.qa
Venue enquiries: info@qe.qa
Source
 
Moscow Exchange
Russia (EMEA)
Market Information
Venue Identifier
MIC: MISX
Time Zone
GMT+3
Instrument Code
Bloomberg: RX
ISIN: RU
Reuters: MO
Investor ID
Not Required
Trading Hours
Open: Monday - Friday
10:00 - 18:40 hrs1
Opening Auction Details
09:50 - 10:00 hrs
Closing Auction Details
18:40 - 18:50 hrs
Currency
Russian Ruble (RUB)
Major Market Indices
MICEX: MICEX Index is a capitalisation-weighted index that consists of 50 most liquid Russian shares issued by the largest and most dynamically growing Russian companies listed on the Moscow Stock Exchange.
Basic Information
The Moscow Exchange has separate settlement cycles for equity and fixed income products. Main market for equities has T+2 settlement. Government bonds (OFZ) are settled in T+1 mode; Corporate bonds are settled in T0 mode; Eurobonds are settled in T+2 mode. Both fixed income and equity are cleared through Central Counterparty.
Order Types Supported
Market Order
Limit Order
Iceberg Order
Limit/Market on Open
Limit/Market on Close

Parameters:
Day Order
Immediate or cancel Order
Fill or Kill Order
Stock Tick Size3
Tick sizes are subject to quarterly review.
−− Tick sizes for stocks where average number of trades is less than 100 is determined by
the exchange on case to case basis
−− Tick sizes for all stocks-less-priced less than RUB 0.2 and more than RUB 10,000 is also
determined by the exchange on case to case basis

Daily Average Number of Trades
Instrument Price> 20,000>5000 upto 20,000>1000 upto 5000>100 upto 1000
> 0.2 upto 0.50.000050.000050.00010.0005
>0.5 upto 10.000050.00010.00050.001
>1 upto 50.00010.00050.0010.005
>5 upto 100.00050.0010.0050.01
> 10 upto 500.0010.0050.010.05
>50 upto 1000.0050.010.050.1
>100 upto 5000.010.050.10.5
>500 upto 10000.050.10.51
>1000 upto 50000.10.515
>5000 upto 100000.51510
Trading Units
Standard lot size 1 share for most securities; board lot is 100 shares for some securities.4
Block Trading
Permitted
Odd-Lot Trading
Permitted during 17:00 - 18:40 hrs
Short Selling
Short selling is permitted in accordance with applicable regulations. Naked short selling is prohibited.
Day Trading
Permitted
Daily Price Limit
+/- 20% from previous closing price5. 2 discrete auctions can be held per day if the +/- 20% deviation is breached, allowing trading to continue
Foreign Ownership Limit
No general restrictions; certain industries such as mass communication have ownership restrictions
Settlement
Settlement Cycle
T+2
Equities Market Charges
Trading fee : 0.006% of trade value
Clearing fee: 0.004% of trade value

https://www.moex.com/s428
Supplementary Information
Notes
Exchange website: www.moex.com
Venue enquiries: salesteam@moex.com
Source
All information sourced from the exchange website and Bloomberg. For additional information please see below:
1 http://moex.com/s866
2 http://www.bloomberg.com/quote/INDEXCF:IND
3 http://fs.moex.com/files/10065
4 http://moex.com/s1852
5 http://fs.moex.com/files/9166
6 http://moex.com/s428
 
Saudi Stock Exchange/ Tadawul Stock Market
Saudi Arabia (EMEA)
Market Information
Venue Identifier
MIC: XSAU
Time Zone
GMT+3
Instrument Code
Bloomberg: AB
Reuters: SE
Investor ID
National Investor Number (NIN)
Trading Hours
Open: Sunday - Thursday
Continuous: 10:00 - 15:00 hrs
Close: 15:00 hrs
Opening Auction Details
Pre open: 09:30 - 09:59 hrs
Auction based on the bids and ask entered during the Pre-Market
Closing Auction Details
No closing auction. Closing price is VWAP of last 15 mins before close.
Currency
Saudi Arabian Riyal (SAR)
Major Market Indices
TASI (Tadawul All Share Index): TASI is a free float index of all equities listed on the Saudi Stock Market.
Basic Information
Saudi Arabia has been opening up its markets to foreign institutional investors and has taken a number of steps to align itself with global markets. The mandatory amount of assets
foreigners must have under management to invest directly into Saudi Arabian companies was reduced from 3.75 bn SA Riyals to 1.875 bn SA riyals in 2017. The exchange has also amended its settlement cycle to T+2- in line with most leading global markets.
Nomu- A parallel market for smaller issuers was launched in 2017.
Order Types Supported
Limit Orders
Market Orders
Hidden Orders
Fill and Kill Orders
Fill or Kill Orders
Day Orders
Call Only Orders
Good Till Date Orders
Stock Tick Size
Price Band Tick Size
0 - 100.0100
25 - 49.950.0500
50 - 99.900.1000
above 1000.2000
Trading Units
1 share per lot
Block Trading
Block Negotiated deals can be concluded, provided minimum trade size is SAR 1,000,000 and the transaction price is within +/- 10% of previous day’s close. Prior regulatory approval is required.
Odd-Lot Trading
Not applicable
Short Selling
Permitted.
Day Trading
Permitted.
Daily Price Limit
Daily upper limit: +10% from previous day’s close.
Daily lower limit: -10% from previous day’s close.
Foreign Ownership Limit
Investors required to have assets of atleast 1.875bn SAR under management to invest directly in Saudi Arabian companies.
Settlement
Settlement Cycle
T+2
Equities Market Charges
Transaction fee 15.5 bps
Supplementary Information
Notes
Source
All information sourced from the exchange website and Bloomberg. For additional information please see below:
1 https://www.reuters.com/article/saudi-stocks-regulations/saudi-to-allow-smaller-foreign-funds-into-stock-market-ease-other-rules-idUSL8N1NT4NN
 
Johannesburg Stock Exchange
South Africa (EMEA)
Market Information
Venue Identifier
MIC: XJSE
Time Zone
GMT+1
Instrument Code
Bloomberg: SJ
ISIN: ZA
Reuters: J
Investor ID
An ID with a unique name identifying the market instance e.g. JSE / NSX is required for trading
Trading Hours
Open: Monday - Friday
09:00 - 16:50 hrs
Opening Auction Details
08:30 - 09:00 hrs
Closing Auction Details
16:50 - 17:00 hrs
Currency
South African Cent (ZAc)
Major Market Indices
JSE ALSI (All Share Index): The JSE ALSI is a market capitalisation-weighted index of all the stocks listed on the Johannesburg Stock Exchange.1
Basic Information
The Johannesburg Stock Exchange Equity Segment is primarily divided into 3 segments based on the stocks they are comprised of, which are divided by volume of transactions or liquidity.2
− Segment ZA01 consists of 40 Top Companies with a liquidity rating of 1 or 2
  −  Segment ZA02 comprises of Medium Liquid Companies which are not part of the Top 40 highly liquid companies
  −  The liquidity rating of instruments is 1 or 2. Segment ZA03 consists of the remaining securities which have a liquidity rating of 1, 2 or 3
  −  The maximum order size for each segment is 99,999,999.
Order Types Supported
Market Order
Limit Order
Stop Order
Stop Limit
Hidden Order
Pegged Order
Pegged Limit Order
Stock Tick Size
Tick size is 1 cent for every instrument.
Trading Units
1 share per lot
Block Trading
Permitted
Odd-Lot Trading
Not applicable
Short Selling
Short selling is permitted. However, naked short selling prohibited.
  −  The equity securities to be sold are held in uncertificated form by the member’s CSDP, in the case of a controlled client or proprietary transaction, or by the client’s CSDP, in the case of a non-controlled client transaction; or
  −  A controlled client has evidenced to a member that they own the equity securities to be sold in uncertificated form and that such securities will be available for settlement on settlement date; or
  −  Another transaction has been concluded which provides for an equivalent amount of equity securities being available for settlement on settlement date; or
  −  A satisfactory borrowing arrangement is in place which provides for an equivalent amount of equity securities being available for settlement on settlement date; or
  −  A corporate action provides for an equivalent amount of equity securities being available for settlement on settlement date
Day Trading
Permitted
Daily Price Limit
No exchange-wide circuit breaker rule.
Foreign Ownership Limit
No investor (foreign or domestic) is allowed to hold in excess of 15% in a bank or a bank holding company unless a prior approval from industry-relevant authorities is obtained.
Settlement
Settlement Cycle
T+3
Equities Market Charges
Transaction fee: .0053% of value of each leg, capped at ZAR 355 per leg
Clearing fee: .0036% of value of each trade leg capped at ZAR 154 per leg
Supplementary Information
Notes
"Exchange website: www.jse.co.za
Venue enquiries: info@jse.co.za"
Source
 
Abu Dhabi Securities Exchange
UAE (EMEA)
Market Information
Venue Identifier
MIC: XADS
Time Zone
GMT+4
Instrument Code
Bloomberg: DH
Reuters: AE
ISIN: AE
Investor ID
NIN (National Investor Number)
Trading Hours
Open: Sunday - Thursday
10:00 - 14:00 hrs
Opening Auction Details
09:30 - 10:00 hrs
Closing Auction Details
13:50 - 14:40 hrs
Currency
UAE Dirham (AED)
Major Market Indices
ADX General Index: The ADX General Index is a free-float market capitalisation-weighted index of all the stocks listed on the Abu Dhabi Securities Exchange.1
Other indices
Banks, Investment and Financial Services, Real Estate, Telecommunications, Insurance, Energy, Industrial, Consumer Staples, Services
Basic Information
Under the federal laws of UAE, foreign investors are allowed to own up to 49% of any listed company. However, disclosures are required to be made when the investors cross certain ownership limits. At 5% of ownership and for every subsequent 1%, a public disclosure is required. Before the investor hits the 30% limit, an approval from the market regulator is required. Further, if the company under consideration is a bank, then the Central Bank approval is required before reaching 5% limit.
Order Types Supported
Limit Order
Market Order
Un-priced Order

Validity:
Day
Fill or Kill
Good till Week
Good till Month

Execution Restrictions:
All or none
Minimum Fill
Minimum Block2
Stock Tick Size
Price Band (in AED)Tick size
0 - 1AED .001
1 - 10AED .01
10.05 - 100AED 0.05
100.10 and aboveAED 0.10
Trading Units
1 share per lot
Block Trading
Permitted on Big Block Market, with approval of the exchange
Odd-Lot Trading
Not applicable
Short Selling
Not permitted. Only market makers are allowed.
Day Trading
Permitted
Daily Price Limit
+15% from previous close
-10% from previous close
when a stock reaches -5%, the stock goes to auction for 5 mins and if it reaches -9% it goes to auction for 10 mins
Foreign Ownership Limit
As per the federal law, foreign investors may own up to 49% of any listed security. However, this is not an exchange-wide rule and the limits may vary as per the company’s Articles of Association.
Settlement
Settlement Cycle
T+2
Equities Market Charges
Exchange fee: 12.5 bps4
Supplementary Information
Notes
"Exchange website: www.adx.ae
Venue enquiries: info@adx.ae"
Source
 
Dubai Financial Market
UAE (EMEA)
Market Information
Venue Identifier
MIC: XDFM
Time Zone
GMT+4
Instrument Code
Bloomberg: DB
Reuters: DU
ISIN: AE
Investor ID
Required (NIN number)
Trading Hours
Open: Sunday - Thursday
10:00 - 14:00 hrs
Opening Auction Details
09:30 - 10:00 hrs
Closing Auction Details
13:45 - 13:55 hrs
Currency
UAE Dirham (AED)
Major Market Indices
DFM Index: The Dubai Financial Market General Index is a free-float market capitalisation- weighted price index of stock of companies listed on the Dubai Exchange.1
Banks, Investment and Financial Services, Insurance, Real Estate, Transportation, Industrial, Consumer Staples, Telecommunications, Services
Basic Information
Under the federal laws of UAE, foreign investors are allowed to own up to 49% of any listed company. However, disclosures are required to be made when the investors cross certain ownership limits. At 5% of ownership and for every subsequent 1%, a public disclosure is required. Before the investor hits the 30% limit, an approval from the market regulator is required. Further,
if the company under consideration is a bank, then the Central Bank approval is required before reaching 5% limit.
Order Types Supported
Price Limit Order
Market Price Order

Validity:
Day
Good till date
Good till cancel
Stock Tick Size
Price BandTick size
0 - 10.0010
1 - 100.0100
10 and above0.0500
Trading Units
1 share per lot
Block Trading
Permitted, size restrictions apply
Odd-Lot Trading
Not applicable
Short Selling
Margin Trading is permitted. Short selling is permitted for market making, in cases where there is a failure to deliver the sold securities on the date of settlement, any other case where the regulator permits.2
Day Trading
Permitted
Daily Price Limit
+15% of the previous closing price
-10% from the previous closing price
The exchange may alter this rule under certain circumstances.
Foreign Ownership Limit
Federally, foreign investors are allowed to own up to 49% of any listed company.
Foreign ownership percentages of each listed company are calculated and updated daily after 16:00 hrs; this depends on the trading activity of the stocks, off-market transactions, changes in nationality status of the investors etc.3
Settlement
Settlement Cycle
T+24
Equities Market Charges
Market charges: 0.0005 of the value of each transaction
Clearing house: 0.0005 of the value of the transaction
Authority: 0.0005 of the value of the transaction5
Supplementary Information
Notes
Exchange website: www.dfm.ae
Venue enquiries: info@dfm.ae
Source
 
Nasdaq Dubai
UAE (EMEA)
Market Information
Venue Identifier
MIC: DIFX
Time Zone
GMT+4
Instrument Code
Bloomberg: DU
Reuters: DU
ISIN: AE
Investor ID
Required
Trading Hours
Open: Sunday - Thursday
10:00 - 13:45 hrs1
Opening Auction Details
Pre-opening Auction: 09:30 - 09:55 hrs
Pre-opening Adjustment: 09:55 - 10:00 hrs
Closing Auction Details
Pre-closing auction: 13:45 - 13:53 hrs
Pre-closing adjustment: 13:53 - 13:55 hrs
Matching at TAP: 13:55 - 13:55:20 hrs
Trading at last: 13:55:20 - 14:00:20 hrs
Post-trading: 14:00:20 hrs onwards
Currency
US Dollar (USD) Predominantly
Major Market Indices
FTSE Nasdaq Dubai UAE 20: The FTSE Nasdaq Dubai UAE 20 index tracks the performance of top 20 stocks admitted to trading on Nasdaq Dubai, the Dubai Financial Market (DFM) and the Abu Dhabi Securities Exchange (ADX).2
Basic Information
Securities traded on Nasdaq Dubai are grouped into boards. All boards have particular trading parameters associated with them and these trading parameters indicate the types of orders that are acceptable along with other attributes such as trading schedule, trading hours, tick sizes, lot sizes etc. Trading parameters are decided by Nasdaq Dubai.
Board 200 comprises of all securities which are classifiable as ‘Equity Products’.3
Order Types Supported
Market Order
Limit Order

Parameters:
Fill and Kill
Fill or Kill

Validity:
Day
Good till cancelled
Good till date
Stock Tick Size
Price BandTick size
USD 0 -20.0010
USD 2- 100.0050
USD 10 & above0.0100
Trading Units
1 share per lot
Block Trading
Block Trades can be concluded off-order book. The size of the block trade must equal or exceed the Normal Block Amount (NBA), which is USD 750,000 in case of admitted securities traded on a continuous basis.
Block Trades in Admitted Securities are concluded:
1. At a price of 5% around the last traded price (LTP) if the amount of the Block Trade is equal to or greater than the relevant NBA.
2. At a price within a range of 10% around the last traded price (LTP) if the amount of the Block Trade is equal to or greater than 5% of the market capitalisation of the admitted security.
NASDAQ Dubai may allow block trades outside the specified ranges after considering prevailing market conditions.
Odd-Lot Trading
Not applicable
Short Selling
Not permitted. Only market makers are allowed.
Day Trading
Permitted
Daily Price Limit
For Stock Prices:
0 to 0.1 : ± 50 %
0.1 to 0.25 : ±20%
0.25 to 0.5 : ± 15%
0.5 and above : ± 10%
Foreign Ownership Limit
The Exchange does not impose any foreign ownership limits but the UAE companies have to abide by the Federal law in their respective jurisdiction. Federally, foreign investors are allowed to own up to 49% of any listed company.4
Settlement
Settlement Cycle
T+2
Equities Market Charges
Market charges: 0.0005 of the value of each transaction
Clearing house: 0.0005 of the value of the transaction
Supplementary Information
Notes
Exchange website: www.nasdaqdubai.com
Venue enquiries: business@nasdaqdubai.com"
Source

APAC

 
Australian Securities Exchange
Australia (APAC)
Market Information
Venue Identifier
MIC: XASX
Time Zone
GMT+10
Instrument Code
Bloomberg: AT
ISIN: AU
Reuters: AX
Investor ID
Foreign investors in Australia do not require any regulatory pre-approvals to invest in the Australian market. They can invest in all types of securities, subject to certain limits and regulatory disclosure requirements.
Trading Hours
Open: Monday to Friday
10:00 - 16:00 hrs
Opening Auction Details
Pre-open: 07:00 - 10:00 hrs
Opening auction: 10:00 - 10:09:15 hrs (Staggered for different groups of equities)
Opening takes place at 10:00 hrs Sydney time and lasts for about 10 minutes. ASX Trade calculates opening prices during this phase. Securities open in five groups, according to the starting letter of their ASX code:

Group 1 10:00:00 hrs +/- 15 secs 0-9 and A-B, e.g. ANZ, BHP
Group 2 10:02:15 hrs +/- 15 secs C-F, e.g. CPU, FXJ
Group 3 10:04:30 hrs +/- 15 secs G-M, e.g. GPT
Group 4 10:06:45 hrs +/- 15 secs N-R, e.g. QAN
Group 5 10:09:00 hrs +/- 15 secs S-Z, e.g. TLS

The time is randomly generated by ASX Trade and occurs up to 15 seconds on either side of the times given above, e.g. group 1 may open at any time between 9:59:45 hrs and 10:00:15 hrs.
Closing Auction Details
Pre-close: 16:00 - 16:10 hrs
Closing auction: 16:10 - 16:12 hrs
Currency
AUD (Australian Dollar)
Major Market Indices
S&P ASX200: The ASX200 is a float-adjusted market capitalisation index of 200 largest and most actively traded companies on the Australian Stock Exchange.
Basic Information
ASX Trade supports displayed (lit) and non-displayed (dark) liquidity which may be accessed independently or in a single transaction.

ASX TradeMatch is ASX’s cash market lit (displayed) order book supporting a range of order types giving participants flexibility and control over how they trade.

ASX Centre Point, is ASX’s dark liquidity venue, offering a suite of advanced order types designed to maximise price improvement, protect against information leakage and uncover natural block liquidity.
Listed below are the Execution Controls of ASX Centre Point:

Size
- MAQ - define a minimum trade size (minimum acceptable quantity)
- Single Fill MAQ - interact with only one counterparty at your defined minimum trade size

Price
- Dark Limit - execute at any permitted dark price inside the NBBO up to your order’s limit price
- Any Price Block - execute a block size order at any price, including at or outside the NBBO
Additionally, Centre Point Preferencing enables users to maximise crossings

ASX Sweep offers full integration of the lit liquidity available in ASX TradeMatch and the dark liquidity available in ASX Centre Point.
Order Types Supported
TradeMatch supports Limit orders, Iceberg orders and Undisclosed orders (a limit order above a specified value where the limit price but not order volume is displayed).

Tailor Made Combinations (TMCs), an order type supporting multi-leg strategies at a specified net price that eliminates the execution risk between legs by executing all legs simultaneously on ASX markets.

Centre Point orders provide execution at the prevailing mid-point of the national best bid and offer and a number of additional execution controls described below.

ASX Sweep fully integrates ASX displayed and non-displayed liquidity and supports all lit execution controls available in TradeMatch and dark execution controls available in Centre Point. For full integration, ASX Sweep order can be used whenever you would use a limit order.
Stock Tick Size
PriceTick size
0 - 0.10.0010
0.1 - 20.0050
2 and above0.0100
Trading Units
1 share per lot
Block Trading
In ASX Centre Point you can execute a block size order at any price, including at or outside the NBBO. Australian Securities and Investments Commission (“ASIC”) Market Integrity Rules (Securities Markets) 6.1.1 requires that market participants must not enter into a transaction unless the transaction is entered by matching of pre-trade transparent order on an order book. Exception to this rule (6.2.1), allows a transaction to be executed without pre-trade transparency where the transaction is a block trade:
ASIC MIR (Securities Markets ) 6.2.1 Exception—Block Trades

(1) In these Rules, Block Trade means a transaction where:
(a) if the transaction is entered into other than by matching of Orders on an Order Book, the Relevant Participant acts:
(i) on behalf of a buying or selling client on one side of that transaction and on behalf of one or more clients on the other side;
(ii) on behalf of one or more buying or selling clients on one side of that transaction and as Principal on the other side; or
(iii) on behalf of a buying or selling client (first client) on one side of that transaction and on the other side on behalf of one or more clients and as Principal in the circumstances set out in paragraph (d);
(b) the Relevant Product is issued by the same issuer, in the same class, with the same paid-up value;
(c) the consideration for the transaction is not less than:
(i) $1,000,000 or more for Tier 1 Equity Market Products;
(ii) $500,000 or more for Tier 2 Equity Market Products;
(iii) $200,000 or more for Tier 3 Equity Market Products; and
(iv) $200,000 or more for CGS Depository Interests; and
(d) if subparagraph (1)(a)(iii) applies—the consideration for the transaction that is payable by or to:
(i) the first client; and
(ii) all of the clients on the other side of the transaction in aggregate,
is not less than the relevant consideration threshold in paragraph (c).
Negotiated Trade / Crossing Mechanism
Not available
Odd-Lot Trading
Not applicable
Off Exchange Trading
Allowed
Short Selling
All shorts treated as sell. Public disclosure required under certain conditions.
Day Trading
Permitted
Daily Price Limit
There is a static Extreme Trading Range (ETR) Reference Price and a dynamic No Cancellation Range (NCR) Reference Price, also known as the Anomalous Order Threshold (AOT) Reference Price. If a trade has a price at or outside the ETR it will be cancelled. There are exceptions - refer to the ASX Operating Rules.

AOT is a dynamic price updated approximately every 3 minutes set at the same level as the extreme of the NCR for those products and is as follows:
PriceTickNCR/ AOT
0.1 - 9.9 cents 0.1 cent 0 - 4 cent
10 - 15.5 cents 0.5 cent 0 - 4 cent
16 - 99.5 cents 0.5 cent 0 - 10 cent
100 - 119.5 cents 0.5 cent 0 - 15 cent
120 - 199.5 cents 0.5 cent 0 - 15 cent
200 - 234 cents 1 cent10%
235 - 499 cents 1 cent10%
500 - 699 cents 1 cent10%
700 - 999 cents 1 cent10%
1000 - 1999 cents 1 cent10%
2000 - 4999 cents 1 cent10%
≥5000 cents 1 cent10%
Foreign Ownership Limit
Individual foreign ownership is capped at 15%; anything more than 15% requires approval from the Foreign Investment Review Board. Aggregate limit is 40%. Certain industries such as ASX, telecomms, gaming etc. have further restrictions.
Settlement
Settlement Cycle
T+2
Equities Market Charges
TradeMatch (lit) executions: 0.15bps
Centre Point (dark) executions: 0.50bps
ASX Sweep executions are charged at the TradeMatch or Centre Point tariff in accordance with whether the execution was lit or dark.
Low volume Centre Point users (<$10m/month in the preceding financial year) are charged at:
Centre Point (dark) executions: 0.30bps
ASX Sweep executions in Centre Point: 0.25bps
ASX Sweep executions in TradeMatch: 0.12bps
GST is applicable to all charges.
Supplementary Information
Notes
Exchange website: www.asx.com.au
Shares are generally registered in the name of the local custodian’s Nominee. The principal register is divided into 2 sub-registers, the Clearing House Electronic Sub-register System (CHESS) and an issuer sponsored sub-register. In CHESS, transfer of ownership takes place automatically upon settlement. The CHESS sub-register is maintained by CHESS. It records scripless holdings, usually in the name of the direct participants (brokers, issuers, financial institutions, local custodians and trustee companies). CHESS also accepts indirect participants (clients of direct participants), provided they are “sponsored” by a direct participant. Each participant is assigned a Holder Identifier Number (HIN) by CHESS through which each participant’s assets are unambiguously identified.
Source
All information sourced from the exchange website and Bloomberg. For additional information please see below:
1 http://www.asx.com.au
 
Chi-X Australia
Australia (APAC)
Market Information
Venue Identifier
MIC: CHIA
Time Zone
GMT+10
Instrument Code
Bloomberg: AH
Reuters: .CHA
Investor ID
Foreign investors in Australia do not require any regulatory pre-approvals to invest in the Australian market. They can invest in all types of securities, subject to certain limits and regulatory disclosure requirements.
Trading Hours
Open: Monday to Friday
10:00 - 16:20 hrs
CLOB: 10:00 - 16:12:59 hrs
Market on Close: 10:00 - 16:20 hrs
Opening Auction Details
No opening auction
Closing Auction Details
No closing auction
Trading at Last: 16:12 - 16:20 hrs
Currency
AUD (Australian dollar)
Major Market Indices
S&P ASX200: The ASX200 is a float-adjusted market capitalisation index of 200 largest and most actively traded companies on the Australian Stock Exchange.
Basic Information
Chi-X Australia is a Stock Exchange and Derivatives Market operator licensed and regulated by ASIC. Chi-X Australia launched its platform offering an alternative trading venue for ASX-listed securities in October 2011. Currently, it has a market share of around 18%.

Chi-X launched Transferable Custody Receipts (TraCRs) in 2018 to give investors access to global opportunities. Further information can be found here: https://www.tracrs.com.au/
Order Types Supported
Limit Order types - Lit / Undiclosed / Iceberg / BestX (top price) / MarketX (opposing price)
Price Improvement (pegged) Order Types - NearPoint / MidPoint / FarPoint.
Market on Close - Hidden or Visible (@Last)

Attributes:
Iceberg
Hidden
Undisclosed
IOC
FOK
Stock Tick Size
PriceTick size
0 - 0.10.0010
0.1 - 20.0050
2 and above0.0100
Trading Units
1 share per lot
Block Trading
Permitted. Thresholds are as follows
Not Less than $1m for Tier 1
Not less than $500k for Tier 2
Not less than $200k for Tier 3
refer to trade reporting guide at: https://www.chi-x.com.au/wp-content/uploads/2017/02/CXA_Trade_Reporting_Guide.pdf
Negotiated Trade / Crossing Mechanism
Not available
Odd-Lot Trading
Not applicable
Off Exchange Trading
Allowed.
Short Selling
Permitted. Reporting may be required.
Day Trading
Permitted
Daily Price Limit
No exchange-wide rule
Foreign Ownership Limit
Same as ASX
Settlement
Settlement Cycle
Settlement cycle for cash equities T+2 since 7 March 2016
Equities Market Charges
Trading Fee in general:
0.06 bps for passive order execution (GST exclusive)
0.12 bps for aggressive order execution (GST exclusive) No clearing fee
Passive order is an order that does not match upon entering the order book and rests passively awaiting execution. An aggressive order is an order that immediately matches against a passive order upon entering the order book. Upon submission an order may partially match, meaning that the order could be partially aggressive and partially passive. see related trading fees document
Supplementary Information
Notes
Market and Support enquiries: au.support@chi-x.com
Market data enquiries: au.marketdata@chi-x.com Day only market with no auctions or pre-market. http://chi-x.com.au/TRADING/TRADINGHOURS.aspx

Source
All information sourced from the exchange website and Bloomberg. For additional information please see below: https://www.chi-x.com.au/trading-information/
 
Dhaka Stock Exchange
Bangladesh (APAC)
Market Information
Venue Identifier
MIC: XDHA
Time Zone
GMT+6
Instrument Code
Bloomberg: BD
Reuters: DH
Investor ID
Non-ID market
Trading Hours1
Open: Sunday to Thursday
10:30 - 14:30 hrs
Opening Auction Details
Orders can only be submitted from 10:30 hrs
Closing Auction Details
VWAP of the last 30 mins before the market close or VWAP of the last 20 trades if no trade in the last 30 min
Currency
Bangladeshi Taka (BDT)
Major Market Indices
DSE30: The DSE 30 index tracks the performance of 30 leading and most actively traded companies on the Dhaka Stock Exchange.
Basic Information
Bangladesh has two stock exchanges - the Dhaka Stock Exchange (DSE) and the Chittagong Stock Exchange (CSE). The DSE is the older and larger of the two exchanges and almost all the securities listed on the CSE are also listed on the DSE. Most foreign investors trade only on the DSE.
According to directives of the SEC, both the DSE and the CSE place securities into five categories: A, B, G, N and Z groups.
A Group: Companies which hold AGMs regularly and have declared 10 per cent or more dividends in the preceding year. No netting is allowed here except for cash netting.

B Group: Companies which declared less than 10 per cent dividends in the preceding year. Securities are settled on a trade-to-trade basis through the clearing house with no netting.

G Group: Greenfield companies (which are still in the project implementation stage and have not started commercial production yet). Settled like B group stocks.

N Group: All newly listed companies except Greenfield companies will be placed in this category. Settlement is similar to B group stocks.

Z Group: Companies which either fail to hold regular AGMs or have been out of operation continuously for more than six months, or whose accumulated loss after adjustment of revenue reserve, if any, is negative and exceeds their paid-up capital. Settlement cycle is T+9. Can be settled between brokers directly or through clearing house.
Order Types Supported1
Limit Order
Market Order

Parameters:
Volume - Partial fill
Fill and kill
Fill or kill

Validity:
good till day
good till date
Stock Tick Size2
0.1 BDT
Trading Units2
1 share per lot
Block Trading1
Permitted
Negotiated Trade / Crossing Mechanism
Not supported
Odd-Lot Trading1
N/A
Off Exchange Trading
Allowed
Short Selling
Short selling: Not allowed
Margin trading: Permitted for locals only
Day Trading
Allowed. International brokers trade for multiple clients using a single trade code. Under that code, they cannot sell a particular stock for a client and then use the sale proceeds to buy for another.
Daily Price Limit
Yesterday close price±% LimitNominal Limit (±BDT)
Up to BDT 20010.000017.5000
BDT 200 to BDT 5008.750037.5000
BDT 501 to BDT 10007.5000112.5000
BDT 1001 to BDT 20006.2500100.0000
BDT 2001 to BDT 50005.0000187.5000
BDT 5001 and above3.7500300.0000
Foreign Ownership Limit
Foreign ownership of equity within the banking sector is restricted to 9.99% of issued capital. An investor can hold more than 10% in other sectors but must acquire prior approval from Bangladesh Securities and Exchange Commission (“BSEC”). Regulator to be notified at 5% ownership.
Settlement
Settlement Cycle
Normal settlement: Buy: T+2 (Category A,B,N), T+9 (Category Z) Sell; T+1 (All category).

Spot settlement: Buy T+1 and Sell T+0 for all category of stocks.
Equities Market Charges
Transaction fee 0.025% of turnover and Advances Income Tax (AIT) 0.05% of turnover

Capital gain tax 15%, CGT 0% if the fund has similar exemptions in its own country. 20% withholding tax on cash dividends for company. Other than company (Fund/Trust/Partnership) 30% witholding tax on cash dividends.
Supplementary Information
Notes
Exchange website: http://www.dsebd.org
Venue enquiries: dse@bol-online.com

Source
All information sourced from the exchange website and Bloomberg. For additional information please see below:
1 http://www.dsebd.org
2 http://www.stockbangladesh.com
3 http://photos.state.gov
 
Shanghai Stock Exchange
China (APAC)
Market Information
Venue Identifier
MIC: XSHE
Time Zone
GMT+8
Instrument Code
Bloomberg CH
Reuters .SS
Investor ID
Every prospective foreign investor must obtain an ID from China Securities Depository and Clearing Corporation (“CSDCC”) in Shanghai & Shenzhen via their custodian.
Trading Hours
Open: Monday - Friday
Opening Call Auction (i.e. Pre-open Session): 09:15 - 09:25 hrs
Morning Continuous Auction Session: 09:30 - 11:30 hrs
Afternoon Continuous Auction Session: 13:00 - 15:00 hrs
Closing Auction Session: 14:57 - 15:00 hrs
http://english.sse.com.cn/tradmembership/schedule/
Opening Auction Details
Pre-open Order Input: 09:15 - 09:20 hrs (can input & cancel)
Pre-order Matching: 09:20 - 09:25 hrs (can input but no cancellation)
Matched at: 09:25 hrs
Lock-up period: 09:25 - 09:30 hrs
Closing Auction Details
Closing auction implemented on 20 August 2018.
14:57-15:00 hrs. Order cancellation not allowed during this period.
Currency
A-shares: Renminbi (RMB)
B-shares: US Dollar (USD) for stocks listed on SSE
Major Market Indices
Shanghai Stock Exchange Composite Index (”SHCOMP”)
SHCOMP is a capitalisation-weighted index. It tracks the daily price performance of all
A-shares and B-shares listed on the Shanghai Stock Exchange. The index was developed on 19th December 1990 with a base value of 100.

CSI 300 Index
CSI 300 index is a free-float weighted index that consists of 300 A-shares listed on the Shanghai or Shenzhen Stock Exchanges. It had a base level of 1000 on 31st December 2004.
Basic Information
A-shares (in RMB for SSE & SZSE)
SSE and SZSE were established in December 1990, the same month as the first listed A-share in China. A-shares is the standard form of common stock issued by companies incorporated in mainland China. A-shares are RMB-denominated and could only be purchased by mainland investors but not foreign investors. Since 2002, A-shares became available for purchase (under a QFII quota system and subject to limits on foreign ownership) by foreign investors.

B-shares (SSE stocks in USD; SZSE stocks in HKD)
Introduced in 1991, B-shares are “special purpose” shares of companies incorporated in mainland China that are listed on domestic stock exchanges and denominated in foreign currencies (USD or HKD). B-shares listed in SSE are USD-denominated whereas those in SZSE are HKD-denominated. B-shares could only be purchased by foreign investors until 2001. Since then, B-shares also became available for purchase by domestic investors with foreign currency accounts.
Order Types Supported
Pre-open Session
At Auction
Auction Limit

During continuous trading session
Market Order
Limit Order
Five Best Orders Immediate or Cancel: an order that is executed in sequence against the current five best prices on the opposite side, with the portion of the order not executed, if any, cancelled automatically.
Five Best Orders Immediate to Limit: an order that is executed in sequence against the current five best prices on the opposite side, with the portion of the order not executed, if any, changed to a limit order whose limit price is set at the last executed price on the same side.
Stock Tick Size
A shares: RMB 0.01
B shares: USD 0.001
Trading Units
Buy: min 1 round lot (i.e. 100 shares), multiple of the board lot size, max 1 million shares
Sell: min 1 share (i.e. no board lot requirement). An odd lot of less than 100 shares shall be made in one order
Block Trading
For A-shares: min 300,000 shares or RMB 2,000,000 (per transaction)
For B-shares: min 300,000 shares or USD 200,000 (per transaction)
Odd-Lot Trading
Sell orders only
Negotiated Trade / Crossing Mechanism
Possible through submission of an application to SSE.
Further details can be found here (Chinese only): http://www.sse.com.cn/lawandrules/guide/other/c/c_20150912_3986180.shtml
Short Selling
Domestic investors are permitted to short sell since the Short Sell Pilot Program launched in 2010. On 3rd Aug 2015, SSE and SZSE amended their respective stock lending rules, requiring that short positions to be held at least overnight and effectively prohibiting short sell day trading. Naked short sell on securities is prohibited.
Off Exchange Trading
Not allowed.
Day Trading
Not allowed.
Daily Price Limit
± 10% from Previous Day Close for normal stocks and mutual funds
±5% from Previous Day Close for Special Treatment (”ST”) shares
Limit up or limit down does not apply to any of the following cases on the first trading day:
1. IPO shares or closed-end funds;
2. further issue;
3. shares whose listing is resumed after suspension; or
4. relisted shares
5. other cases as recognized by the Exchange or CSRC
Circuit breakers were suspended on 8th Jan 2016
Foreign Ownership Limit
10% shareholding limit of a single investor’s ownership in a PRC-listed company
30% shareholding limit of ”aggregate” foreign investors’ ownership in a PRC-listed company

Disclosure of Interest for all Shareholders: Disclosure of positions of 5% or more in PRC-listed companies is required. Certain subsequent changes in such positions must be disclosed within 3 business days.
CSRC temporarily banned insiders (including 5%+ shareholders) from selling their shareholding within 6 months starting 8th July 2015.
The ban was lifted effective 9th Jan 2016 by announcing new requirements:
  −  Controlling shareholders and shareholders holding more than 5% stake (commonly known as “substantial shareholders”) of a company may only reduce positions by 1% every 3 months;
  −  Substantial shareholders should disclose stake reduction plan 15 days before taking action, etc.

Foreign Access: Qualified Foreign Institutional Investor (“QFII”) scheme:
  −  Under a Qualified Foreign Institutional Investor (”QFII”) scheme, introduced in 2002, foreign financial investors (including but not limited to funds management company, insurance company, securities company) are allowed to directly invest in RMB- denominated assets, including shares (i.e. A-shares), bonds and mutual funds, subject to an overall quota limit and via China’s domestic securities companies. Foreign financial entities can select only 1 broker per exchange. As of end of Jan 2019, accumulative approved QFII quota granted by China’s China’s State Administration of Foreign Exchange (“SAFE”) was approximately USD$101bn.
  −  When all QFIIs’ shareholdings >=26% of a listed company’s A-shares, SSE will disclose the stock name, number of shares purchased, shareholding ratio, etc., and provide the function for inquiry about such information based on time or ticker symbol.

Renminbi Qualified Foreign Institutional Investor (“RQFII”) scheme:
  −  QFII scheme was supplemented in 2011 by a new Renminbi Qualified Foreign Institutional Investor (”RQFII”) scheme, which permitted investors to use offshore Renminbi to fund their investment in China’s domestic capital market, including A-shares. As of end of Jan 2018, accumulative RQFII quota granted by SAFE was approximately USD$91bn. (Source: SAFE)

Stock Connect links between Hong Kong- Shanghai and Hong Kong - Shenzhen were launced in 2014 and 2016 respectively. Please see the sections dedicated to these links.
Settlement
Settlement Cycle
A-shares (RMB-denominated): T+1 (in practice stocks settled on T day; cash settled on T+1)
B-shares (USD-denominated in SSE): T+3
Equities Market Charges
A-shares (RMB-denominated):
Stamp Duty: 10 bps on gross for seller only
Handling Fee (to SSE): 0.487 bps on gross
Transfer Fee: 0.2 bps on gross
Securities Management Fee (to CSRC): 0.2 bps on gross

B-shares (USD-denominated):
Stamp Duty: 10 bps on gross for seller only
Handling Fee (to SSE): 0.487 bps on gross
Securities Management Fee (to CSRC): 0.2 bps on gross
Settlement Fee: 5 bps on gross
http://english.sse.com.cn/tradmembership/tradingfees/
Supplementary Information
Notes
Exchange website: http://www.sse.com.cn
Pre-Trade Checking: Investors must ensure that there are sufficient shares in their account to cover any proposed sell order. Otherwise, the sell order may be rejected.
Temporary Measure(s): Since 3rd Aug 2015, SSE and SZSE modified their respective short sell rules to ban intra-day short selling (i.e. borrowing and then repaying the borrowed stocks on the same day).

Short Swing Profit Rule: For investor that owns 5% or more of the issued shares, or a director, supervisor, senior management personnel of a PRC-listed company, any profit made from a sale of shares within 6 months of the purchase (or vice versa) must be returned to the company.
A-shares obtained through any other channels (such as QFII and RQFII) and B shares will be aggregated.

Source
All information sourced from the exchange website and Bloomberg. For additional information please see below:
http://english.sse.com.cn/tradmembership/rules/c/3977570.pdf
CSRC rules: http://www.csrc.gov.cn/pub/zjhpublic/G00306201/201601/t20160107_289583.htm
 
Shenzhen Stock Exchange
China (APAC)
Market Information
Venue Identifier
MIC: XSHG
Time Zone
GMT+8
Instrument Code
Bloomberg CH
Reuters .SZ
Trading Hours1
Open: Monday - Friday:
Open Call Auction (i.e. Pre-open Session): 09:15 - 09:20 hrs
Morning Continuous Trading Session: 09:30 - 11:30 hrs
Afternoon Continuous Trading Session: 13:00 - 14:57 hrs
Closing Call Auction: 14:57-15:00 hrs
Opening Auction Details
Pre-open Order Input: 09:15 - 09:20 hrs (can input & cancel)
Pre-order Matching: 09:20 - 09:25 hrs (can input but no cancellation)
Matched at: 09:25 hrs
Lock-up period: 09:25 - 09:30 hrs
Closing Auction Details
Closing auction 14:57-15:00 hrs. Order cancellation not allowed during this period.
Currency
A-shares: Renminbi (RMB)
B-shares: US Dollar (USD) for stocks listed on SZE
Major Market Indices
Shenzhen Stock Exchange Composite Index (“SZCOMP”)
SZCOMP is a capitalisation-weighted index. It tracks the stock performance of all the A-share and B-share stocks listed on the Shenzhen Stock Exchange. The index was developed on April 3, 1991 with a base price of 100.

CSI 300 Index
The index is a free-float weighted index that consists of 300 A-share stocks listed on the Shanghai or Shenzhen Stock Exchanges. It had a base level of 1000 on Dec 31, 2004.

SZSE 100 Index
The index is designed to represent the performance of top 100 A-share listed companies in Shenzhen Stock Exchange ranked by total market capitalisation, free-float market capitalisation and turnovers.
Basic Information
A-shares (in RMB for SSE & SZSE)
SSE and SZSE were established in December 1990, the same month as the first listed A-share in China. A-share is the standard form of common stock issued by companies incorporated in mainland China. A-shares are RMB-denominated and could only be
purchased by mainland investors but not foreign investors. Since 2002, A-shares became available for purchase (under QFII & RQFII quota system and Shenzhen-Hong Kong Stock Connect & Shanghai-Hong Kong Stock Connect and subject to limits on foreign ownership) by foreign investors.

B-shares (SSE stocks in USD; SZE stocks in HKD)
Introduced in 1991, B-shares are “special purpose” shares of companies incorporated in mainland China that are listed on domestic stock exchanges and denominated in foreign currencies (USD or HKD). B-shares listed in SSE are USD-denominated whereas those in SZSE are HKD-denominated. B-shares could only be purchased by foreign investors until 2001. Since then, B-shares also became available for purchase by domestic individual investors with foreign currency accounts.
Order Types Supported
Pre-Open Session
At Auction
Auction Limit
During continuous trading session
Market Order
Limit Order
Exchange may accept the following types of market orders in line with market need:
(1) “Counterparty Best Price” order: the best price quotation based on prices of the opposite side in the order book at the time the order is routed into the Exchange trading system.
(2) “Same Side Best Price” order: an order whose quotation price is set at the best price on the same side in the central order book at the time the order is routed into the Exchange trading system.
(3) “Five Best Orders Immediate or Cancel” order: an unpriced order that is executed in sequence against the five best orders on the opposite side in the central order book at the time the order is routed into the Exchange trading system, with the portion of the unexecuted order, if any, cancelled automatically.
(4) “Immediate or Cancel” order: an unpriced order that is executed in sequence against all the orders on the opposite side in the central order book at the time the order is routed into the Exchange trading system, with the portion of the unexecuted order, if any, cancelled automatically.
(5) “Fill or Kill” order: an unpriced order to be executed in its entirety against all the orders on the opposite side in the central order book at the time the order is routed into the Exchange trading system, otherwise the entire order shall be cancelled automatically.
(6) other types of orders as specified by the Exchange.
Stock Tick Size
A shares: RMB 0.01
B shares: HKD 0.01
Trading Units
Buy: min 1 board lot (i.e. 100 shares) or the multiple of the board lot size, max 1 million shares
Sell: min 1 share (i.e. no board lot requirement); however, sale of stocks with less than 100 shares to be made in one order.
Block Trading
For A-shares: min 300,000 shares or RMB 2,000,000 (per transaction)
For B-shares: min 30,000 shares or HKD 200,000 (per transaction)
Odd-Lot Trading
Sell orders only
Short Selling
Domestic investors are permitted to short sell since the Short Sell Pilot Program launched in 2010. On 3rd Aug 2015, SSE and SZSE amended their respective stock lending rules, requiring that short positions be held at least overnight and effectively prohibiting short sell day trading.
Naked short sell on securities is prohibited.
Day Trading
Not allowed. Investors buying shares on T-day can only sell on/after T+1, or vice versa. See “Temporary Measure(s)” section for additional info.
Negotiated Trade / Crossing Mechanism
No Specific Facility
Off Exchange Trading
Not allowed.
Daily Price Limit
±10% from Previous Day Close for normal stocks and mutual funds
±5% from Previous Day Close for Special Treatment (“ST”) shares

Price limit does not apply to any of the following cases on the first trading day:
(1) listing of IPO shares;
(2) listing resumption; or
(3) other cases as recognized by the Exchange or the CSRC

In addition to limit up and limit down, circuit breakers (at 5% and 7%) became effective on 1st Jan 2016. The mechanism follows the daily fluctuation of the CSI 300 Index {SHSZ300 Index} vs Previous Close, which reflects the performance of China’s Shanghai and Shenzhen stock exchanges. The circuit breaker was suspended effective on 8th Jan 2016.
Foreign Ownership Limit
10% shareholding limit of a single investor’s ownership in a PRC-listed company
30% shareholding limit of ”aggregate” foreign investors’ ownership in a PRC-listed company

Disclosure of Interest for all Shareholders: Disclosure of positions of 5% or more in PRC-listed companies is required. Certain subsequent changes in such positions must be disclosed within 3 business days.
CSRC temporarily banned insiders (including 5%+ shareholders) from selling their shareholding within 6 months starting 8th July 2015.
The ban was lifted effective 9th Jan 2016 by announcing new requirements:
  −  Controlling shareholders and shareholders holding more than 5% stake (commonly known as “substantial shareholders”) of a company may only reduce positions by 1% every 3 months;
  −  Substantial shareholders should disclose stake reduction plan 15 days before taking action, etc.

Foreign Access: Qualified Foreign Institutional Investor (“QFII”) scheme:
  −  Under a Qualified Foreign Institutional Investor (”QFII”) scheme, introduced in 2002, foreign financial investors (including but not limited to funds management company, insurance company, securities company) are allowed to directly invest in RMB- denominated assets, including shares (i.e. A-shares), bonds and mutual funds, subject to an overall quota limit and via China’s domestic securities companies. Foreign financial entities can select only 1 broker per exchange. As of end of Jan 2019, accumulative approved QFII quota granted by China’s China’s State Administration of Foreign Exchange (“SAFE”) was approximately USD$101bn.
  −  When all QFIIs’ shareholdings >=26% of a listed company’s A-shares, SSE will disclose the stock name, number of shares purchased, shareholding ratio, etc., and provide the function for inquiry about such information based on time or ticker symbol.

Renminbi Qualified Foreign Institutional Investor (“RQFII”) scheme:
  −  QFII scheme was supplemented in 2011 by a new Renminbi Qualified Foreign Institutional Investor (”RQFII”) scheme, which permitted investors to use offshore Renminbi to fund their investment in China’s domestic capital market, including A-shares. As of end of Jan 2018, accumulative RQFII quota granted by SAFE was approximately USD$91bn. (Source: SAFE)

Stock Connect links between Hong Kong- Shanghai and Hong Kong - Shenzhen were launced in 2014 and 2016 respectively. Please see the sections dedicated to these links.
Settlement
Settlement Cycle
A-shares (RMB-denominated): T+0
B-shares (HKD-denominated in Shenzhen): T+3
Equities Market Charges
A-shares (RMB-denominated):
Stamp Duty: 10 bps on gross for sales transactions only
Handling Fee (to SZSE): 0.487 bps on gross
Transfer Fee: 0.2 bps on gross
Securities Management Fee (to CSRC): 0.2 bps on gross

B-shares (SSE stocks in USD; SZE stocks in HKD)
Stamp Duty: 10 bps on gross for sales transactions only
Handling Fee (to SZSE): 0.487 bps on gross
Settlement Fee: 5 bps on gross, subject to a max of HKD 500
Securities Management Fee (to CSRC): 0.20 bps on gross
Supplementary Information
Notes
Exchange website: http://www.szse.cn
Temporary Measure(s): Since 3rd Aug 2015, SSE and SZSE modified their respective short sell rules to ban intra-day short selling (i.e. borrowing and then repaying the borrowed stocks on the same day).

Pre Trade Checking: Investors must ensure that there are sufficient shares in their account to cover any proposed sell order. Otherwise, the sell order may be rejected.

Short Swing Profit Rule: For investor that owns 5% or more of the issued shares, or a director, supervisor, senior management personnel of a PRC-listed company, any profit made from a sale of shares within 6 months of the purchase (or vice versa) must be returned to the company. A shares obtained through any other channels (such as QFII and RQFII) and B shares will be aggregated.
Source
All information sourced from the exchange website and Bloomberg. For additional information please see below:
http://www.szse.cn/English/rules/siteRule/index.html
http://www.csrc.gov.cn/pub/zjhpublic/G00306201/201601/t20160107_289583.htm
 
Hong Kong Stock Exchange
Hong Kong (APAC)
Market Information
Venue Identifier
MIC: XHKG
Time Zone
GMT+8
Instrument Code
Bloomberg HK
Reuters .HK
Investor ID
No Investor ID required
Trading Hours1
Open: Monday to Friday

Pre-open Session: 09:00 - 09:30 hrs
Continuous Trading Session:
  −  Morning session: 09:30 - 12:00 hrs
  −  Afternoon session: 13:00 - 16:00 hrs
Closing Auction Session: 16:00 to a random closing between 16:08 and 16:10 hrs
No afternoon session on Eves of Christmas, New Year and Lunar New Year
Opening Auction Details
Pre-opening session is an additional trading session of 30 minutes which takes place before the morning trading session.
  −  Order input period: 09:00 - 09:15 hrs [can input, amend or cancel at-auction/at-auction limit orders]
  −  Pre-order matching period: 09:15 - 09:20 hrs [only at-auction orders, no amend or cancel]
  −  Order matching period: 09:20 - 09:28 hrs [no input, amend or cancel]
  −  Blocking period: 09:28 - 09:30 hrs [no input, amend or cancel; transition period to Continuous Trading Session]
Closing Auction Details


15:59 hrs A reference price is calculated by taking the median of five nominal prices in the last minute of trading.
16:00 - 16:01 hrs Reference price published
16:01 - 16:06 hrs Order input period (price limit ±5% from reference price)
16:06 - 16:08 hrs No-cancelation period (price limit tightened to between lowest ask and highest bid)
16:08 - 16:10 hrs Random closing period (at-auction and at-auction limit orders still permitted, and system will match all orders at the price where the highest volume can be traded).

Applicable securities:
- Hang Seng Composite LargeCap, MidCap and SmallCap index constituents
- A+H shares
- All ETFs

Further information can be found here: https://www.hkex.com.hk/cas/en/info.htm
Currency
Hong Kong Dollar (HKD)
Major Market Indices2
Hang Seng Index (HSI)
A main indicator of the overall market performance in Hong Kong. A capitalisation-weighted stock market index that consists of the largest companies of the Hong Kong stock market.
Hang Seng Indexes Company Limited is responsible for compiling, publishing and managing the HSI and a range of other stock indexes.

Hang Seng China H-Financials
A freefloat-adjusted market capitalisation weighted index capped at 10% for each constituent. The index components comprise of large-cap China financial stocks listed on the Stock Exchange of Hong Kong. H-FIN was developed with a base date of 5th Mar 2004.

Hang Seng China Enterprises Index (HSCEI)
A freefloat-adjusted market capitalisation weighted index which is capped at 10% for each constituent and comprised of 40 largest H-shares listed on the Hong Kong Stock Exchange. The base value of this index is 2000 as of Jan 3, 2000.
Basic Information
Hong Kong does not have official stock category like A-shares and B-shares in China. However, there are some common terminologies used to describe different types of companies listed in Hong Kong Exchange (“HKEx”)

H-shares:
H-share companies are companies incorporated in Mainland China and whose listings in Hong Kong are approved by the China Securities Regulatory Commission (CSRC). Shares in these companies are listed in Hong Kong, subscribed for and traded in HKD, and referred to as “H shares”. The letter H stands for Hong Kong.

Red Chips:
“Red chips” companies are enterprises that are incorporated outside of Mainland China and are controlled by Mainland Government entities. The term is not an official or legal stock category, shares issued by “red chip” companies are traded in much the same way as any other HK-listed company’s stocks.3
Order Types Supported
Pre-open Session
  −  At Auction Limit Order: a limit order with a specific price. Any unfilled at-auction limit orders will be converted into limit orders and carried forward to the Continuous Trading Session provided that it does not deviate 9 times or more from the nominal price.
  −  At Auction Order: a market order without any specific price. It has a higher auction matching priority than an at-auction limit order. If not matched, it will be cancelled and will not be carried forward to Continuous Trading Session.

Continuous Trading Session
  −  Limit Order: A limit order will allow matching only at the specified price. The sell order input price cannot be made at a price below the best bid price, if available, whereas the buy order input price cannot be made at a price above the best ask price, if available. Any outstanding limit order will be put in the price queue of the input price.
  −  Enhanced Limit Order (ELO): similar to the limit order except that it will allow matching of up to 10 price queues at a time. Any unfilled quantity of ELO after matching will be stored in the System as a normal limit order at the input order price.
  −  Special Limit Order (SLO): similar to limit order except that SLO will match up to ten price queues at a time. Any unfilled quantity of SLO after matching will be cancelled and not stored in the System.

Closing Auction Session
  −  At-auction and At-auction Limit order types available.
Stock Tick Size
Price (Start)EndTick Size
From 0.01 to 0.250.0010
Over 0.25 to 0.50.0050
Over 0.50 to 100.0100
Over 10.00 to 200.0200
Over 20.00 to 1000.0500
Over 100.00 to 2000.1000
Over 200.00 to 5000.2000
Over 500.00 to 10000.5000
Over 1,000.00 to 20001.0000
Over 2,000.00 to 50002.0000
Over 5,000.00 to 99955.0000
Trading Units
Listed securities are traded in specific lot size (i.e. ”board lot”) which is determined at the security level by the issuer. Investors may check the board lot size of a security by inputting the stock code or company name in the relevant field, here: http://www.hkex.com.hk/Market-Data/Securities-Prices/Equities/Equities-Quote?sc_lang=en

Maximum order size is 3000 board lots per order. Odd lots are not accepted by the exchange’s trading system for auto-matching, but there is special odd lot market for trading. There’s a premium or discount for trading odd lots due to lower liquidity.
The price of an order input into the trading system must not deviate nine times or more, or be one-ninth or less, from the previous closing price or the nominal price.
Block Trading
Allowed
Odd-Lot Trading
Securities smaller than one board lot are known as “odd lots”. Odd lots are not accepted by the exchange’s trading system for auto-matching, but there is a special odd lot market for trading. Exchange participants (EPs) may post their odd lot orders onto a designated screen on the trading system for matching by other EPs. In general, there is a premium or discount for trading odd lots due to lower liquidity.
Short Selling
Naked short selling is prohibited. Covered short sell is allowed for “Designated Securities” announced on HKEx’s website: http://www.hkex.com.hk/Services/Trading/Securities/Securities-Lists/Designated-Securities-Eligible-for-Short-Selling?sc_lang=en
Short sell must abide by the up-tick rule except some stocks (mostly ETFs) which are exempted from the up-tick rule (i.e. short sell must be placed at or above the current best ask price). The short sale order must be properly indicated as “short sale” when inputting into the AMS/3 system. The number of designated securities for short selling is revised on a quarterly basis.

Short Position Reporting Rules
Effective June 2012, any person who has a reportable short position is required to file submissions to the SFC via its online service portal within 2 business days from the day on which the reporting obligation arises. A reportable short position is a ”net short position” at the close of trading on the last trading day of each week that is equal to or exceeds the lower of 0.02% of the issued share capital of the company or HK$30m (using closing price on the reporting day and the total number of shares then in issue). The reporting requirement only applies to a list of stocks that the SFC updates and publishes.4

In general, the reporting obligation falls on the beneficial owner of the short position rather than on any person who controls the position:
  −  In relation to investment funds, the obligation falls on the fund rather than the fund manager. However, the fund may authorize the fund manager to act as its agent to notify the SFC of its reportable short position.
  −  In the case of a unit trust, its trustee has responsibility to report. For pragmatic reasons, the SFC allows the trustee to report the unit trust’s overall short position instead of for each beneficiary.
  −  In the case of a fund that is established in partnership, one of the partners reports on behalf of the others or another person authorized by all the partners.
  −  In case of corporate “umbrella” funds, each underlying sub-fund should be treated separately and the positions cannot be aggregated with other sub-funds within the same ”umbrella” fund.
  −  In case of trading books/units, the SFC has 3 acceptable approaches: (1) trading book basis; (2) trading unit basis (aggregated positions of multiple trading books); (3) entire legal entity basis
A person who has the statutory obligation to notify the SFC of a reportable short position under the Rules may authorize another person or party to do so on his behalf. For more details of short position reporting please visit the SFC web site.5

Negotiated Trade / Crossing Mechanism
Direct business (an exchange participant acting for both buyer & seller) and non direct business (between two exchange participants) can be crossed on the Exchange’s ‘Automatic Order Matching and Execution System’. The following price thresholds apply:
  −  if during pre open when there has been no previous trading, price cannot deviate more than 9 times from previous close.
  −  direct business during continuous trading must be within 24 spreads. If after market close then the price must be within 9 spreads of close.
  −  non direct business during continuous trading, price must be within the bid/ask spread. No price parameters after market close
Off Exchange Trading
Only possible between non-exchange participants
Day Trading
Permitted
Daily Price Limit
Volatility Control Mechanism (“VCM”) launched 14 November 2016.
The VCM is triggered if the price of a VCM security deviates more than ±10% from the last traded price 5-min ago. When VCM is triggered a 5-min cooling-off period will follow during which trading is allowed within a ±10% price band. Normal trading without restriction will resume after cooling-off period. VCM can only be triggered once per session
Instruments covered include the Hang Seng Index (HSI) and Hang Seng China Enterprises Index (HSCEI) constituent stocks.
Further information can be found here:http://www.hkex.com.hk/-/media/HKEX-Market/Services/Trading/Securities/Overview/Trading-Mechanism/Trading-Mechanism-for-VCM-Eng.pdf?la=en
Foreign Ownership Limit
No foreign ownership restrictions on listed companies with exception of Television Broadcasts Limited (”TVB”), the Tracker Funds of Hong Kong and Hong Kong Exchanges and Clearing Limited (”HKEx”). A foreign investor’s voting control cannot exceed 10% and the aggregate of the voting shares that are held by all foreign investors shall not exceed 49% of the total number of voting shares of a sound broadcasting licensee.
No tax on capital gains or dividends.

Foreign Access: No restriction to foreign investors.
In both the securities and derivatives markets, there is a relatively high participation from overseas investors. They are mainly from the US, the UK, other European countries, Mainland China and Singapore.

Disclosure of interests for all Shareholders: SFO Part XV requires investors to give notice to both the Stock Exchange of Hong Kong and the listed corporation on the occurrence of certain events below:
  −  Substantial shareholders: individuals and corporations who are interested in 5% or more of any class of voting shares in a listed corporation, must disclose their interests, and short positions, in voting shares of the listed corporation; and
  −  Directors and chief executives of a listed corporation must disclose their interests, and short positions, in any shares in a listed corporation (or any of its associated corporations) and their interests in any debentures of the listed corporation (or any of its associated corporations).
Settlement
Settlement Cycle
T+2
Equities Market Charges
In general, HKEx has the following charges on cash equities:
Stamp Duty: 0.10% of gross consideration
Trading Fee: 0.005% of gross consideration
Transaction Levy: 0.0027% of gross consideration

Exemptions are ETFs and other instruments listed on the HKEx web site
Supplementary Information
Notes
Exchange website: https://www.hkex.com.hk

Source
 
Shanghai - Hong Kong Connect (Northbound)
Hong Kong (APAC)
Market Information
Venue Identifier
MIC: SHSC
Under Shanghai-Hong Kong Stock Connect, the Stock Exchange of Hong Kong Limited (“SEHK”) establishes order-routing connectivity and related technical infrastructure to enable investors to trade designated equity securities listed on Shanghai Stock Exchange (“SSE”). SEHK establishes a SEHK Subsidiary to receive orders from SEHK’s Exchange Participants (“EPs”) to execute SSE Securities.
Time Zone
GMT+8
Instrument Code
Bloomberg CH
Reuters .SS
(stock codes of SSE Securities are 6 digits and investors should use SSE stock codes when placing orders)
Investor ID
A Northbound Investor ID system was introduced in 2018.

Brokers must assign a unique "Broker-to-Client Assigned Number" ("BCAN") to each of their clients (generally at fund manager level, although fund level is also permissible). The BCAN will be sent with every Stock Connect Northbound order. Seperately, the broker will provide a mapping table of BCANs to investor identification information to HKEx.

Further details can be found here: https://www.hkex.com.hk/Mutual-Market/Stock-Connect/Reference-Materials/Northbound-Investor-ID-Model?sc_lang=en
Trading Hours
Open: Monday to Friday
Opening Call Auction: 09:15 - 09:25 hrs [09:20 - 09:25: SSE will not accept order cancellation]
Morning Continuous Auction Session: 09:30 - 11:30 hrs
Afternoon Continuous Auction Session: 13:00 - 15:00 hrs
(Allow order input 5 minutes prior to opening of each trading session, i.e. 09:10 - 09:15 / 09:25 - 09:30 / 12:55 - 13:00. Orders and order cancellations can be accepted by SEHK but will not be processed by SSE until SSE’s market open.)
Note: Stock Connect is only open for trading when both Hong Kong and Mainland markets are open and when banking services are available in both markets on the corresponding settlement days.

Further details can be found here: https://www.hkex.com.hk/Services/Trading-hours-and-Severe-Weather-Arrangements/Trading-Hours/Securities-Market?sc_lang=en
Opening Auction Details
Opening Call Auction: 09:15 - 09:25 hrs [09:20 - 09:25: SSE will not accept order cancellation]
Closing Auction Details
2:57 p.m. to 3:00 p.m. [02:57 p.m. – 03:00 p.m.: SSE will not accept order cancellation]
Currency
Trading and settlement: Renminbi (RMB)
Major Market Indices
See China (Shanghai) market guide
Basic Information
Only a range of eligible SSE A-shares, including all the constituent stocks of the SSE 180 Index and SSE 380 Index, as well as A-shares with corresponding H shares listed on SEHK.1
Order Types Supported
Limit Orders only
Stock Tick Size
RMB 0.01
Trading Units
100 shares
Block Trading
Not available
Negotiated Trade / Crossing Mechanism
No specific facility
Odd-Lot Trading
Odd lot trading is allowed for sell order only, and odd lot must be sold in one order
Off Exchange Trading
Not allowed
Short Selling
No naked short selling. List of eligible SSE securities for short selling can be accessed at the exchange website1
Note that short selling is not currently undertaken via Stock Connect. A full list of short selling acticity (currenlty nill) can be found here: https://www.hkex.com.hk/Mutual-Market/Stock-Connect/Statistics/Short-Selling?sc_lang=en#select1=0&select2=0
Day Trading
Not permitted
Daily Price Limit
±10% of Previous Closing Price for normal stocks
± 5% from Previous Closing Price for Special Treatment (“ST”) stocks
Foreign Ownership Limit
Mainland China rules apply to Northbound Trades. See China exchange guide

Foreign Access: All Hong Kong and overseas investors are allowed to trade SSE Securities through Shanghai- Hong Kong Stock Connect
Settlement
Settlement Cycle
Stock settlement: T day
Cash settlement: T+1
Real-time delivery versus payment settlement for Nothrbound Stock Connect Trading was introduced on 20 November 2017. This allows the simultaneoius payment of cash and delivery of securities.
Equities Market Charges
Handling fee: 0.00696% of the consideration of each transaction per side
Securities Management Fee:0.002% of consideration (each side)
Transfer Fee: 0.006% on face value per side
Sell Stamp Duty: 0.10% of consideration of a transaction on seller
Supplementary Information
Notes
Exchange website: http://www.hkex.com.hk/Mutual-Market/Stock-Connect?sc_lang=en#
Mainland China rules apply to Northbound Trades for Disclosure of interests & Short-swing profit rule. See China exchange guide for further details

Pre Trade Checking: Northbound sell orders require pre-trade checking. SEHK checks on all Northbound sell orders to ensure there is no overselling by individual EPs. Investors are only allowed to sell A-shares in SSE which are available in their stock accounts at the end of the previous day. Based on the shareholdings of an investor, SSE will reject a sell order if the investor does not have sufficient shares in his account.
Specifically, there are two models: the Original Pre-Trade Checking Model and the Enhanced Pre- Trade Checking Model.

Original Pre-Trade Checking Model
Sell orders will be rejected if the cumulative sell quantity for the day is higher than the EP’s shareholding position at market open. Therefore, when placing sell orders, investors must ensure they have sufficient shares in their accounts opened with the EP who acts as the selling broker. If the shares are kept in an account opened with another EP or a custodian, investors must first transfer the shares to the selling EP on T-1 or via the morning SI on T day in order to sell their shares on T day.

Enhanced Pre-Trade Checking Model
Previously an investor had to use an executing broker which was the same firm as his custodian, or, had to transfer those shares to the broker the day before (i.e. Original Pre-Trade Checking Model).
Enhanced Pre-trade Checking Model was introduced on 30th Mar 2015 to facilitate investors whose SSE Securities are maintained with custodians to sell their SSE Securities without having to pre-deliver the SSE Securities from their custodians to their selling brokers on T-1. Under the enhanced model, an investor whose SSE Securities are maintained with a custodian can request such custodian to open a Special Segregated Account (“SPSA”) in Central Clearing and Settlement System (“CCASS”) to maintain its holdings in SSE Securities. Each SPSA will be assigned a unique investor identification number (“Investor ID”) by CCASS. An Investor ID of six digits will be assigned by CCASS once the SPSA is successfully created. The investors need to attach the Investor ID when they place sell orders to the executing broker. Prior to sending the sell order to SSE for actual execution, CSC will verify whether the EP is a designated broker for the investor and whether the investor has sufficient holding in its SPSA. If the sell order passes the checking, the sell order will be accepted; otherwise it will be rejected. Under this model, an investor will only need to transfer SSE Securities from its SPSA to its designated broker’s account after execution and not before placing the sell order.2 The investor may designate at most 20 EPs as executing brokers which are authorized to execute sell orders in SSE on its behalf.
Source
All information sourced from the exchange website and Bloomberg. For additional information please see below:
1 https://www.hkex.com.hk/eng/market/sec_tradinfra/chinaconnect/Eligiblestock.htm
 
Shenzhen - Hong Kong Connect (Northbound)
Hong Kong (APAC)
Market Information
Venue Identifier
MIC: SZSC
Under Shenzhen-Hong Kong Stock Connect, the Stock Exchange of Hong Kong Limited (“SEHK”) establishes order-routing connectivity and related technical infrastructure to enable investors to trade designated equity securities listed on Shenzhen Stock Exchange (“SZSE”). SEHK establishes a SEHK Subsidiary to receive orders from SEHK’s Exchange Participants (“EPs”) to execute SZSE Securities.
Time Zone
GMT+8
Instrument Code
Bloomberg C2
Reuters .ZK
(stock codes of SZSE Securities are 6 digits and investors should use SZSE stock codes when placing orders)
Investor ID
A Northbound Investor ID system was introduced in 2018.

Brokers must assign a unique "Broker-to-Client Assigned Number" ("BCAN") to each of their clients (generally at fund manager level, although fund level is also permissible). The BCAN will be sent with every Stock Connect Northbound order. Seperately, the broker will provide a mapping table of BCANs to investor identification information to HKEx.

Further details can be found here: https://www.hkex.com.hk/Mutual-Market/Stock-Connect/Reference-Materials/Northbound-Investor-ID-Model?sc_lang=en
Trading Hours
Open: Monday to Friday
Opening Call Auction: 09:15 - 09:25 hrs [09:20 - 09:25: SZSE will not accept order cancellation]
Morning Continuous Auction Session: 09:30 - 11:30 hrs
Afternoon Continuous Auction Session: 13:00 - 15:00 hrs [02:57 p.m. – 03:00 p.m.: SZSE will not accept order cancellation]
(Allow order input 5 minutes prior to opening of each trading session, i.e. 09:10 - 09:15 / 09:25 - 09:30 / 12:55 - 13:00. Orders and order cancellations can be accepted by SEHK but will not be processed by SZSE until SZSE’s market open.)

Note: Stock Connect is only open for trading when both Hong Kong and Mainland markets are open and when banking services are available in both markets on the corresponding settlement days.

Further details can be found here: https://www.hkex.com.hk/Services/Trading-hours-and-Severe-Weather-Arrangements/Trading-Hours/Securities-Market?sc_lang=en
Opening Auction Details
Opening Call Auction: 09:15 - 09:25 hrs [09:20 - 09:25: SZSE will not accept order cancellation]
Closing Auction Details
2:57 p.m. to 3:00 p.m. [02:57 p.m. – 03:00 p.m.: SZSE will not accept order cancellation]
Currency
Trading and settlement: Renminbi (RMB)
Major Market Indices
See China (Shenzhen) market guide
Basic Information
Only a range of eligible SZSE A-shares, including constituents of SZSE Component & SZSE Small/Mid Cap Innovation indexes with a market capitalization of at least RMB 6 bn, and SZSE-SEHK A+H shares
Trading of Chi-Next stocks limited to Institutional Professional Investors only
Order Types Supported
Limit Orders only
Stock Tick Size
RMB 0.01
Trading Units
100 shares
Off Exchange Trading
Not allowed.
Negotiated Trade / Crossing Mechanism
No specific facility
Block Trading
Not available
Odd-Lot Trading
Odd lot trading is allowed for sell order only, and odd lot must be sold in one order
Short Selling
No naked short selling. List of eligible SZSE securities for short selling can be accessed at the exchange website
Note that short selling is not currently undertaken via Stock Connect. A full list of short selling acticity (currenlty nill) can be found here: https://www.hkex.com.hk/Mutual-Market/Stock-Connect/Statistics/Short-Selling?sc_lang=en#select1=0&select2=0
Day Trading
Not permitted
Daily Price Limit
±10% of Previous Closing Price for normal stocks
± 5% from Previous Closing Price for Special Treatment (“ST”) stocks
Foreign Ownership Limit
Mainland China rules apply to Northbound Trades. See China exchange guide

Foreign Access: All Hong Kong and overseas investors are allowed to trade SZSE Securities through Shenzhen-Hong Kong Stock Connect
Settlement
Settlement Cycle
Stock settlement: T day
Cash settlement: T+1

Real-time delivery versus payment settlement for Nothrbound Stock Connect Trading was introduced on 20 November 2017. This allows the simultaneoius payment of cash and delivery of securities.
Equities Market Charges
Handling fee: 0.00487% of the consideration of each transaction per side
Securities Management Fee:0.002% of consideration (each side)
Transfer Fee: 0.002% on face value per side charged by ChinaClear and HKSCC
Sell Stamp Duty: 0.10% of consideration of a transaction on seller
Supplementary Information
Notes
Exchange website: http://www.hkex.com.hk/Mutual-Market/Stock-Connect?sc_lang=en#
Mainland China rules apply to Northbound Trades for Disclosure of interests & Short-swing profit rule. See China exchange guide for further details

Pre Trade Checking: Northbound sell orders require pre-trade checking. SEHK checks on all Northbound sell orders to ensure there is no overselling by individual EPs. Investors are only allowed to sell A-shares in SSE which are available in their stock accounts at the end of the previous day. Based on the shareholdings of an investor, SSE will reject a sell order if the investor does not have sufficient shares in his account.
Specifically, there are two models: the Original Pre-Trade Checking Model and the Enhanced Pre- Trade Checking Model.

Original Pre-Trade Checking Model
Sell orders will be rejected if the cumulative sell quantity for the day is higher than the EP’s shareholding position at market open. Therefore, when placing sell orders, investors must ensure they have sufficient shares in their accounts opened with the EP who acts as the selling broker. If the shares are kept in an account opened with another EP or a custodian, investors must first transfer the shares to the selling EP on T-1 or via the morning SI on T day in order to sell their shares on T day.

Enhanced Pre-Trade Checking Model
Previously an investor had to use an executing broker which was the same firm as his custodian, or, had to transfer those shares to the broker the day before (i.e. Original Pre-Trade Checking Model).
Enhanced Pre-trade Checking Model was introduced on 30th Mar 2015 to facilitate investors whose SSE Securities are maintained with custodians to sell their SSE Securities without having to pre-deliver the SSE Securities from their custodians to their selling brokers on T-1. Under the enhanced model, an investor whose SSE Securities are maintained with a custodian can request such custodian to open a Special Segregated Account (“SPSA”) in Central Clearing and Settlement System (“CCASS”) to maintain its holdings in SSE Securities. Each SPSA will be assigned a unique investor identification number (“Investor ID”) by CCASS. An Investor ID of six digits will be assigned by CCASS once the SPSA is successfully created. The investors need to attach the Investor ID when they place sell orders to the executing broker. Prior to sending the sell order to SSE for actual execution, CSC will verify whether the EP is a designated broker for the investor and whether the investor has sufficient holding in its SPSA. If the sell order passes the checking, the sell order will be accepted; otherwise it will be rejected. Under this model, an investor will only need to transfer SSE Securities from its SPSA to its designated broker’s account after execution and not before placing the sell order.2 The investor may designate at most 20 EPs as executing brokers which are authorized to execute sell orders in SSE on its behalf.
Source
 
Bombay Stock Exchange
India (APAC)
Market Information
Venue Identifier
MIC: XBOM
Time Zone
GMT+5:30
Instrument Code
Bloomberg: IB
Reuters: .BO
ISIN : IN
Investor ID
Required
Trading Hours1
Open: Monday to Friday
09:15 - 15:30 hrs (15:40 to 16:00 hrs - Closing session)
Opening Auction Details
Pre-open session: 9:00 am - 9:15 am
Order entry & modification period: 09:00 - 09:07/08* hrs
Order matching period: Next 4 minutes
Buffer period: Next 3 minutes (for transition to normal market)
*with random closure in last one minute. Pre-open order matching starts immediately after close of pre-open order entry.
Closing Auction Details
There is no closing auction in India, Close Price is calculated as volume weighted average price (VWAP) of trades in the last 30 minutes. However, if there is no trade recorded during the last 30 minutes, then the last traded price of Security in the continuous trading session is taken as the official closing price.
Currency
Indian Rupee (INR)
Major Market Indices
S&P BSE SENSEX: The S&P BSE SENSEX is a free float market cap-weighted index. The index tracks the performance of 30 largest, actively traded and financially sound companies across key sectors listed on the Bombay Stock Exchange.
Basic Information1
Equities traded on the Bombay Stock Exchange are divided into four categories; namely A, B, T and Z groups. The categorisation of the securities is done on the basis of certain qualitative and quantitative measures. The “F” Group represents the Fixed Income Securities. Equity securities of companies that are only listed/traded at BSE and satisfy certain parameters are classified into separate sub-segments called "X", and "XT".
Order Types Supported
Market Order
Limit Order
Stop Loss Order
Stock Tick Size1
0.05 INR
For securities which have closing price less than 15 on the last trading day of the calendar month, then the tick size for that security is reset to 0.01 for the following month.
Trading Units
1 share per Lot
Block Trading
2 seperate windows are provided to facilitate block trading. The minimum order size for execution of trades in the Block deal window shall be Rs.10 Crore i.e. INR 100,000,000 in value. After the market hours, the stock exchange is required to disseminate information regarding the name of the security, name of the client, quantity of shares bought or sold, traded price etc on the same day after market hours.
08:45 - 09:00 hrs (reference price for execution of block deals in this window would be the previous day’s closing price of the stock and orders placed must be ±1% of reference price)
14:05 - 14:20 hrs (reference price is VWAP of trades between 13:45 - 14:00 hrs and orders placed must be ±1% of reference price, if no trades have been executed in a security between 1:45 pm to 2:00 pm, then VWAP of the trades executed between 9:00 am to 1:45 pm in that security shall be considered)
Negotiated Trade / Crossing Mechanism
No specific facility
Odd-Lot Trading
Not applicable (The Securities of companies which are in demat can be traded in market lot of 1. However, the securities of companies which are in the physical form are traded in the market lot of generally either 50 or 100. Investors having quantities of securities less than the market lot are required to sell them as "Odd Lots". This facility offers an exit route to investors to dispose of their odd lots of securities, and also provides them an opportunity to consolidate their securities into market lots.)
Off Exchange Trading
Not allowed
Short Selling
Short selling is permitted for all classes of investors.
An institutional client has to cover its short sale by a borrow in the securities lending & borrowing (SLB) programme. Naked short selling of stocks is not permitted.
Day Trading
Not permitted for institutional clients.
No specific restriction for non-institutional clients
Daily Price Limit
All Individual scrips have appropriate price bands upto 20% either way except for the scrips having derivatives products on them. As a Surveillance measure exchanges revise the price bands of the scrips having fixed price bands to 10%, 5% and 2 % as the case may be. Scrips on which derivative products are available have dynamic price bands wherein the initial threshold of 10% on the previous closing price is applied. The dynamic circuit filters are relaxed in increment of 5% on the same side in which the stock price is moving provided there are minimum 10 trades with multiple UCC at trigger % or above.

Index based market wide circuit breaker - Exchange computes the index circuit breaker limits at the 10%, 15% and 20% level on a daily basis based on the previous day’s closing level of the index rounded off to the nearest tick size.
When the index (SENSEX or NIFTY) moves ±10% from previous day’s close: Before 13:00 hrs: the market is suspended for 45 mins, and a 15 minute post halt call auction commences.
Between 13:00 and 14:30 hrs: the market is suspended for 15 mins, and a 15 minute post halt call auction commences.
At or after 14:30 hrs: no halt or call auction.
When the index (SENSEX or NIFTY) moves ±15% from previous day’s close:
Before 13:00 hrs: the market is suspended for 1 hour and 45 mins, and a 15 minute post halt call auction commences.
Between 13:00 and 14:00 hrs: the market is suspended for 45 mins, and a 15 minute post halt call auction commences.
At or after 14:00 hrs: market is suspended for the rest of the day.
When the index (SENSEX or NIFTY) moves ± 20% from previous day’s close, the market is suspended for the remainder of the day.
Foreign Ownership Limit
Foreign Portfolio Investors (FPIs), Non-Resident Indians (NRIs), and Persons of Indian Origin (PIOs) are permitted to invest in both the primary and secondary capital markets via the Portfolio Investment Scheme.
Investment by individual FPIs should be less than 10 per cent of the paid up capital of the Indian company on a fully diluted basis. The aggregate investment by FPIs should not exceed 24 per cent of the paid up capital of an Indian Company on a fully diluted basis.
An NRI can purchase shares up to 5 per cent of the paid up capital of an Indian company on a fully diluted basis. All NRIs taken together cannot purchase more than 10 per cent of the paid up value of the company.
FDI and Portfolio Investment in public sector banks are subject to overall statutory limits of 20 per cent.

With respect to Foreign Investment Limits (“FIL”), SEBI has established a new comprehensive foreign ownership limit monitoring system effective on 1 May 2018. Depositories (NSDL, CDSL) would collect relevant information from the Indian listed companies as well as custodians (for FPI investments) and Banks (for NRI investments) and calculate the headroom left for foreign investment. If the available headroom is within 3% of the aggregate FPI/NRI limits or sectoral cap, a “Red Flag” is activated and the available headroom (in number of shares) will be published on a daily basis on depositories’ websites. Depositories also publishes “Breach List” if any stock’s FIL is reached.
Settlement
Settlement Cycle
T+2
Equities Market Charges
GST of 18% on brokerage value
Supplementary Information
Notes
Source
All information sourced from the exchange website and Bloomberg. For additional information please see below: http://www.bseindia.com
 
National Stock Exchange
India (APAC)
Market Information
Venue Identifier
MIC: XNSE
Time Zone
GMT+5:30
Instrument Code
Bloomberg: IN
Reuters: NS
ISIN : IN
Investor ID
Required
Trading Hours
Open: Monday to Friday
09:15 - 15:30 hrs (15:40 to 16:00 hrs - Closing session)
Opening Auction Details
Pre-open session: 9:00 am - 9:15 am
Order entry & modification period: 09:00 - 09:07/08* hrs
Order matching period: Next 4 minutes
Buffer period: Next 3 minutes (for transition to normal market)
*with random closure in last one minute. Pre-open order matching starts immediately after close of pre-open order entry.
Closing Auction Details
There is no closing auction in India, Close Price is calculated as volume weighted average price (VWAP) of trades in the last 30 minutes. However, if there is no trade recorded during the last 30 minutes, then the last traded price of Security in the continuous trading session is taken as the official closing price.
Currency
Indian Rupee (INR)
Major Market Indices
NIFTY 50: The CNX Nifty is the stock market index of the National Stock Exchange which comprises of 50 stocks spanning across 12 sectors. Nifty is used for a plethora of purposes such as benchmarking fund portfolios, index funds, index based derivatives etc.
Basic Information
The National Stock Exchange comprises of 2 market segments, namely the primary market and the secondary market. The primary market provides a platform for new issuance and sale of new securities; while the secondary market or the stock market deals with the transaction of securities that already have been issued. Currently, more than 600 securities are available for trading on the NSE.
Order Types Supported
Market Order
Limit Order
Stop Loss Order
Stock Tick Size
0.05 INR
Trading Units
1 share per lot
Block Trading
From 1 January 2018 two seperate windows are provided to facilitate block trading. The minimum order size for execution of trades in the Block deal window shall be Rs.10 Crore. INR 100,000,000 in value. After the market hours, the stock exchange is required to disseminate information regarding the name of the security, name of the client, quantity of shares bought or sold, traded price etc on the same day after market hours.
08:45 - 09:00 hrs (reference price for execution of block deals in this window would be the previous day’s closing price of the stock and orders placed must be ±1% of reference price)
14:05 - 14:20 hrs (reference price is VWAP of trades between 13:45 - 14:00 hrs and orders placed must be ±1% of reference price)
Negotiated Trade / Crossing Mechanism
No specific facility
Odd-Lot Trading
Currently only being used for the limited physical market.
Off Exchange Trading
Not allowed
Short Selling
Short selling is permitted for all classes of investors. An institutional client has to cover its short sale by a borrow in the securities lending & borrowing (SLB) programme. Naked short selling of stocks is not permitted.
Day Trading
Not permitted for institutional clients.
No specific restriction for non-institutional clients
Daily Price Limit
Daily price bands are applicable on securities as below:
Daily price bands of 2% (either way)
Daily price bands of 5% (either way)
Daily price bands of 10% (either way)
No price bands are applicable on scrips on which derivative products are available *
Price bands of 20% (either way) on all remaining scrips (including debentures, preference shares etc).
Scrips on which no derivatives products are available but which are part of Index Derivatives, are also subjected to price bands.

Index-based market-wide circuit breakers - Exchange computes index circuit breaker limits at 10%, 15% and 20% level on a daily basis based on the previous day’s closing level of the index rounded off to the nearest tick size.
When the index (SENSEX or NIFTY) moves ±10% from previous day’s close:
Before 13:00 hrs: the market is suspended for 45 mins, and a 15 minute post-halt call auction commences.
Between 13:00 and 14:30 hrs: the market is suspended for 15 mins, and a 15 minute post- halt call auction commences.
At or after 14:30 hrs: no halt or call auction.
When the index (SENSEX or NIFTY) moves ±15% from previous day’s close:
Before 13:00 hrs: the market is suspended for 1 hour and 45 mins, and a 15 minute post-halt call auction commences.
Between 13:00 and 14:00 hrs: the market is suspended for 45 mins, and a 15 minute post- halt call auction commences.
At or after 14:00 hrs: market is suspended for the rest of the day.
When the index (SENSEX or NIFTY) moves ±20% from previous day’s close, the market is suspended for the remainder of the day.
Foreign Ownership Limit
Foreign Portfolio Investors (FPIs), Non-Resident Indians (NRIs), and Persons of Indian Origin (PIOs) are permitted to invest in both the primary and secondary capital markets via the Portfolio Investment Scheme.
Investment by individual FPIs should be less than 10 per cent of the paid up capital of the Indian company on a fully diluted basis. The aggregate investment by FPIs should not exceed 24 per cent of the paid up capital of an Indian Company on a fully diluted basis.
An NRI can purchase shares up to 5 per cent of the paid up capital of an Indian company on a fully diluted basis. All NRIs taken together cannot purchase more than 10 per cent of the paid up value of the company.
FDI and Portfolio Investment in public sector banks are subject to overall statutory limits of 20 per cent.
With respect to Foreign Investment Limits (“FIL”), SEBI has established a new comprehensive foreign ownership limit monitoring system effective on 1 May 2018. Depositories (NSDL, CDSL) would collect relevant information from the Indian listed companies as well as custodians (for FPI investments) and Banks (for NRI investments) and calculate the headroom left for foreign investment. If the available headroom is within 3% of the aggregate FPI/NRI limits or sectoral cap, a “Red Flag” is activated and the available headroom (in number of shares) will be published on a daily basis on depositories’ websites. Depositories also publishes “Breach List” if any stock’s FIL is reached.
Settlement
Settlement Cycle
T+2
Equities Market Charges
GST of 18% on brokerage value
Supplementary Information
Notes
Exchange website: http://www.nseindia.com
Source
All information sourced from the exchange website and Bloomberg. For additional information please refer exchange link at http://www.nseindia.com
 
Indonesia Stock Exchange
Indonesia (APAC)
Market Information
Venue Identifier
MIC: XIDX
Time Zone
GMT+7
Instrument Code
Bloomberg: IJ
ISIN: ID
Reuters: JK
Investor ID
Each investor must have their own Single Investor Identification (SID) with custodian or local broker.
Trading Hours1
Open: Monday to Friday

Monday - Thursday
Morning session: 09:00.00 - 12:00.00 hrs
Afternoon session: 13:30.00 - 15:49:59 hrs

Friday
Morning session: 09:00.00 - 11.30.00 hrs
Afternoon session: 14.00.00 - 15.49.59 hrs

https://www.idx.co.id/en-us/investor/trading-hours/
Opening Auction Details1
Pre-open: 08:45.00 - 08:55.00 hrs
Closing Auction Details1
Pre-closing: 15:50.00 - 16:00.00 hrs
Post-trading session: 16:05.00 - 16:15.00 hrs
Currency
Indonesian Rupiah (IDR)
Major Market Indices
JCI: Jakarta Stock Exchange Composite Index is a capitalisation-weighted index of all the shares of companies listed on the main board of the Indonesian Stock Exchange.
Basic Information
The Indonesian capital market allows both local and foreign investors to invest in the market. The Indonesia Stock Exchange (IDX) is the only stock exchange in Indonesia and was formed as a result of merger of the Jakarta Stock Exchange and the Surabaya Stock Exchange in 2007.
PT Kliring Penjaminan Efek Indonesia (KPEI) is the central counterparty in Indonesia that clears and guarantees the settlement of the securities traded on the exchange.
PT Kustodian Sentral Efek Indonesia (KSEI) is the central depository which safekeeps equities and corporate bonds in electronic/book-entry form.
Order Types Supported
Limit Order
Stock Tick Size
Price (IDR)Step ValueMaximum Price Step
0 - 2001.000010.0000
200 - 5002.000020.0000
500 - 20005.000050.0000
2000 - 500010.0000100.0000
5000 and above25.0000250.0000
Trading Units
Round lot is 100
Block Trading
Not available
Negotiated Trade / Crossing Mechanism
IDX members can advertise selling or buying orders and amend their orders by negotiating with another member on the 'Negotiated Market'.
Odd-Lot Trading
Only permitted at Negotiation Board (minimum quantity 1 share)
Off Exchange Trading
Not allowed
Short Selling
Permitted, but requires a license and only for certain securities
Day Trading
Not restricted
Daily Price Limit
The Reference Price
AboveBelow
IDR 50 – Rp200 0.35000.3500
IDR 200 – Rp5.000 0.25000.2500
> IDR5.000 0.20000.2000
Foreign Ownership Limit
No general restrictions except for banks and broadcasting companies. Banks are allowed to list for foreign ownership of up to 99% of their total capital. Foreign investors are allowed to invest in broadcasting companies only if they are buying newly-issued shares not above 20% of total capital.
Foreign Investors are free to invest in the Indonesian market. No approval is required by the non-resident investors for investing into Indonesia. Foreign and local investors are treated at par and the same investment regulations apply to all classes of investors.
Settlement
Settlement Cycle
Regular Market: T+2
Cash Market: T+0
Negotiation Market: Based on the agreement between the Seller and the Buyer or T+2* if it is not determined by the Seller and the Buyer (effective 11 March 2019)
Equities Market Charges
Exchange levy: 4.3 bps payable on both buys and sells
Transaction tax: 10 bps points payable on sells
Supplementary Information
Notes
Source
All information sourced from the exchange website and Bloomberg. For additional information please see below:
1 http://www.idx.co.id
 
Chi-X Japan
Japan (APAC)
Market Information
Venue Identifier
MIC: CHIJ
Time Zone
GMT+9
Instrument Code
Bloomberg: JI
QUICK: CXJ
Reuters: CHJ
Investor ID
Not required
Trading Hours1
Open: Monday to Friday
08:00 - 16:00 hrs
Opening Auction Details
No opening auction
Closing Auction Details
No closing auction
Currency
Japanese Yen (JPY)
Major Market Indices
TOPIX: TOPIX is a free-float adjusted market capitalisation-weighted index that is calculated based on all the domestic common stocks listed on the TSE First Section. This is a measure of the overall trend in the stock market, and is used as a benchmark for investment in Japanese stocks.

Nikkei225: The Nikkei 225 is a price-weighted index of 225 largest and most traded Japanese companies listed on the Tokyo Stock Exchange.
Basic Information
Chi-X Japan is a fully displayed limit order book that is fungible for settlement purposes via JSCC. Chi-X Japan stock universe includes almost all stocks which are listed on Tokyo Stock Exchange; Foreign Stocks/ETF are not traded on Chi-X Japan. Chi-X Asia Pacific is made up of Chi-X Australia, Chi-X Japan and Chi-Tech Hong Kong under J.C. Flowers & Co. LLC.
Order Types Supported
Limit Order
Mid Peg Order
Post Only Order
Primary Peg Order
Iceberg Order
Market Peg Order
Self Trade Prevention
IOC
FOK
GTT
Stock Tick Size
PriceTick Size
0 - 50000.1000
5000 - 100,0001.0000
100,000 and above10.0000
Trading Units
Same as primary exchange with the following exception:
Stocks with 1 share trading unit and a price below 7,060 Yen can potentially have settlement amount by sub-Yen digit. Stocks of such condition, including ones in which Chi-X Japan determines to be close to that level, will have their trading unit changed to 10 shares.
Block Trading
Not permitted
Negotiated Trade / Crossing Mechanism
Not supported
Odd-Lot Trading
Not supported
Off Exchange Trading
Allowed.
Short Selling
Permitted. Uptick rule applies. Short sell circuit breaker is triggered when the price of the security falls below 10% of the base price.
Day Trading
Permitted
Daily Price Limit
(± 10%) of latest available primary, where price is:
- Previous close (adjusted) until the open price
- Last price on primary exchange for the other trades
- Special/sequential quote if currently quoted
Foreign Ownership Limit
Foreign ownership in broadcasting stocks capped at 20%, airline and telecom industry at 33.3%.
Settlement
Settlement Cycle
T+3
Equities Market Charges
Trading Fee:
Taker: 0.2 bps
Maker: Free of Charge
Supplementary Information
Notes
Exchange website: http://www.chi-x.jp
Venue enquiries: jp.client.service@chi-x.com
Source
All information sourced from the exchange website and Bloomberg. For additional information please see below:
1 http://www.chi-x.jp
 
Japan Exchange Group - Tokyo Stock Exchange
Japan (APAC)
Market Information
Venue Identifier
MIC: XTKS
Time Zone
GMT+9
Instrument Code
Bloomberg: JT
ISIN: JP
Reuters: .T
Investor ID
Not required
Trading Hours
Open: Monday to Friday
Morning Session: 09:00 - 11:30 hrs
Afternoon session: 12:30 - 15:00 hrs
Opening Auction Details
09:00 hrs
Closing Auction Details
15:00 hrs
Currency
Japanese Yen (JPY)
Major Market Indices
TOPIX: TOPIX is a free-float adjusted market capitalisation-weighted index that is calculated based on all the domestic common stocks listed on the TSE First Section. This is a measure of the overall trend in the stock market, and is used as a benchmark for investment in Japanese stocks.

Nikkei 225: The Nikkei 225 is a price-weighted index of 225 largest and most traded Japanese companies listed on the TSE First Section.
Basic Information
Japan Exchange Group (JPX) was created in January 2013 from the merger of the Tokyo Stock Exchange Group, Inc. (TSE) and the Osaka Securities Exchange Co., Ltd. (OSE). The merged company includes the principal exchanges of the two exchange operators, as well as their ancillary markets JASDAQ startup market (from OSE) & another startup market Mothers (from TSE). Despite the merger of TSE with OSE, JASDAQ retains its own listing and delisting standards. Japan has three other securities exchange operators in Nagoya, Fukuoka, and Sapporo that together account for roughly 0.1% of stock exchange trading volume.
Order Types Supported
Market Order
Limit Order

Specific execution conditions possible:
On open
On close
Immediate or Cancel
Funari (Limit orders that become market orders at the closing auction if not already executed)
Stock Tick Size
Price Band (end not included)Tick Size (TOPIX 100)Tick Size (Others)
0.0000to 10000.10001.0000
1000.0000to 30000.50001.0000
3000.0000to 50001.00005.0000
5000.0000to 100001.000010.0000
10000.0000to 300005.000010.0000
30000.0000to 5000010.000050.0000
50000.0000to 10000010.0000100.0000
100000.0000to 30000050.0000100.0000
300000.0000to 500000100.0000500.0000
500000.0000to 1000000100.00001000.0000
1000000.0000to 3000000500.00001000.0000
3000000.0000to 50000001000.00005000.0000
5000000.0000to 100000001000.000010000.0000
10000000.0000to 300000005000.000010000.0000
30000000.0000to 5000000010000.000050000.0000
50000000 and above10000.0000100000.0000
Trading Units
100 shares (standardisation to 100 shares was completed in Oct 2018)
https://www.jpx.co.jp/english/equities/improvements/unit/index.html
Block Trading
Permitted off-exchange or on-exchange crossing session - ToSTNeT
Negotiated Trade / Crossing Mechanism
Available through the exchange crossing session.
Price limit of 7% above or below the last price in the auction market
Odd-Lot Trading
Not applicable
Off Exchange Trading
Allowed.
Short Selling
Permitted. Uptick rule applies. Short sell circuit breaker is triggered when the price of the security falls below 10% of the base price.
Day Trading
Permitted
Daily Price Limit
Approximately +/-30% from the previous day’s closing price. Different limits apply to various price thresholds. Please check website for more information.2
Foreign Ownership Limit
Foreign ownership in broadcasting stocks is capped at 20%, airline and telecom industry at 33.3%.
Settlement
Settlement Cycle
T+3 (Scheduled to move to T+2 in July 2019)
Equities Market Charges
Trading fee is determined as per the traded volume and the trading fee rate. Trading fee rate ranges between 0.7 and 1 across different volume slabs. More information is available on the website.3
Supplementary Information
Notes
Exchange website: http://www.jpx.co.jp/
Source
All information sourced from the exchange website and Bloomberg. For additional information please see below:
1 http://www.jpx.co.jp
2 http://www.jpx.co.jp/english/equities/trading/domestic/06.html
3 http://www.jpx.co.jp/english/rules-participants/participants/fees/tvdivq000000v276-att/fee(English)20160901.pdf
 
SBI Japannext
Japan (APAC)
Market Information
Venue Identifier
MIC J Market: SBIJ
MIC X Market: XSBI
MIC U Market: SBIU
Time Zone
GMT+9
Instrument Code
Bloomberg code:
“JE” for SBI Japannext J-Market
“JU” for SBI Japannext X-Market
“JW” for SBI Japannext U-Market

Reuters code:
“.JNX” for SBI Japannext J-Market
“.JNF” for SBI Japannext X-Market
“.JNU” for SBI Japannext U-Market
Investor ID
Not required
Trading Hours
Open: Monday to Friday

Main Market ”J-Market”:
Daytime market: 08:20 - 16:00 hrs
Nighttime market: 16:30 - 23:59 hrs

Second market is ”X-Market”:
Daytime market: 08:20 - 16:00 hrs

Third market is ”U-Market”:
Daytime market: 08:20 - 16:00 hrs

Forth Market is VWAP Market ”JNX Cross”:
Matched at 08:20, 08:35 and 08:48 hrs
Opening Auction Details
No opening Auction in J, X, U , B markets
Closing Auction Details
No closing Auction in J, X, U, B markets. JNX Cross (VWAP) is suspended.
Currency
Japanese Yen (JPY)
Major Market Indices
TOPIX: TOPIX is a free-float adjusted market capitalisation-weighted index that is calculated based on all the domestic common stocks listed on the TSE First Section. This is a measure of the overall trend in the stock market, and is used as a benchmark for investment in Japan stocks.

Nikkei225: The Nikkei 225 is a price-weighted index of 225 largest and most traded Japanese companies listed on the Tokyo Stock Exchange.
Basic Information
SBI Japannext is a proprietary trading system (PTS) which offers traders and investors an alternate venue for trading in Tokyo listed stocks. SBI Japannext is the oldest PTS venue with 30 active members (local and global brokerage houses) in Japan with 4 to 5% market share. SBI Japannext operates a day time as well as the only night time market in Japan.
Order Types Supported
Limit
IOC (Immediate or Cancel)
FOK (Fill or Kill)
Short Sell and Short Sell Exempt
Post Only
Stock Tick Size
Price Band (end not included)Tick Size
0.0000to 30000.1000
3000.0000to 50000.5000
5000.0000to 300001.0000
30000.0000to 500005.0000
50000.0000to 30000010.0000
300000.0000to 50000050.0000
500000.0000and above100.0000
Trading Units
Lot size normally determined by the issuing company.
Block Trading
VWAP Market ”JNX Cross” is suspended on 1st April, 2016.
Negotiated Trade / Crossing Mechanism
Not available
Odd-Lot Trading
Not permitted
Off Exchange Trading
Allowed
Short Selling
Permitted. Uptick rule applies. Short sell circuit breaker is triggered when the price of the security falls below 10% of the base price. Base price is published by the primary market for Day Session. For Night Session, base price is the closing price of Day Session of the primary market.
Day Trading
Permitted
Daily Price Limit
± 30% from base price in primary exchange
Foreign Ownership Limit
Foreign ownership in broadcasting stocks is capped at 20%, airline and telecom industry at 33.3%.
Settlement
Settlement Cycle
Daytime: T+3
Nighttime: T+4
Equities Market Charges
− 0.2bps for J-market day session
  −  0.4bps for J-market night session
  −  0.6bps for X-market* (applies only to designated liquidity provider, 0bps for liquidity takers)
  −  0.4bps for U-market* (applies only to designated liquidity provider, 0bps for liquidity takers)
  −  0.5bps for JNX Cross
  −  Settlement fee JPY 50 per executed instrument per day
Supplementary Information
Notes
Exchange website: http://en.japannext.co.jp
Venue enquiries: ptsbiz@japannext.co.jp
Source
All information sourced from the exchange website and Bloomberg. For additional information please see below:
http://en.japannext.co.jp
 
Bursa Malaysia
Malaysia (APAC)
Market Information
Venue Identifier
MIC: XKLS
Time Zone
GMT+8
Instrument Code
Bloomberg: MK
ISIN: MY
Reuters: .KL
Investor ID
An investor is required to open a trading account and a Central Depository System (CDS) account with a Participating Organisation (PO).
Trading Hours
Open: Monday to Friday
Continuous trading sessions:
(AM): 09:00 - 12:30 hrs
(PM): 14:30 - 16:45 hrs
Opening Auction Details
Pre-open session (AM): 08:30 - 09:00 hrs
Pre-opening (PM): 14:00 - 14:30 hrs
Closing Auction Details
Pre-closing (in PM only): 16:45 - 16:50 hrs
Closing at: 16:50 hrs
Trading at Last: 16:50 - 17:00 hrs
Currency
Malaysian Ringgit (MYR or RM)
Major Market Indices
FBMKLCI: The FTSE Bursa Malaysia KLCI Index represents the 30 largest companies listed on Bursa Malaysia by full market capitalisation.
Basic Information
Bursa Malaysia is the main stock market of Malaysia. Foreign Investors are free to invest in the Malaysian market. Equity products include ordinary shares, preference shares, company warrants, structured warrants, Exchange Traded Funds (ETFs), Real Estate Investment Trusts (REITs), closed-end funds, business trusts and stapled securities.
Order Types Supported
Limit, Market, Market to Limit, Stop Limit, Stop Market, Limit Order
Market Order
Market To Limit Order (MTL) - NEW
Market FAK (MO FAK) - NEW
Fill And Kill (FAK) - NEW
Minimum Quantity - NEW

http://www.bursamalaysia.com/market/securities/equities/trading/order-types/
Stock Tick Size
MarketPrice BandTick Size
Prices in RM
Tick Size in Sen
1 Sen = 0.01 MYR
Less than 10.5000
1 - 9.991.0000
10 - 99.982.0000
100 and above10.0000
Prices in USD, EUR, AUD, SGD
Tick Size in Cents
Less than 10.5000
1 - 9.991.0000
10 - 99.982.0000
100 and above10.0000
Prices in GBP
Tick Size in Pence
Less than 10.5000
1 - 9.991.0000
10 - 99.982.0000
100 and above10.0000
Trading Units
1 board lot is 100 shares

Shares are normally traded in specific amounts called Board Lots of 100 units. Any amount less than board lots are called special lots or odd lots.

http://www.bursamalaysia.com/market/securities/equities/trading/board-lot/
Negotiated Trade / Crossing Mechanism
Known as 'On Market Married Trades' where a broker acts on behalf of both the buy and sell side
There are price and timing constraints, as described in Section 10.1 of the Trading Manual:

http://www.bursamalaysia.com/misc/system/assets/469/securities_equities_trading_manual.pdf
Block Trading
Permitted. Block trades may be executed as Direct Business Transactions between 08:30 - 17:15 hrs. Price restriction: ±15% VWAP.
Off Exchange Trading
Allowed, known as ‘Direct Business Transactions’
There is a decription of Direct Business Transaction - in the link below

http://www.bursamalaysia.com/misc/system/assets/15005/rules_of_bm_securities_chapter_10.pdf
Odd-Lot Trading
Permitted during same hours as regular market
Short Selling
Allowed on approved securities
Day Trading
Day Trading is allowed for Proprietary Day Traders (PDTs), also known as Stockists who are members of participating firms of Bursa Malaysia. A PDT needs a dealer’s representative license and the trading account is opened in the name of a Participating Organisation.
PDTs must close off their short positions within the day. Unclosed short-sold positions are deemed to be in violation of the rules.
PDTs are not allowed to acquire the shares and all purchase positions must be closed within two days of the transaction date.
PDTs are prohibited from carrying out trades for clients of brokers.
Daily Price Limit
Static Price Limit for each security:
a) 30% from the Reference Price if the Reference Price is RM1.00 and above; or
b) 30 sen from the Reference Price if the Reference Price is below RM1.00

Circuit breakers are triggered on the basis of percentage fall in FBMKLCI index against the previous day’s closing index. Trading suspension is followed when a circuit breaker is triggered. This is categorised as follows:
1. greater than 10% but less than 15% (1 hr or rest of the session)
2. greater than 15% but less than 20% (1 hr or rest of the session)
3. greater than 20% (rest of the day)3
Foreign Ownership Limit
Foreign Ownership restrictions are sector-specific with differing ownership levels. Industries such as Oil & Gas, telecommunications, Banking, Media, Electricity, Insurance, Investment services etc.
Settlement
Settlement Cycle
T+3 (Expected to move to T+2 in 2019)
Equities Market Charges
The stamp duty is RM1.00 for every RM1000.00 (or fractional part) of the transaction value of securities, capped at RM200 per contract.4
Supplementary Information
Notes
Source
 
New Zealand Stock Exchange
New Zealand (APAC)
Market Information
Venue Identifier
MIC: XNZE
Time Zone
GMT+12
Instrument Code
Bloomberg: NZ
ISIN: NZ
Reuters: NZ
Investor ID
CSN (Common Shareholder Number). A Common Shareholder Number (CSN) is a single shareholder number that is common to all New Zealand share registries for all listed securities. This number is how the registry identifies your holding as separate from any other.
Trading Hours
Open: Monday to Friday
Normal trading: 10:00 - 16:45 hrs
Opening Auction Details
Pre-open: 09:00 - 10:00 hrs
Closing Auction Details
Pre-close: 16:45 - 17:00 hrs
Adjust: 17:00 - 17:30 hrs
Currency
New Zealand Dollar (NZD)
Major Market Indices
S&P/NZX 50: The S&P/NZX 50 is a modified market capitalisation-weighted index which tracks the performance of top 50 companies listed on the New Zealand Stock Exchange.
Basic Information
The New Zealand Stock Exchange is primarily divided into 4 segments. Equities are traded on the NZX Main Board and the NXT Market where small and mid cap companies are listed (NZX also continues to operate the NZX Alternative Market, now closed to new members). The other two markets are the NZX Debt Market and the Dairy Derivatives Market.
Order Types Supported
Market Order
Limit Order
Lots:
Market at Best Order
Trigger Order
Undisclosed Order
Stock Tick Size
PriceTick Size (In General, exceptions may apply)
Less than 0.20.0010
0.20 - 0.50.0050
0.5 and above0.0100
Trading Units
1 share per lot
Block Trading
Permitted
Negotiated Trade / Crossing Mechanism
Not supported
Odd-Lot Trading
Not applicable
Off Exchange Trading
Allowed.
Short Selling
Only permitted for approved securities; uptick rules apply. Reporting requirements applicable.
Day Trading
Permitted
Daily Price Limit
Equity Securities – NZX Main Board, NZX Alternative Market etc (NZSX, NZAX, NXT, FSM)
Whole cent and half cent tick sizes
Reference PriceMin. Offer PriceMax. Bid Price
0.00 – 0.00910.00%1000.00%
0.01 – 0.04950.00%500.00%
0.05 – 0.09960.00%250.00%
0.10 – 0.19980.00%180.00%
0.20 – 0.4980.00%140.00%
0.50 – 0.9980.00%135.00%
1.00 <85.00%125.00%
Tenth cent tick sizesMin. Offer PriceMax. Bid Price
0.00 – 0.00910.00%1000.00%
0.01 – 0.04920.00%500.00%
0.05 – 0.19940.00%250.00%
0.20 <50.00%180.00%
Foreign Ownership Limit
No general restrictions on foreign ownership
Settlement
Settlement Cycle
T+2
Equities Market Charges
$1.00 per side per on-market trade plus 0.20 bps of the total trade value, capped at $75
Supplementary Information
Notes
Exchange website: https://www.nzx.com
Source
All information sourced from the exchange website and Bloomberg. For additional information please see below:
1 www.nzx.com
 
Pakistan Stock Exchange
Pakistan (APAC)
Market Information
Venue Identifier
MIC: XKAR
Time Zone
GMT+5
Instrument Code
Bloomberg: PA
Reuters: PK
ISIN: PA
Investor ID
Non-ID Market
Trading Hours
Open: Monday to Friday
Monday - Thursday
Regular: 09:32 - 15:30 hrs

Friday
First session: 09:17 - 12:00 hrs
Second Session: 14:32 - 16:30 hrs
Opening Auction Details1
Monday - Thursday
Regular:
Pre-open: 09:15 - 09:30 hrs
Order matching: 09:30 - 09:32 hrs [09:32 - 09:33 hrs is a restrictive period where orders entered during pre-open session cannot be cancelled/ modified/suspended. During 09:30 - 09:32 hrs, orders cannot be cancelled/modified/placed]

Friday
Morning:
First pre-open session: 09:00 - 09:15 hrs
Order matching: 09:15 - 09:17 hrs [09:17 - 09:18 hrs is a restrictive period where orders entered during pre-open session cannot be cancelled/ modified/suspended. During 09:15 - 09:17 hrs, orders cannot be cancelled modified/suspended/placed]

Afternoon:
Second pre-open session: 14:15 - 14:30 hrs (Pre-Open)
Order matching: 14:30 - 14:32 hrs [14:32 - 14:33 hrs is a restrictive period where orders entered during pre-open session cannot be cancelled/ modified/suspended. During 14:30 - 14:32 hrs, orders cannot be cancelled/modified/placed]
Closing Auction Details
No Closing Auction. Closing price for each stock is VWAP of the last 30 minutes of trading for that stock.
Currency
Pakistani Rupee (PKR)
Major Market Indices
KSE 100: The KSE 100 Index is the market capitalisation-weighted index of top companies from each of the 36 sectors on the Pakistan Stock Exchange.
Basic Information
Pursuant to the Stock Exchanges (Corporatisation, Demutualization and Integration) Act, 2012, the operations of Lahore Stock Exchange Limited (LSE) and Islamabad Stock Exchange Limited (ISE) were integrated with the operations of Karachi Stock Exchange Limited. As a result, KSE was named as Pakistan Stock Exchange Limited (PSX) with effect from January 11, 2016. Post integration, the PSX became a front-line regulator of capital market of Pakistan at a national level and the entire regulatory framework of PSX
was revamped in a timely manner to give effect to the integration related measures. PSX operates on KATS – Karachi Automated Trading System.
Order Types Supported
Stop Buy Order
Stop Sell Order
Fill or Kill Order
Market if Touched Order
Stock Tick Size
1 paisa (0.01 PKR)
Trading Units
Minimum tradable lot size varies with price
Block Trading
Not available
Negotiated Trade / Crossing Mechanism
The Cross Trades are trades entered between two clients of the same Broker. Such trades shall be allowed only if the Orders are placed and executed according to regular Order matching principles prescribed for all KATS Orders.
There are 2 types of Crossing Mechanisms:
1. Unintentional Cross Trades (UIC): Any trade taken place in Regular Market where both buyer and seller are same broker.
2. Intentional Cross Trades (IC): Any trade taken place in Negotiated Deal Market where both buyer and seller are same broker.
Odd-Lot Trading
Separate odd lot market available. Odd Lots trades can also be concluded through negotiated deals.
Off Exchange Trading
The Negotiated Deal has been negotiated between two parties outside the Exchange Trading Systems and reported through the interface provided by the Exchange, which may also
be called as an Off Market Transaction. Negotiated Deals will be between two separate brokerage houses otherwise the same shall be treated as Cross Trade.
Short Selling
Permitted - only for eligible securities and specifically only on respective futures counters. Short Selling of any stock in the ready market or main board requires short seller to have pre-existing interest in that stock via borrowing. Foreign investors typically do not short sell in the Pakistan market directly.

Short Sell: Conditional short selling in regular market is allowed using a special window (F8) and client has to inform the broker before trades. Conditions include pre‐existing interest or borrow of stock through SLB product and prior written agreement. Blank selling is allowed only in Deliverable Futures Market.
Day Trading
Permitted
Daily Price Limit
± 5% from previous close
Foreign Ownership Limit
No general restriction. Government has imposed holding ceilings in certain sectors which are of strategic importance, for example, agriculture and certain social sectors. Both foreign and domestic investors are restricted from establishing and owning business enterprises in the following five industrial sectors which are of national importance: arms and ammunitions, high explosives, currency/minting operations, non-industrial alcohol and
radioactive substances. However, companies dealing in these sectors are not listed and thus typically not accessible to foreign portfolio investors.
Settlement
Settlement Cycle
Normal Settlement: T+2.
Equities Market Charges
Capital Value Tax: 1bps of value traded on BUY trades only
Federal Excise Duty (FED) 1.5 bps of gross traded value on both BUY and SELL trades
Supplementary Information
Notes
Exchange website: http://www.psx.com.pk/
Venue enquiries: info@psx.com.pk
Negotiated deals can be concluded off-exchange
Source
All information sourced from the exchange website and Bloomberg. For additional information please see below:
1 http://www.psx.com.pk
 
The Philippine Stock Exchange
Philippines (APAC)
Market Information
Venue Identifier
MIC: XPHS
Time Zone
GMT+8
Instrument Code
Bloomberg: PM
ISIN: PH
Reuters: PS
Investor ID
Not required. Foreign investors are permitted to invest in the Philippine stock market although their investments are regulated. They do not require to be registered in the market before undertaking any investments.
Trading Hours
Open: Monday to Friday
Continuous Trading-morning 09:30 -12:00 hrs
Recess 12:00 - 13:30 hrs (all securities are halted. Trading Participants cannot post, modify or cancel orders)

Continuous Trading-afternoon 13:30 - 15:15 hrs
Pre-Close 15:15 - 15:20 hrs (can enter orders but cannot cancel or modify)
Run-Off / Trading at Last 15:20 - 15:30 hrs (can enter market orders or limit orders at the closing price only; matching is executed only at the closing price for both order types)
Opening Auction Details
Pre-open Period: 09:00 hrs (Matching of orders, can enter, modify or cancel)
Pre-open No-Cancel Period: 09:15 - 09:30 hrs (can enter but cannot cancel or modify)
Opening Period: 09:30 hrs (Opening Price for all securities are calculated)
Closing Auction Details
Pre-Close: 15:15 - 15:20 hrs (can enter orders but cannot cancel or modify)
Run-Off / Trading at Last: 15:20 - 15:30 hrs (can enter market orders or limit orders at the closing price only; matching is executed only at the closing price for both order types)
Currency
Philippine Peso (PHP)
Major Market Indices
PSEi: PSEi is the benchmark index of the Philippine Stock Exchange which is comprised of 30 largest and most actively traded stocks listed on the exchange. It measures relative changes in the free float adjusted market capitalisation of the constituent companies.
Basic Information
Philippine equities are traded at the Philippine Stock Exchange, Inc. (PSE) which is the only stock exchange that operates in the country. This stock market is open to both local and foreign investors though there are specific investment restrictions for foreign investors.

Most of the securities listed on the PSE are common stocks and warrants. Securities are immobilised at the Philippine Depository and Trust Corp. (PDTC), formerly known as Philippine Central Depository, Inc (PCD), and are settled electronically via its book-entry system.

Equity products include Common Shares (Class A and B) , Preferred Shares, Warrants, Philippine Depository Receipts (PDRs)
Order Types Supported
Limit Order
Market Order
Market to Limit Order
Stop Order
Stop Limit Order
Market on Opening Order
Cross Order
Iceberg Order
Stock Tick Size
Price BandTick SizeLot Size
0.0001to 0.00990.00011000000.0000
0.0100to 0.0490.0010100000.0000
0.0500to 0.2490.001010000.0000
0.2500to 0.4950.005010000.0000
0.5000to 4.90.01001000.0000
5.0000to 9.990.0100100.0000
10.0000to 190980.0200100.0000
20.0000to 49.950.0500100.0000
50.0000to 99.950.050010.0000
100.0000to 199.90.100010.0000
200.0000to 499.80.200010.0000
500.0000to 999.50.500010.0000
1000.0000to 19991.00005.0000
2000.0000to 49982.00005.0000
5000.0000and above5.00005.0000
Trading Units
See table above
Block Trading
Permitted with size and price restrictions on-exchange
Negotiated Trade / Crossing Mechanism
A crossing mechanism exists and crossing price must be within the best bid or offer.
Odd-Lot Trading
Permitted off main board during continuous trading
Off Exchange Trading
Allowed
Short Selling
Permitted, however not yet fully implemented in the market.
Day Trading
No restriction
Daily Price Limit
The PSE enforces static and dynamic thresholds to safeguard against unusual fluctuations in share prices.
The Static Threshold enforces a 50% trading band within which the price of a stock is allowed to move. When the stock price jumps 50% (price ceiling) or falls 50% (floor price) on a particular day, to be reckoned from the last closing price or the last adjusted closing price, the trading of the stock shall be automatically frozen by the PSE upon reaching said limit, unless there is an official announcement from the listed company or the proper government agency which would justify such price fluctuations.
The Dynamic Threshold is the maximum allowable price difference between an update in the Last Traded Price (LTP) of a given stock or group of stocks and its preceding LTP that is equal to a percentage set by the PSE, subject to the classification of a stock or a group of stocks based on its trade frequency. The Dynamic Threshold of a listed stock may vary from 10% , 15% and 20% depending on its trade frequency.2
Foreign Ownership Limit
No general restrictions except in areas where foreign investment is not allowed. Such areas include: mass media, nuclear weapons, mining, advertising.
The restrictions are laid out in the Foreign Investment Negative List (List A and List B).
List A enumerates the list of companies which are reserved only for Philippine nationals as per the Constitution or laws.
List B enumerates the list of companies in which foreign ownership is limited to 40 percent on economic activities regulated by law.
Settlement
Settlement Cycle
T+3
Equities Market Charges
Stock transaction tax 60bps
Supplementary Information
Notes
Minimum public float requirement for IPO applicants of 20%
SEC requires existing PLCs to increase public float to 15% on or before end of 2018. Then to at least 20% on or before end of 2020

Exchange website: http://www.pse.com.ph
Venue enquiries: ir@pse.com.ph
Source
All information sourced from the exchange website and Bloomberg. For additional information please see below:
http://www.pse.com.ph/stockMarket/content.html?sec=FAQ_HEADER
 
Singapore Exchange
Singapore (APAC)
Market Information
Venue Identifier
MIC: XSES
Time Zone
GMT+8
Instrument Code
Bloomberg: SP
ISIN: SG
Reuters: SI
Investor ID
Foreign Investors are free to invest in the Singapore stock market. They do not require prior registration or approvals to invest in the Singapore stock market.
Trading Hours
Open: Monday to Friday
Morning Session: 09:00 - 12:00 hrs
Afternon Session: 13:00 - 17:00 hrs
SGX has consulted on introduction of a 'Trade at Close' session which would allow orders to be matched at closing price, after the closing auction. Implementation date to be announced.
Opening Auction Details
Pre-open: 08:30 - 08:58 / 08:59 hrs (random finish)
Non-cancel: 08:58 / 08:59 - 09:00 hrs
Pre-open (Mid-day break): 12:00 - 12:58 / 12:59 hrs (random finish)
Closing Auction Details
Pre-close: 17:00 - 17:04 / 17:05 hrs (random finish)
Non-cancel: 17:04 / 17:05 - 17:06 hrs
Close: 17:06 hrs
Currency
Singapore Dollar (SGD); HKD, USD, AUD and RMB are also tradeable currencies. Dual currency trading is available for selected securities counters.
Major Market Indices
Straits Times Index - The STI is the most followed and recognised bench market index of Singapore. It tracks the performance of 30 largest and most actively traded stocks on the Singapore Exchange.

MSCI Singapore - SiMSCI has 28 constituents and is designed to measure the performance of the large and mid-cap segments of the Singapore market.
Basic Information
The Singapore stock market is open to both local as well as foreign investors. Foreign investors are not required to seek formal registration prior to investments as there are no entry restrictions for foreign investors. Singapore Exchange (SGX) is the only stock
exchange in Singapore. The Central Depository (Pte) Limited (CDP) and Singapore Exchange Derivatives Clearing are all wholly-owned subsidiaries of the SGX.
Order Types Supported
Market Order
Limit Order
Market to limit Order
Session State Order
Price Triggered Orders (Stop orders, If-Touched orders)
Stock Tick Size
Price ($)Tick Size ($)
0 - 0.200.0010
0.2 - 0.9950.0050
1.00 and above0.0100
Trading Units
Standard board lot is 100 shares, though some products like ETF, ADR and fixed income instruments may trade in 10 or 1000 units.
Block Trading
50,000 shares or $150,000
Odd-Lot Trading
Permitted. Can be traded on Unit Share Market
Short Selling
Permitted. Investors must mark their sell order as a normal sell or short sell order at the point of order entry. However, investors should make arrangement to avoid settlement failure. Uptick rule does not apply.
Short position reporting requirements to be implemented on 1 October 2018
Day Trading
Permitted
Daily Price Limit
Circuit breaker on single security at and above $0.50: +/-10% from the reference price (last traded price as of 5 minutes prior/opening price/previous day’s close/last traded price, in that order of precedence). Once a circuit breaker is triggered, a five-minute cooling-off period follows during which trading can only take place within the ±10% price band.
Foreign Ownership Limit
In general, there are no foreign ownership level restrictions for local shares, unless specifically stated in the company’s Memorandum and Articles of Association (M&A). Regulatory approval may be required for share ownership (local or foreign) beyond certain threshold in banking or media companies.
Settlement
Settlement Cycle
T+2 (from December 2018)
Equities Market Charges
Exchange Access fee: 0.0075% fee on all trades’ value
Clearing fee: 0.0325% of contract value
Supplementary Information
Notes
Exchange website: http://www.sgx.com
Source
All information sourced from the exchange website and Bloomberg. For additional information please see below:
1 http://www.sgx.com
 
Korea Exchange
South Korea (APAC)
Market Information
Venue Identifier
MIC: XKRX
Time Zone
GMT+9
Instrument Code
Bloomberg: KS
Reuters: KS
ISIN: KR
Investor ID
Required
Trading Hours
Open: Monday to Friday
09:00 - 15:20 hrs
Opening Auction Details
Pre-open: 08:00 - 09:00 hrs
Closing Auction Details
Closing match auction: 15:20 - 15:30 hrs
After hours: 15:40 - 18:00 hrs
Currency
Korean Won (KRW)
Major Market Indices
KRX100: The KRX100 is a capitalisation-weighted index of free-float shares of 100 leading and most actively traded stocks on KRX and KOSDAQ divisions of the Korean Stock Exchange.

KOSPI: The KOSPI Index is a capitalisation-weighted index of all common shares on the Korean Stock Exchanges.

KOSDAQ: The KOSDAQ Index is a capitalisation-weighted index that measures the performance of the KOSDAQ market.
Basic Information
The Korea Exchange (KRX) was created through the integration of the three former spot & futures exchanges and KOSDAQ Committee, a sub-organization of Korea Securities Dealers Association. KRX is organised into three divisions: KOSPI Market Division, KOSDAQ Market Division and Futures Market Division. Equities are traded on the KOSPI Market Division or the KOSDAQ Market Division of the KRX. The KOSPI Market Division is specialized in blue chips and large caps whilst the KOSDAQ Market Division in middle caps and venture firms. KONEX Market, which was created in 2013, is for start-up companies.
Order Types Supported
Market Order
Limit Order
Limit to market on close Order
Immediate executable limit Order
Best limit Order
Target price Order
Stock Tick Size1
MarketPrice BandTick Size
KOSPI0.0000999.00001.0000
1000.00004995.00005.0000
5000.00009990.000010.0000
10000.000049950.000050.0000
50000.000099900.0000100.0000
100000.0000499500.0000500.0000
500000.00001000.0000
KASDAQ and KONEX0.0000999.00001.0000
1000.00004995.00005.0000
5000.00009990.000010.0000
10000.000049950.000050.0000
50000.0000100.0000
Trading Units
1 share per lot
Block Trading
Permitted. At least 5,000 shares or KRW100,000,000 as amount of quantity by price (KOSPI MARKET). Must report to KRX before taking action.
Negotiated Trade / Crossing Mechanism
Not available outside of the block trade session
Odd-Lot Trading
Not applicable
Off Exchange Trading
Not allowed.
Short Selling
Supported. Uptick rule is applicable.
From 27 March 2017, according to FSA criteria, KRX publishes a list of stocks under the heading "Overheated Stock for Short-Selling" at the end of each trading day. Such stocks will not be available for short-selling the following trading day (imp[lemented September 2017). Viloators of these rules are subject to an increased penalty of up to KRW 100 million.
Day Trading
Permitted. Should buy first then sell.
Daily Price Limit
±30% from previous day’s close
Foreign Ownership Limit
No general restrictions. There are some limits on certain industries.
Settlement
Settlement Cycle
T+2
Equities Market Charges
KOSPI MARKET
Sales tax: 0.15% on transacted amount (round down to nearest integer)
Farmers’ tax: 0.15% on transacted amount (round down to nearest integer)
Supplementary Information
Source
All information sourced from the exchange website and Bloomberg. For additional information please see below:
1 http://eng.krx.co.kr
 
Colombo Stock Exchange
Sri Lanka (APAC)
Market Information
Venue Identifier
MIC: XCOL
Time Zone
GMT+5:30
Instrument Code
ISIN: LK
Reuters: CM
Investor ID
Required
Trading Hours
Open: Monday to Friday
09:30 - 14:30 hrs
Opening Auction Details
An open auction call prevails from 9.00am to 9.30am; the regular trading commences thereafter; the first price is the first matched order for the day
Closing Auction Details
No closing auction
Currency
Sri Lanka Rupee (LKR)
Major Market Indices
S&P SL20: The S&P SL20 index is a market capitalisation-weighted index of the 20 most actively traded public stocks on the Colombo Stock Exchange. The All Share Price (ASP) Index is also a major market index which covers all shares listed.
Basic Information
The Sri Lanka stock market is open to both local and foreign investors. Most of the trading is done on the Colombo Stock Exchange (CSE). The listing of securities on the CSE can be done on either the main board or the secondary board of the exchange. In order for a company to list their equity or debt securities on the CSE they have to fulfill certain listing criteria as stipulated by the exchange. Amongst other requirements a minimum paid-up capital of LKR 500 mn is required for the main board and minimum for secondary board (Diri Savi board) is LKR 100 mn.
Order Types Supported
Limit Order
Market Order (Touchline and Protection Price)
Stop Order
Stop Limit Order
Iceberg Order
Stock Tick Size
10 cents
Trading Units
The trading unit of each listed security is specified by the Exchange. The lot size is configurable.
The lot size for orders is one (1) and is not dependent on the issue price of the security
Block Trading
Permitted by arrangement and notification to regulator. In order to facilitate the processing of large blocks of shares without causing a substantial effect on price, the exchange provides special procedures for block transactions. There are two types of block transactions:
  −  Crossings
  −  All or none blocks
Negotiated Trade / Crossing Mechanism
Crossing mechanism is supported for transactions of LKR 20mn and above via the Crossings Board.
Odd-Lot Trading
No
Off Exchange Trading
Allowed
Short Selling
Not permitted
Day Trading
Permitted
Daily Price Limit
If S&P SL20 drops by 5% within the day from the previous close, then trading is suspended for 30 mins.

The Exchange may impose a trading halt on a security in the following instances:
- prior to the announcement of any price sensitive information,
- to obtain a clarification from the company on a rumour/report regarding the company which has been brought to the attention of the CSE, and
- when there is unusual movement in price/volume of a security.

Trading in the security will resume as soon as the announcement/clarification from the
company is disseminated to the market.

The CSE has set a circuit breaker for individual securities (known as trip percentages).
When the price of a security exceeds the trip percentage, trading in the security is
automatically halted.
https://www.cse.lk/home/tradingSessions
Foreign Ownership Limit
Foreign ownership is restricted 1). up to 40% of the stated capital of an entity or the % approved by BOI on businesses involved in (a) growing and processing tea, rubber, coconut, rice, sugar and spices (b) Mining and primary processing non renewable national resources (c) Timber based industries using local timber (d)Deep sea fishing (e) Education (f) Mass communication (g) Freight forwarding (h)Travel agencies (j)Shipping Agencies and (h) where Sri Lankan exporter are subject to international quota 2) up to the percentage approved by the Government of Sri Lanka or any legal or administrative authority on businesses involved in (a) air transportation (b) coastal shipping (c) large scale mechanized mining of gems (d) lotteries and (e) industries such as (e1) manufacturing arms, ammunitions, explosives, military vehicles and equipment, aircraft and other military hardware, (e2)manufacturing poisons, narcotics, alcohol, dangerous drugs and toxic, hazardous or carcinogenic materials (e3)producing currency, coins, or security documents 3).completely (i.e up to 100%), on business carrying on business of of pawn brokering or coastal fishing or retail trade where the capital contributed by a person resident outside Sri Lanka (foreign owner) is less than USD 5 million.
Settlement
Settlement Cycle
T+3 for Listed Equities / T+1 or T+2 for Listed Debt Trading
Equities Market Charges
Please refer here for fee structure:

ChargesTrades up to Rs.100 millionTrades over Rs. 100 million
Typical Net brokerage rate0.64%Negotiable (floor of 0.200%)
SEC Cess rate0.072%0.0450%
CSE fee rate / Government Cess0.084%0.0525%
CDS fee rate0.024%0.015%
Share transaction levy0.300%0.300%

https://www.cse.lk/home/transactionCosts
Supplementary Information
Source
Exchange website: https://www.cse.lk
Venue enquiries: info@cse.lk
 
Taiwan Stock Exchange
Taiwan (APAC)
Market Information
Venue Identifier
MIC: XTAI
Time Zone
GMT+8
Instrument Code
Bloomberg TT
Reuters .TW
Investor ID
Foreign investors are required to register with TWSE to obtain an “Investor ID” and “tax ID” simultaneously before opening a trading account with a local securities firm.
Trading Hours
Open: Monday to Friday
Pre-open session: 08:30 - 09:00 hrs
Trading hours: 09:00 - 13:30 hrs
After-hour Fixed Price Trading: 14:00 - 14:30 hrs (matched at 14:30 at market closing price)
Odd lot trading period: 13:40 - 14:30 hrs
Orders are matched approximately every 5s during the current intraday call auction. Continuous trading is schedule to be implemented in March 2020.
http://www.twse.com.tw/en/page/products/trading_rules/trading_hours.html
Opening Auction Details
08:30 - 09:00 hrs
Open price determined at 09:00 hrs
Closing Auction Details
Closing price is determined during 13:25 - 13:30 normal trading hours.
Currency
New Taiwan Dollar (TWD)
Major Market Indices
Taiwan Capitalisation-Weighted Stock Index (TAIEX)
A capitalisation-weighted index of all listed common shares traded on the Taiwan Stock Exchange. The index has a base value of 100 with 1966 as its base year.
Basic Information
According to Taiwan rules, the qualifications for foreign institutional investors (FINI) are as follows:
  −  Funds: Company Funds, Trust Funds, Partnership Funds, Pension Funds, Mutual Funds, Unit Trusts and other types of funds
  −  Non-funds: Banks, Insurance Companies, Securities Firms, Futures Commission Merchants, others
FINIs should appoint a domestic agent or representative (usually a custodian bank) to handle the registration process. Upon the custodian bank submission of the online registration form, TWSE immediately emails the foreign investors’ agent or representative a “Certificate of Registration Completion” with ”Investor ID” and ”Tax ID”. The custodian bank may
open a trading account with a local securities firm on the same day of registration upon submission of the relevant documents.

MTA (Multiple Trading Account)
The clients who meets one of the following conditions may open two or more investment transaction accounts, respectively, in the same brokerage firm (including each branch office):

1. Discretionary investment account.
2. Trading account opened by an offshore foreign institutional investor (FINI).
3. Mainland Area Institutional Investor under Point 6 of the Operation Directions for Applications by Overseas Chinese, Foreign Nationals, and Mainland Area Investors for Registration to Invest in Domestic Securities or Trade Domestic Future.
4. Trading account opened by a domestic professional institutional investor as defined in Article 19-7, paragraph 2 of the Regulations Governing Securities Firms.
5. Segregated trust accounts opened based on the different types of contract for the respective trust accounts.

When opening two or more trading accounts for the same principal, the securities broker shall add notes after the name of the principal specifying the reasons for opening the accounts, in order to clearly segregate the authorities and duties associated with each such account.

The offshore FINI should provide instructions stating one or more of the reasons from below, as well as the account names, for opening MTA:
1. The investment strategy calls for operation by an external manager;
2. External account administrators (global custodian banks or brokers) are assigned to operate and manage accounts;
3. The internal investment operation uses different transaction platforms, including different branches of the applicant, separate trading units or different traders within the applicant’s organisation, different sub-funds under the same parent funds, portfolios under different insurance policies, different agreements, etc.


Omnibus trading account
All investors (except the investors from Mainland Area) can trade through an omnibus trading account. Investors who trade through OTA still need to settle through their own accounts.
Order Types Supported
Limit Order (within daily price limits)
Stock Tick Size
PriceTick Size
0.01 - 100.0100
10 - 50.000.0500
50 - 1000.1000
100 - 500 0.5000
500 - 10001.0000
1000 and above5.0000
Day Trading
Investors are permitted to engage in long (buy first, sell later) and short (sell first, buy later) day trading of securities on the spot market. Day trading is only opened to investors with a certain level of trading experience. To engage in day trading, an investor must meet the following requirements3:
1. The investor must have had a brokerage account for at least three full months and must have had at least 10 trades executed within the past year, provided that these restrictions do not apply to investors that have opened a margin account or to professional institutional investors.
2. An investor must first sign a general authorisation agreement with the securities broker, stipulating that after an order has been executed to buy or sell securities in the cash (spot) market, and an equal quantity of the same type of securities is then offset through the same brokerage account on the same day, the settlement of funds will be conducted based on the price difference after the offsetting of the opposite trades. Unless the investor is a professional institutional investor, the investor must also sign a risk disclosure statement before the securities broker may accept the investor’s orders for day trades.

0.3% of the value traded is levied on the seller on day trading transactions. This was cut to 0.15% for one year on 28 April 2017. This rule applies to equities, certificates of entitlement to new shares from convertible bonds and preferred shares with warrants.

0.1% of the value traded is levied on the seller for the follwing products: beneficiary certificates, ETFs, warrants, TDRs, company warrants.

http://www.twse.com.tw/en/page/products/trading_rules/day_trading.html
Trading Units
Board lot 1,000 shares.
Block Trading
Investors can conduct block trade through an omnibus trading account starting 25th May, 2009. In other words, the allocated volume of a single FINI needn’t meet the minimum trade size requirement.
ItemsNon-paired TradePaired Trade
Trading SessionRegular trading hours: 09:00 to 17:00 hrs1. Pre opening trading hours: 0800 - 08:30 hrs
2. Regular Trading Hours: 09:00 - 17:00 hrs
Price increment (up/down tick)NT$0.01
Pre-collect requirementNot required by TWSE; however, securities firms may exercise discretion as to whether to require pre-collection in full or in part.
SettlementT+2 days
Minimum Trade Size1. Individual stock - either 500,000 shares or above NT$15 million
2. Stock portfolio - at least five different stocks whose aggregate value is more than NT$15 million
Price Fluctuation LimitsSame as the regular trading session
SettlementT+2 days
Minimum Trade Size1. Individual stock - either 500,000 shares or above NT$15 million
2. Stock portfolio - at least five different stocks whose aggregate value is more than NT$15 million
Price Fluctuation LimitsSame as the regular trading session

http://www.twse.com.tw/en/page/products/trading_rules/new_block.html
Negotiated Trade / Crossing Mechanism
Paired block trading is available and is subject to the following criteria:
(1) For a single security: at least 500 trading units, or more than NT$15 million;
(2) For a basket of stocks: at least 5 types of stocks and more than NT$15 million.
Range of prices = same as within regular trading
Trading hours for paired block trades are between 08:00am to 08:30 am and between 09:00 am to 05:00 pm.
Odd-Lot Trading
- Orders below 1,000 shares are considered as odd-lot orders
- Odd-lot trading period: 13:40 - 14:30 hrs
- Range of prices: same as regular trading (i.e. ±10%). A newly listed stock can trade without price limit for the first 5 dates of listing, including its odd-lots.
- Match method: on a one-time call auction basis after 14:30 hrs
- Information disclosure: during 14:25 - 14:30 hrs, the best buying and selling price for Odd-Lot transactions will be disclosed in TWSE’s Market Information System.
http://www.twse.com.tw/en/page/products/trading_rules/odd_lot.html
Off Exchange Trading
Not allowed.
Short Selling
No naked short sale permitted.
Securities eligible for margin transactions are exempted from short selling price constraint.
In principle, subject to ‘uptick rule’: If the borrowed security’s previous close reaches the limit down price, or if the security’s price is the lowest recorded sell order at market close of the previous trading day (and no trade is executed), then the uptick rule applies in the following trading day (i.e. the borrowed security may not be entered at a price lower than the previous close).

Three ceilings adopted to monitor the volume of short selling borrowed shares over the whole market:
1. Daily maximum short selling of borrowed stocks cannot exceed 30% of their average daily trading volume over the previous 30 trading sessions;

2. Maximum for short selling of borrowed stocks cannot exceed 10% of outstanding shares per lending stock;

3. The total volume of short selling borrowed stocks and margin short sales cannot exceed 25% of outstanding shares per stock.
Daily Price Limit
±10% of the auction reference price at market opening for the given day
Foreign Ownership Limit
Taiwan has no limits on total or individual foreign shareholding in public companies. Applicable acts and regulations may in a few instances limit the percentage of equity holdings by foreign nationals in companies for certain industries (such as the postal industry, telecommunications, shipping and airlines) to meet policy needs related to national interests in the economic, social, or cultural spheres. Many developed countries have similar policies, and the practice in Taiwan is in line with developed market standards.
Settlement
Settlement Cycle
T+2 DVP: all trades in TWSE’s market are locked-in. The settlement of funds and securities from securities firms to TWSE is final and irrevocable.
Equities Market Charges
Securities Transaction Tax: 0.3% of the value traded (sell only)
Taxation on dividends:
1) Resident Beneficiary: Dividends are included in the consolidated income.
2) Non-resident Beneficiary: 21% (From 1 Jan 2018)
Dividends are included in the consolidated income Capital gains tax was abolished in November 2015.
http://www.twse.com.tw/en/page/products/trading_rules/costs.html
Supplementary Information
Source
All information sourced from the exchange website and Bloomberg.
 
Stock Exchange of Thailand
Thailand (APAC)
Market Information
Venue Identifier
MIC: XBKK
Time Zone
GMT+7
Instrument Code
Bloomberg: TB
ISIN: TH
Reuters: BK
Investor ID
No special requirement apart from a CSD account. Foreign owernship restrictions exist.
Trading Hours
Open: Monday to Friday
Morning Trading Session: 09:55/10:00 - 12:30 hrs
Afternoon Trading Session: 14:25/14:30 - 16:30 hrs
Opening Auction Details
Pre-open(AM): 09:30 - 09:55/10:00 hrs (random open between 09:55 - 10:00 hrs
for the morning trading session)
Pre-open (PM): 14:00 - 14:25/14:30 hrs (random open between 14:25 - 14:30 hrs for the afternoon trading session)
Closing Auction Details
Pre-close: 16:30 - 16:35/16:40 hrs (random close between 16:35 - 16:40 hrs for calculating the closing price)
Off-hours trading: 16:35/16:40 - 17:00 hrs
Market close: 17:00 hrs
Currency
Thai Baht (THB)
Major Market Indices
SET Index: The SET Index is a market capitalisation-weighted price index that tracks the prices of all the stocks listed on the main board of the Stock Exchange of Thailand.
SET50 Index : The top 50 listed companies on SET in terms of market capitalisation, liquidity and compliance.
Basic Information
Under the SEC Act, the establishment of any organised securities trading center requires a license from the SEC. Presently, there are 4 Securities Exchanges in the Thai Capital Market comprising of 2 stock exchanges (SET and MAI), 1 bond exchange (BEX), and 1 derivative exchange (TFEX).
The Stock Exchange of Thailand (SET) was established in 1975 under the Securities Exchange of Thailand Act B.E. 2517 (1974) and members are securities companies. Securities trading in the SET are in scripless form and are settled between brokers and custodian accounts. Physical securities must be converted into scripless form prior to trading in SET.
The Market for Alternative Investment (MAI), a subsidiary of SET, officially commenced operation on June 21, 1999. MAI’s main objective is to create new fundraising opportunities for Small and Medium-sized Enterprises (SMEs) as well as to provide a greater range of investment alternatives for investors.
Thailand Futures Exchange (TFEX), a subsidiary of the Stock Exchange of Thailand (SET), was established on May 17, 2004 as a derivatives exchange. TFEX is under the supervision of the Securities and Exchange Commission (SEC). The first product was the SET50 Index Futures which was launched on April 28, 2006. During the past 10 years, TFEX experienced an exploding growth in trading volume of more than 230 times since 2006 with an average daily volume of 280,000 contracts as of 2016.
Order Types Supported
Limit Order
At the Open Order
At the Close Order
Immediate or Cancel Order
Fill or Kill Order
Market Order
Special market Order
Market to Limit Order
Iceberg Order
Stock Tick Size
PriceTick Size
0 - 20.0100
2.00 - 5.000.0200
5.00 - 10.000.0500
10.00 - 25.000.1000
25.00 - 100.000.2500
100 - 2000.5000
200 - 4001.0000
400 and above2.0000
Trading Units
Board lot is generally 100 shares. For shares priced at 500 THB or more for 6 consecutive months, board lot is 50 shares
Block Trading
Off-hour Trading: 16:35/16:40 - 17:00 hrs
Allows block trading only. Min value: 3 million THB or 1 million shares
Negotiated Trade / Crossing Mechanism
Available via the 'Big Lot Board'. Minimum trable values for Local and NVDR shares are Bhat 3 million or 1 million shares. There are no similar thresholds for Foreign shares.
Odd-Lot Trading
Permitted
Off Exchange Trading
Not Permitted for Exchange member firms.
Short Selling
Permitted
Day Trading
Not restricted
Daily Price Limit
± 30% of the previous closing price (for local stocks traded on SET)
Circuit breaker: if SET index falls by 10%, then all trading halts for 30 mins; if SET index falls by 20% from previous day’s close, then all trading halts for 1 hour.
Foreign Ownership Limit
Foreign ownership capped at 49% of total shares for most companies, 25% for banks, finance companies and telecom companies.

Non-Voting Depository Receipts (Thai NVDR) were introduced to reduce foreign investment barriers. Therefore, foreign investors may invest in Thai shares in the form of NVDR and receive full corporate actions entitlement, except for voting rights.
Settlement
Settlement Cycle
T+2 settlement cycle implemented in March 2018
Equities Market Charges
Trading Fee: 0.005%
Clearing Fee: 0.001%
Regulatory Fees: 0.0018%
Supplementary Information
Notes
Financial Institutions who wish to buy foreign currency or sell Baht to Non-Residents with value date less than 2 business days, need prior approval from the Bank of Thailand and clients must have underlying exposures.
Source
All information sourced from the exchange website and Bloomberg. For additional information please see below:
1 http://www.set.or.th
2 http://marketdata.set.or.th
 
Vietnam Stock Exchange
Vietnam (APAC)
Market Information
Venue Identifier
Ho Chi Minh Stock Exchange (HOSE)
MIC: XSTC
Hanoi Stock Exchange (HNX)
MIC: HSTC
Time Zone
GMT+7
Instrument Code
Bloomberg: VM
Reuters: .HM
ISIN: VN
Bloomberg: VH
Reuters: .HN
ISIN: VN
Investor ID
A Securities Trading Code (with the depository VSD ) is required for foreign investors
Multiple trading accounts are allowed, limited to 01 account per securities company.
Trading Hours
Open: Monday to Friday
Morning Session:
Opening Periodic Matching & Put Through: 09:00 - 09:15 hrs
Continuous Matching & Put Through: 09:15 - 11:30 hrs

Afternoon Session:
Continuous Matching & Put Through: 13:00 - 14:30 hrs
Closing Periodic Matching & Put Through: 14:30 - 14:45 hrs
Put Through: 14:45 - 15:00 hrs
(Lunch break from 11:30 - 13:00 hrs)
Opening Auction Details
Call Auction: 09:00 – 09:15 hrs

(Matching buy & sell orders at a specified time and at a single price, with the executed price being the price that generates the greatest trading volume of the stock. In event of a tie, the price closest to the last sale price will be chosen)
Closing Auction Details
14:30 – 14:45 hrs (Call Auction)
Currency
Vietnamese Dong (VND)
Major Market Indices
VN Index: The Vietnam Stock Index, also known as the VN Index, is a capitalisation-weighted index of all the stock listed on the Ho Chi Minh City Stock market of Vietnam. It is the most widely tracked index of Vietnam.

Other Indices:
HNX Index, UPCoM Index
Basic Information
HOSE (MIC: XSTC) is the largest stock exchange in Vietnam, and the main target for foreign investors. It was established in 2000. Joint-stock companies with chartered capital from VND 120 bn can be listed in HOSE.HNX (MIC: HSTC) is the secondary stock exchange and established in 2005. Joint-stock companies with chartered capital from VND 120 bn can be listed in HOSE. HNX also operates UPCoM - Unlisted Public Company Market (MIC: XHNX, Bloomberg: VU), a formalised market for trading of unlisted public companies’ shares and convertible bonds and E-bond Market.)

There are about 688 companies listed on both HOSE (308 companies) and HNX (379 companies), 2 ETF and 261 companies traded on UPCoM. Dual listings do not occur.
Order Types Supported
HOSE operates an automated trade matching system based on priority to price then time.

Limit order:
- Good till day
- Good till cancel

At the opening order (ATO)
- Order to buy or sell at the opening price.
- Effect during opening phase only.
- Have priority comparing to limit orders.

At the closing order (ATC)
- Order to buy or sell at the closing price.
- Effect during closing phase only.
- Have priority comparing to limit orders.

Market order
- Order to buy or sell a stock at the lowest ask/highest bid available prices.
- Effect during continuous phase only.
- Order will be cancelled if there is no opposite-side limit order at the time market order is sent to trading system.
- Put through is not allowed in the first listing day of the stock.
Stock Tick Size
HOSEPriceTick Size
0 - 9,90010.0000
10000 - 4990050.0000
50000 and above100.0000
HNXAll shares
100.0000
For put through deals 1.0000
Trading Units
10 shares in a unit100 shares in a unit
Block Trading
Permitted.
Traded as Put Through Deal. Negotiation trading volume: at least 20,000 shares/fund units on HOSE & at least 5000 shares on HNX.
Negotiated Trade / Crossing Mechanism
Permitted. Negotiation is made online/offline bilaterally or multilaterally. Once done, price and volume will be posted on the board for formularity purpose. Settlement is still made via central depository.
Odd-Lot Trading
On HOSE, an odd lot is a trading volume from 01 to 09 shares. This is separately dealt between investors and securities companies.

On HNX, an odd lot is defined as the volume from 1 to 99. Investors can trade odd lot shares in one of following methods:
  −  Investors can sell odd lot shares to securities companies where they opened accounts via both matching and the negotiation method.
  −   Listed institutions and UPCoM institutions are allowed to repurchase shares for Treasury stock.
  −  Transaction of odd lot shares is allowed via negotiation method on HNX’s trading system
Off Exchange Trading
Permitted. Negotiation is made online/offline bilaterally or multilaterally. Once done, price and volume will be posted on the board for formularity purpose. Settlement is still made via central depository.
Short Selling
Short Selling is not permitted.
However with the introduction of the new circular 203/2015/TT-BTC, an investor will soon be able to sell shares that are pending settlement.
Day Trading
This is planned to be permitted from July 1, 2016 for local investors only
The Ministry of Finance has officially published the content of the much anticipated Circular No 203/2015/TT-BTC on guiding securities transaction activities which for the first time allows intraday trading. The new circular, effective from July 1, 2016, replaces Circular No 74/2011-TT-BTC dated June 1, 2011 which does not permit intra-day trading.
However such transactions must guarantee the principle that the total volume of stocks in sell orders must be equal to that in the buy orders and vice versa. Intraday trading of the same securities is allowed provided : Investor takes only either buying position or selling position for a particular stock at a point of time, order placement must meet prefunding requirements, all intraday transactions must lead to change in securities ownership.
Circular 203/2015/TT-BTC issued on 21/12/2015 provides further guidance in this regard.
Daily Price Limit
Stocks /Fund certificates : ± 7% from reference price
Off band trading is allowed provided one off approval from the State Securities Commission is sought.
HNX (including UPCoM) : ±10% from reference price (Reference price of a stock is the closing price of the most recent trading day)
Foreign Ownership Limit
− Except for restricted sectors (yet such has not been publicly available), foreign investors can hold up to 100% ownership.
  −  Maximum aggregate 30% foreign ownership in listed and unlisted financial institution including the bank, maximum individual foreign investor holdings is 5%, maximum organisational foreign investor holding is 15%, maximum 20% for a foreign investor and his/her/its affiliated person, maximum strategic foreign investor holding is 20%.
  −  No limit for bonds, equities in private companies and fund certificates.
  −  Substaintial shareholding reports required as per Circular 155/2015/TT-BTC.
Settlement
Settlement Cycle
T+2 for equity; T+1 for bond
Failed trades are not allowed. Securities Lending is available for trade rectification and onshore ETF balancing facilitation
Pre-funding market: Investors have to remit funds to FCY account and arrange FX prior to trade execution.
Equities Market Charges
Securities Transfer Tax : Equity and Fund Certificate (applicable for listed/registered public companies): 0.1% on sales proceeds, for non-resident institutional investors

Trading fees: For stocks and investment fund certificates:
- from 0.15% to 0.5% trading value (rate depending on broker firms)
- Tax on income from trading: investors may choose one of two options: 20% of the annual taxable income or 0.1% of the selling value each time.
- Substantial shareholder reporting obligations shall be applied per Circular 155/2015/TT-BTC
Supplementary Information
Notes
Exchange website: www.hsx.vn
Source
All information sourced from the exchange website and Bloomberg.

AMERICAS

 
Buenos Aires Stock Exchange
Argentina (AMERICAS)
Market Information
Venue Identifier
MIC: XMEV
Time Zone
GMT-3
Instrument Code
Bloomberg AF
Reuters .BA
Investor ID
In case of Foreign Residents, the ID is technically the CDI number (Clave de Identificación) which is a unique tax identified number of a company within the entire Argentina market (required for custody & cash accounts)
Trading Hours
Open: Monday - Friday
Platform: Open Outcry
Pre-Opening: 10:30 hrs to 11:00 hrs
Trading Hours: 11:00 - 17:00 hrs

Platform: SINAC through two trading sessions;
  −  PPT (Time-Price Priority Segment)
  −  SENEBI (Bilateral Trading Segment)

Pre-Opening: 10:30 hrs to 11:00 hrs
Spot: 11:00 - 16:00 hrs
72 hours: 11:00 - 17:00 hrs
Opening Auction Details
No opening auction.
Closing Auction Details
No closing auction.
Currency
Argentine Peso (ARS)
Major Market Indices
MERVAL: This is a price-weighted index calculated as the market value of a portfolio of stocks selected based on their market share, number of transactions and price. This is updated quarterly and currently has 12 stocks.
Other Indices:
Bolsa-G, BURCAP, M. AR., MERVAL 25
Basic Information
The BCBA authorises the quote of negotiable values, controls of the subscribing companies and spreads information on the same, while the Merval conduct the operations of negotiation, elimination and guarantee.
Products supported: Ordinary Shares, Preferred Shares, Participation shares (ordinary shares without voting rights)
Merval segments its market by capitalization into 3 - Special, General & New Projects. El Mercado Especial - Only large firms are traded (trading on Floor or Sinac), El Mercado
General - includes small firms (trading only on Sinac); Mercado de Nuevos Proyectos - high growth firms (trading only on Sinac)
Derivatives: Index F&O, Stock F&O, CEDEARS (Argentine Security representing ownership of foreign shares ~ GDR), CEVAs (Grouping of several shares under a unique certificate)
Trading System : Floor or Electronic (SINAC)
Order Types Supported
Market orders (Based on Bid-Offer prices with order matching on a price-time priority)
Limit Orders
Specific Time Orders
All or Nothing Orders
Execute or Cancel Orders
Market if touched Orders
Hidden Volume Orders
Stock Tick Size
PriceTick Size
0 - 10.0010
1.01 - 100.0100
10 - 1,000,0000.0500
Trading Units
1 share in a lot
Block Trading
Allowed
  −  Through Call Auction (can be traded outside the central order book by a member acting as a principal)
  −  Minimum amount ARS 0.4 Mn for leader companies (listed on the leader panel of BCBA) & ARS 0.2 million for the general companies (listed on the general panel of BCBA)
  −  Block trading takes place on the floor of the Exchange, in Spanish, by continuous open outcry
  −  Transactions of more than ARS 5 Mn are announced on the floor and are put on standby for approximately 10 minutes
  −  For transactions of more than ARS 5 Mn, the units must be previously transferred to the Merval settlement account prior to negotiation
Odd-Lot Trading
Allowed
Short Selling
Not allowed
(except for local brokers/brokerage firms to cover fails)
Day Trading
Permitted
Daily Price Limit
Circuit breaker - 10% from the previous closing price.
Trading is stopped for 15mins. For each additional 5%, trading is halted for an additional 15mins.
Foreign Ownership Limit
Foreign investors can invest in up to 30% of the capital and votes of an Argentine media and communications entity.
Some limits are applicable on gas and energy sector companies for local and foreign investors (i.e. a gas generator cannot have controlling interest in a gas transportation or distribution company).
Settlement
Settlement Cycle
− T+3 normally
  −  Can also be T+1, T+2 based on agreement between the contracting parties.
  −  Merval (the clearing corporation) requires brokers to honour their commitments by borrowing securities through the lending program.
  −  No Market Penalties for Fails.
Equities Market Charges
− Stock Market Fee (Derechos de Merval) : 0.08% (For Foreign Investors, this is 0.6% but exempt if connected to Argentine Financial investments)
  −  Stock Broker Fee(Comision Agente) : 0.25% ( estimated fee is also subject to 21% VAT)
  −  General Stamp Tax of 1% applied on amount of the instrument by both parties (for written agreements)
Supplementary Information
Notes
Exchange website: http://www.bcba.sba.com.ar
http://www.merval.sba.com.ar/ http://www.iamc.com.ar/
Earlier stringent FX restrictions have been lifted as of December 20151 BOLSAR1 is the financial website for the Bolsa de Comercio de Buenos Aires.
Regulations and other information are available at the respective exchange sites2
Source
All information sourced from the exchange website and Bloomberg. For additional information please see below:
1 http://www.bcra.gob.ar/Noticias/not000042.asp
2 https://www.bolsar.com
 
BM&F Bovespa (Bolsa de Valores de Sao Paulo)
Brazil (AMERICAS)
Market Information
Venue Identifier
MIC: BVMF
Time Zone
GMT- 3
Instrument Code
Bloomberg BS
Reuters .SA
Investor ID
Investor ID (CVM) is required for all participants
Foreign entities require a Federal Taxpayer Identification Number (CNPJ)
Trading Hours1
Open: Monday - Friday
Pre-Opening
09:30 to 09:45 hrs: Order cancellation
09:45 to 10:00 hrs: Orders may be entered, modified or deleted to join the opening auction. If the order is better than the theoretical price of the auctions, it cannot be cancelled or reduced – can only be increased.

Continuous Trading
10:00 to 16:55 hrs: The market trades continuously on a price/time priority basis.

Closing Calls
16:55 - 17:00 hrs: All cash market securities including odd-lots
16:55 - 17:15 hrs: All option series, ETFs & Bovespa Index Options

Post Trading
17:25 to 17:30 hrs: Order Cancellation
17:30 to 18:00 hrs: After Market Trading
Opening Auction Details
Pre-opening auction: 09:45 hrs - 10:00 hrs
  −  input of orders for calculation of theoretical opening price
Closing Auction Details
Closing: 16:55 to 17:00 hrs
Auction is postponed by 1 min if the size or price of the auctions changes in the last 30 secs.
Currency
Brazilian Real (BRL)
Major Market Indices
Ibovespa Index (Bloomberg IBOV): The Ibovespa is a total return index and is compiled as a weighted average of a theoretical portfolio of stocks on Bovespa which account for 85%
of the volume and traded on 95% of the trading sessions over a period of the previous three portfolio cycles. These stocks should have accounted for at least 0.1% of the overall value traded on the cash equity market and should not be a penny stock.
Others:
IBRX50, IBRX, IBRA, MLCX, SMLL, IVBX, IDIV, ISE (Corporate Sustainability Index), IGC (Special Corporate Governance Stock Index)
Basic Information
Products on Cash Market : Common shares, Preferred shares, Rights (ordinary, preferred), Subscription Rights, Subscription receipts, BDRs (Brazil Depository Receipts)
Order Types Supported2
Market Order Limit Order
Opening Price Offer (Bid/Ask order to be executed at opening price of an auction or pre-opening/pre-closing phases)
Stop Limit (gets converted to a limit order when trigger price is reached) Stop Loss
Offer at any price (an order to be fully filled regardless of execution price. This is allowed only in continuous trading phase)
Direct Offer - crossing by same brokerage firm

Time in force parameters allowed;
Day
Good Till Cancel
Immediate or Cancel
Fill or Kill
Good till Date
At the Close
Good for Auction
Stock Tick Size
0.01 BRL
Trading Units
Most common lot size is 100, but lot sizes of 1 or 1,000 also are there depending on the price of the stock.
(An updated list of different round lots for each Asset may be found (in Portuguese only) at www.bmfbovespa.com.br by selecting Mercados, Ações, Consultas, Lotes de Negociação.)
Block Trading
Not Allowed
Odd-Lot Trading
Permitted
Asset coding for odd lots will follow cash market usage with the letter “F” at the end of the stock code. Examples: VALE3F, VALE5F
Short Selling
Naked shorts are not allowed. Locates are required. There is no up-tick requirement. Can also borrow and not sell short if desired.
Day Trading
Permitted (with restrictions on the option market on expiration date) Heavy penalties if any fails happen on settlement
Daily Price Limit
Circuit breaker: When the IBOV is down 10%/15% from previous closing, then trading is halted for 30mins/1hour respectively. If the IBOV is down 20%, the trading session can be closed by BM&F BOVESPA
Foreign Ownership Limit
− Restricted from Rural Real Estate, Atomic Energy Exploration Projects
  −  30% of company’s capital in news media sector
Settlement
Settlement Cycle
T+3 DVP
Integrated with Securities Lending Service to reduce fails
Equities Market Charges3
Exchange Fee on Final Trades: 0.0345% gross for both sides (includes exchange fee of 0.0325% + securities transfer fee of 0.05% on the transaction amount)
  −  0.2% penalty fee on value of Failed Equity transaction (0.4% in case of an option)
  −  Exchange Fee on Day Trades: 0.025% for both sides
  −  Broker’s proprietary trades: 0.025%
  −  Tax on Financial Transactions (IOF): 2% on inflow of funds for portfolio investments by foreigners. Tax is charged when the FX contract is signed for settlement.
  −  Tax on ADRs: 1.5% levied upon ADR creation.
Supplementary Information
Notes
Exchange website: http://www.bmfbovespa.com.br/en-us/home.aspx?idioma=en-us
No restriction on repatriation of funds & Foreign investors are not allowed to be overdrawn Various situations may trigger intraday auctions.
  −  Price movement: If the trade price is significantly different from last quote, then an auction might occur.
  −  Size: If the trade size is significantly higher than the ADV
  −  Ownership: If a client buys/sells 0.5% of ON (common) shares or 1% of preferred shares outstanding in a short period of time
  −  The length of time for which the auction applies will vary by type of security
  −  All auctions are subject to interference on both the buy and sell side from any broker in any size.
Source
 
Canadian Securities Exchange
Canada (AMERICAS)
Market Information
Venue Identifier
Canadian Securities Exchange
MIC: XCNQ
CSE Other Listed Securities (former Pure Trading)
MIC: PURE
Time Zone
GMT-5
Instrument Code
Bloomberg CF
Reuters .CD
Bloomberg CJ
Reuters .PT
Investor ID
No ID requirements
Trading Hours
Open: Monday - Friday
SessionCSE Listed Securities Other listings (TSX/TSX-V)
Pre-open07:0007:00
Open09:3008:00
Close16:0017:00
System Shutdown18:0018:00
Opening Auction Details
Pre-Open: 07:00-9:30 hrs
Opening: 09:30 hrs
The following orders may be entered prior to the opening:
  −  Opening at a Calculated Opening Price (that maximizes the volume trading on the opening)
  −  Limit orders & unpriced orders
  −  Special Terms Orders may be entered prior to the opening but do not participate at the opening.
  −  Orders eligible to trade at the opening are displayed at the COP and all trades at the opening are at the COP.
  −  Any orders that remain unfilled at the opening will have time priority based on the actual time of entry in the regular session
Closing Auction Details
No Closing Auction
Currency
Canadian Dollar (CAD)
Major Market Indices
CSE Composite Index (CSECOMP) - administered by Solactive AG
Basic Information
The Canadian Securities Exchange or CSE, is operated by CNSX Markets Inc. It was recognized as a stock exchange in 2004. The CSE trades all Canadian Listed Securities - CSE Listed, TSX and TSX Ventures Securities.
  −  Fully-automated order matching and trade execution.
  −  Auction market based on price, broker and time priority.
  −  Market-making system applicable to “Regular Book”.
  −  Separate book for “Special Terms Orders”.
  −  Orders designated as electing marketplace trade-through protection are intermediated by CNSX Smart Order Router (“SOR”) facility or “passive-only” order type will re-price or reject orders that would otherwise be executable upon entry
  −  Automated Guaranteed Odd Lot Fill facility
Order Types Supported
Orders1 are matched on a price/time priority and will seek out same firm crosses first (broker preferencing). Disclosed orders are executed prior to undisclosed ones. Board lots have higher priority
Following are supported:
Market Order
Limit Order
Iceberg Order (only in board lots)
Anonymous at Auction
IOC (that can be filled fully or partially)
By-pass order (IOC against visible orders )
Day
Good-till Date
Good till canceled
Fill or Kill
Jitney (automated service executing an order at best price across all visible Canadian markets without a need to join all market places)
Stock Tick Size
Price Band
Tick Size
0 - 0.50.0050
0.5 and above0.0100
Trading Units
Price Band
Lot Size
0 - 0.11000.0000
0.1 - 0.99500.0000
1.00 and above100.0000
Block Trading
Allowed
Iceberg orders are allowed. Disclosed volume must be at least 1 board lot or 0.1% of the undisclosed volume, whichever higher
Odd-Lot Trading
Allowed, but only in continuous session. Odd lots can match outside the board lot bid/ask but will not affect the Last Sale Price
All odd lots will be charged a fee of CAD 0.0002 per share
Short Selling
In October 2012, Canada introduced a locate requirement after repealing its tick test. Any counterparty that has been previously responsible for an “Extended Failed Trade,” (beyond SD+10), is now required to mark their locate on all future short sells
- Short sale orders will no longer be required to trade on an up or an even tick.
- Short sale crosses will no longer have price tick restrictions and will follow regular cross rules.
- Short sale market orders will now be accepted in the pre-open session
Day Trading
Allowed
Daily Price Limit
Regulatory Halts: If US Markets are open when DJIA declines, & if US markets are not open - If S&P/TSX Composite Index declines, below closing value of previous day, triggers will be set off;
Level 1 - 7% - Before 15:25 hours - 15 mins halt; At or After 15:25 - no halt
Level 2 - 13% - Before 15:25 hours - 15 mins halt; At or After 15:25 - no halt
Level 3 - 20% - Any time of the day - close for day

Single Circuit breaker:
If the price of a single security swings 10% or more within a 5-minute period, trading in that security will halt for 5 minutes. Further, all trades executed at more than 5% beyond the price that initially triggered that circuit breaker will be cancelled.
Foreign Ownership Limit
Investment in certain industries (banking, broadcasting, communications, insurance, public utilities, transportation, and trust services) is monitored and limited to between 10% and 30% of the total voting shares
Settlement
Settlement Cycle
T+2
Equities Market Charges
For CSE & TSX-V Listings
Price Range per ShareFee
>= CAD 1CAD 0.0002
CAD 0.1 - 0.99CAD 0.00008
<CAD 0.10CAD 0.00004 with cap of CAD 15

For TSX Listings
Price Range per ShareFee
>CAD 1CAD 0.0025
Designated securities - CAD 0.0014 (TSX stocks priced >CAD 1 trading >1mn shares a day on average over 6 months)
CAD 0.1- CAD 0.9CAD 0.00008
<CAD 0.10CAD 0.00004 with a cap of CAD 15

All odd lots will be charged a fee of CAD 0.00002 per share
Supplementary Information
Notes
Source
 
Toronto Stock Exchange
Canada (AMERICAS)
Market Information
Venue Identifier
Toronto Stock Exchange
MIC: XTSE
TSX Venture Exchange
MIC: XTSX
Time Zone
GMT-5
Instrument Code
Bloomberg CT
Reuters .TO
Bloomberg CV
Reuters .TO
Investor ID
No ID requirements
Trading Hours
Open: Monday - Friday
Pre-Opening: 07:00 to 09:30 hrs
Continuous Trading: 09:30 to 16:00 hrs
Post Market: 16:10 to 16:15 hrs
Extended Trading Session: 16:15 to 17:00 hrs (Orders at last sale price before 16:00)
Opening Auction Details
Market-on-open (MOO): 09:30 hrs
All matching orders are executed at a single opening trade price with any remaining orders carrying through to the continuous central limit order book (CLOB)
Closing Auction Details
Market on Close (MOC) Cut-off: 3:40.
MOC imbalance is published at 3:40 after which Limit on Close (LOC) orders opposite to the imbalance side are accepted (subject to a price collar) into the non-displayed MOC facility.
Trades publish at 4:00 unless a Price Movement Extension is required, in which case trades publish at 4:10.
Post market cancel session where open orders may be cancelled by dealer is from 16:10 to 16:15
Currency
Canadian Dollar (CAD)
Also supports trading in USD denominated securities (identified with suffix ‘U’)
Major Market Indices
S&P/TSX Composite Index (SPSTX); S&P/TSX 60 ESG (TESG)
Basic Information
Part of TMX Group. TSX (MIC: XTSE) serves senior equity markets. TSX supports dark order typesPart of TMX Group. TSXV (MIC: XTSX) was formerly known as the Canadian Venture Exchange (CDNX) and serves the public venture equity market, dedicated to trading junior equities from around the world. TSXV supports dark order types.

TSXV also operates a separate market place called NEX (MIC: XTNX) which allows companies with low levels of business activity or which have ceased to carry on active business to trade. This allows these companies to be more visible as potential takeover targets or investment opportunities.

Companies which are actively carrying on business and pursuing growth & shareholder value will trade on TSXV
Order Types Supported1
Allocation Priority: Price/Broker/Long Life/Time
Market Order
Limit Order
Iceberg Order (minimum 1 board lot to be displayed, displayed volume will maintain time priority at the given price level)
Anonymous
Market on Close (MOC)
On-Stop
Dark Mid-point & Dark Limit order (minimum qty: 20 board lots)
IOC (that can be filled fully or partially)
By-pass order (IOC against visible orders )
Day
Good-till-Date
Good-till-cancelled
Fill or Kill
Post-only

Long-life orders (will receive priority over other orders but will be committed to a minimum resting time, applicable to initial 45 symbol set effective Dec 1, 2015.)

Jitney - automated service executing an order at best price across all visible Canadian markets without a need to join all market places. The order is entered on a marketplace by a Participant (the “Executing Dealer”) acting for or on behalf of another Participant (the “Originating Dealer”). To be accepted for trade on the TSX the appropriate trading number to identify the Originating Dealer must be included on the order. These trades are excluded from broker preferencing.

Special settlement orders (only TSX) - Cash/Delayed delivery/Non Net/Non resident (These are traded in a separate book)

Cross orders are subject to interference in regular sessions. (Cross types supported - Basis/ VWAP/Contingent/Internal/ Bypass)

Broker preference is processed in Disclosed orders (and no broker preference in undisplayed portions of icebergs). Board lots have higher priority.
Stock Tick Size
PriceTick Size
0 - 0.50.0050
0.5 and above0.0100
Trading Units
Price Lot Size
0 - 0.11000.0000
0.10 - 0.99500.0000
1.00+100.0000
Block Trading
Allowed
Odd-Lot Trading
Allowed. Registered Market Makers (RTs)
  −  Auto execute odd lots
  −  Can enable participation
  −  Guarantee a minimum fill size for client orders (MGF)
  −  Must be Filled orders are supported
Odd lot fees are :
$0.0005 per share where trade price < $1
$0.0010 per share where trade price>= $1
Allowed. Odd lot dealers (OLD)
  −  Auto execute odd lots
  −  No participation
  −  No guaranteed fills
  −  Must Be Filled orders are not supported
Odd lots fees :
$0.000025 for price < $0.10, $0.000075
/share for price between $0.10 & 0.99;
$0.0010 for trade price >= $1
Short Selling
In October 2012, Canada introduced a locate requirement after repealing its tick test. Any counterparty that has been previously responsible for an “Extended Failed Trade,” (beyond SD+10), is now required to mark their locate on all future short sells
  −  Short sale orders will no longer be required to trade on an up or an even tick.
  −  Short sale crosses will no longer have price tick restrictions and will follow regular cross rules.
  −  Short sale market orders will now be accepted in the pre-open session
Day Trading
Allowed
Daily Price Limit
Regulatory Halts: If US Markets are open when DJIA declines, and if US markets are not open - If S&P/TSX Composite Index declines, below closing value of previous day, then triggers will be set off:
Level 1 - 7% - Before 15:25 hours - 15 mins halt; at or after 15:25 - no halt
Level 2 - 13% - Before 15:25 hours - 15 mins halt; at or after 15:25 - no halt
Level 3 - 20% - Any time of the day - close for day

Single Circuit breaker:
If the price of a single security swings 10% or more within a 5-minute period, trading in that security will halt for 5 minutes. Further, all trades executed at more than 5% beyond the price that initially triggered that circuit breaker will be cancelled.
Foreign Ownership Limit
Investment in certain industries (banking, broadcasting, communications, insurance, public utilities, transportation, and trust services) is monitored and limited to between 10% and 30% of the total voting shares
Settlement
Settlement Cycle
T+2
On daily basis, CDS (depository) provides a list of securities that participating organizations have failed to make delivery on. TSX accepts fills up to 15:00. The buy in price is the Last board lot sale price + a premium and all failed trades are cleared
Equities Market Charges
TSX Fee Structure

TypePrice < CAD 0.10 CAD 0.10 - CAD 0.99>=CAD 1 Interlisted>=CAD1 non interlisted
Removing Displayed Liquidity (in CAD)0.0000250.0000750.00270.0015
Providing Displayed Liquidity (in CAD)0.0000250.000075-0.0023-0.0011
Removing Dark Liquidity (in CAD)0.0000250.0000750.0010.001
Providing Displayed liquidity (in CAD)00--


Special Settlement: CAD 0.0010/share/side up to a maximum of CAD100/trade/side
Opening Trades: CAD 0.0030/share/side up to a maximum of CAD 30/trade/side.
Monthly fee cap CAD 100,000 per firm
MOC : CAD 0.0030/share/side up to a maximum of CAD 30/trade/side
Extended Trading : CAD 0.0010/share/side


TSXV Fee Structure
TypeTrade Price < CAD 0.10CAD 0.10 - CAD 0.99>= CAD 1
Removing Displayed Liquidity (in CAD)0.0000250.0000750.0023
Providing Displayed liquidity (in CAD)0.0000250.000075-0.0019
Removing Dark Liquidity (in CAD)0.0000250.0000750.001
Providing Displayed liquidity (in CAD)0.0000250.000075-


Opening Trades: CAD 0.0012/share/side up to a maximum of CAD 60/trade/side.
Monthly fee cap: CAD 55,000 per firm
MOC : CAD 0.0012/share /side up to a maximum of CAD60 / trade / side
NEX Trades: CAD 0.0005/share/side, CAD 3 / trade / side minimum, CAD 50 trade/side maximum
Supplementary Information
Notes
Source
 
TSX Alpha Exchange
Canada (AMERICAS)
Market Information
Venue Identifier
MIC: XATS
Time Zone
GMT-5
Instrument Code
Bloomberg TA
Reuters .TO
Investor ID
No ID Requirements
Trading Hours
Open: Monday - Friday
Pre-opening: 07:00 to 08:00
Continuous Trading: 08:00 to 17:00
Post Market: 17:00 to 17:30
Opening Auction Details
Pre-open – New orders and order modification requests are not allowed, only cancels are permitted.
TSX Alpha matches individual orders with continual price discovery in regular hours in the central limit order book (CLOB)
Closing Auction Details
TSX Alpha does not support a MOC Session.
Post Market: Extended Hours Canceled; during this session, open orders may be cancelled by the dealer.
Currency
Canadian Dollar (CAD)
Also supports trading in USD denominated securities (identified with suffix ‘U’)
Major Market Indices
S&P/TSX Composite Index (SPSTX); S&P/TSX 60 ESG (TESG)
Basic Information
TSX Alpha Exchange (MIC: XATS) is part of TMX Group, launched in Sep, 2015. The following are highlights of TSXA
  −  Inverted maker-taking pricing (rebates for active orders, pay to post)
  −  Randomised order processing delay of between 1 and 3 milliseconds imposed on all orders that have the potential to take liquidity
  −  All incoming orders without an explicit Post Only instruction are subject to the order processing delay
  −  Orders with a Post Only instruction are not subject to the order processing delay, but must meet specified minimum volume requirements
Order Types Supported1
Allocation Priority : Price/Broker/Time
Market
Limit
Day
Good till cancelled
Good till date
Immediate or cancel
Fill or Kill
Anonymous
Iceberg
Post only (has a minimum size requirement)

Cross Types supported: (Not subject to interference from TSX Alpha’s CLOB)
Intentional
Basis
Bypass
Contingent
Internal
VWAP

TSX Alpha does not support special settlement orders
Stock Tick Size
Price BandTick Size
0 - 0.4950.0050
0.5 and above0.0100
Trading Units
PriceLot Size
0 - 0.11000.0000
0.10 - 0.99500.0000
1.00 and above100.0000
Block Trading
Allowed
Odd-Lot Trading
Allowed. Trading at the better of the protected NBBO and the best TSXA bid or offer
Odd lot fees are :
CAD 0.0005 per share where trade price < CAD 1
CAD 0.0010 per share where trade price >= CAD 1
Short Selling
In October 2012, Canada introduced a locate requirement after repealing its tick test. Any counterparty that has been previously responsible for an “Extended Failed Trade,” (beyond SD+10), is now required to mark their locate on all future short sells.
- Short sale orders will no longer be required to trade on an up or an even tick.
- Short sale crosses will no longer have price tick restrictions and will follow regular cross rules.
- Short sale market orders will now be accepted in the pre-open session.
Day Trading
Allowed
Daily Price Limit
Regulatory Halts: If US Markets are open when DJIA declines, & if US markets are not open - If S&P/TSX Composite Index declines, below closing value of previous day, triggers will be set off;
Level 1 - 7% - Before 15:25 hours - 15 mins halt; at or after 15:25 - no halt
Level 2 - 13% - Before 15:25 hours - 15 mins halt; at or after 15:25 - no halt
Level 3 - 20% - Any time of the day - close for day

Single Circuit breaker:
If the price of a single security swings 10% or more within a 5-minute period, trading in that security will halt for 5 minutes. Further, all trades executed at more than 5% beyond the price that initially triggered that circuit breaker will be cancelled.
Foreign Ownership Limit
Investment in certain industries (banking, broadcasting, communications, insurance, public utilities, transportation, and trust services) is monitored and limited to between 10% and 30% of the total voting shares
Settlement
Settlement Cycle
T+2
On daily basis, CDS (depository) provides a list of securities that participating organizations have failed to make delivery on. TSX accepts fills up to 15:00. The buy in price is the Last board lot sale price + a premium and all failed trades are cleared
Equities Market Charges
Typeprice < CAD 1price >= CAD 1
Removing Liquidity (in CAD )-0.0010-0.0010
Providing liquidity-Post (in CAD )0.00160.0016
Providing liquidity-Non Post (in CAD )0.00140.0014
Odd lot (in CAD )0.00250.0005
Supplementary Information
Notes
Source
All information sourced from the exchange website and Bloomberg. For additional information please see below:
1 https://www.tsx.com/trading/tsx-alpha-exchange/order-types-and-features/order-types
 
Santiago Stock Exchange
Chile (AMERICAS)
Market Information
Venue Identifier
Bolsa de Comercio de Santiago (BCS)
MIC: XSGO
Bolsa Electronica de Chile (BEC)
MIC: XBCL
Time Zone
GMT-3
Instrument Code
Bloomberg CC
Reuters .SN
Bloomberg CE
Reuters . CE
Investor ID
Tax ID required- Rol Único Tributario (RUT)
Trading Hours
Open: Monday - Friday
Multiple trading session for Equities 9:30 - 16:00 hrs Electronic
(March to November, winter) 9:30 - 17:00 hrs Electronic (November to March, summer)
Open: Monday - Friday
10:00 - 16:30 hrs
Opening Auction Details
Opening Auction
Order Entry: 9:15 hrs to 9:23 hrs
Order Matching: 9:25 hrs
Volatility Auction as necessary
Closing Auction Details
No Closing Auction (unless announced ad hoc by exchange); Close: VWAP over last 10 minutes
Currency
Chilean Peso (CLP)
UF (Unidad de Fomento - a unit of account adjusting for inflation)
Major Market Indices
Indice General de Precios de Acciones (IGPA), General index
Indice de Precios Selectivos de Acciones (IPSA), Selective index, Blue Chip
Basic Information
Equity Market includes Stocks, ETFs, Investment fund Quotas (IFQ) and Currency
Order Types Supported
Market Orders
Limit Orders
Batch Price
Best Price
Iceberg
All or None
Clearing Orders
Good Till Canceled
Limit Spread
Spread Price
Good Till Time
Stop Limit
Stock Tick Size
Price BandTick Size
0 - 100.0010
10 - 9990.0100
1,000 - 9,9990.1000
10,000 and above1.0000
Trading Units
1 Share
Block Trading
Allowed
Odd-Lot Trading
Not applicable (Lot size is 1 share and decimals are not allowed)
Short Selling
− Permitted, uptick rule applies, locates are required
  −  Foreign investors are allowed to participate in securities lending and short selling through a local broker
  −  Short-Selling transactions only on List A shares of BCS
  −  The Short Seller has to secure its obligation with the lender with securities with an aggregate market value of 125 percent of the market value of the shares being lent. The stock exchange has published a list of securities that will be accepted as collateral and each type of security will be valued differently for collateral purposes. The Short Seller will place such collateral with the Custody Department of the BCS in segregated sub- accounts on behalf of the Lender as collateral
  −  There is a maximum term on any lending transaction of 360 days
Day Trading
Prohibited
Daily Price Limit
- The price circuit breaker will be triggered if the share price fluctuates by 10 percent either up or down from the opening price for shares represented by ADRs or by 20 percent for all other shares
- Trading will be halted for 30 minutes while the issuing company is contacted to determine if additional information needs to be disclosed. Trading will resume once the issuing company has either released the information, or confirmed that there is no information to disclose. The stock exchanges may renew the 30 minute trading suspension for additional 30 minute periods until such time as the issuing company clarifies the situation. Once trading resumes following the price circuit breaker, additional price fluctuations will not halt trading unless the stock exchange again feels that there are facts or information that has not been disclosed by the issuing company
- There is no circuit breaker triggered on any stock exchange indexes.
Foreign Ownership Limit
- Investors domiciled in a tax haven country are restricted to a limit of annual investment of USD 500,000. This limit shall not apply if the final investor provides additional information to the Tax Authority and commits to provide further information related with its domicile or residence and the origin of the funds, upon Tax Authority request
- There are no foreign ownership limits other than the restrictions applicable to certain specific businesses (e.g., media companies and properties located near the Chilean border).
Settlement
Settlement Cycle
T+2 (Regular cash transactions)
T+3 to T+180 (Term transactions)
- Partial settlements are not allowed in the Chilean market
- Foreign investors are not allowed to be overdrawn in local currency
- Securities settlement amounts and cash payments are executed with no decimals
Equities Market Charges
Trading Fees : Exempted on Own Account
Fee levied on facilitating 3rd party


VAT: 18% on Exchange Fees & Commissions
(Alternately an upfront fee can be paid by customer for 6 months/1 year of UF 582/UF 1017 + VAT)
Commission: 0.35% to 1% negotiable
Transaction AmountRate (%)Fee (UF)
0 - UF 10,0000.5000Max 50
UF 10,000 to UF 20,0000.300030.0000
UF 20,000 to UF 60,0000.100040.0000
UF 60,000 and above0.0500Variable
Supplementary Information
Notes
Exchange website:
www.bolsadesantiago.com
Exchange website:
http://www.bolchile.cl/en/home
Source
All information sourced from the exchange website and Bloomberg.
 
Colombia Stock Exchange (Bolsa de Valores de Colombia; BVC)
Colombia (AMERICAS)
Market Information
Venue Identifier
MIC: XBOG
Time Zone
GMT-5
Instrument Code
Bloomberg: CB
Investor ID
NIT ID (Número de Identificación Tributaria) in Market
RUT ID (Registro Unico Tributario) required from Tax department for custody account
Trading Hours
X-Stream Electronic Trading (timings are aligned to NYSE)

Open: Monday - Friday
March to November

Preparation: 08:15 - 08:30 hrs (high liquidity)
Trading: 08:30 - 14:55 hrs (high liquidity); 08:30 - 14:30 hrs (low liquidity) Divided into a series of 30min auctions

November to March
Preparation: 09:15 - 9:30 hrs (high liquidity)
Trading : 09:30 - 15:55 hrs (high liquidity) ; 9:30 - 15:30 hrs (low liquidity) Divided into a series of 30min auctions
Opening Auction Details
− No Opening Auction in high liquidity, only a preparation session exists
  −  No pre-match mechanism
  −  Opening price is the opening print. In order to have a print that marks a price the print has to be for more than COP 5’250.173
Closing Auction Details
Mar – Nov: 14:55 - 15:00 hrs (high liquidity); 14:30 - 15:00 hrs (low liquidity)
Nov – Mar: 15:55 - 16:00 hrs (high liquidity); 15:30 - 16:00 hrs (low liquidity)
Last 5 minutes of the trading session is the Closing Auction (+/-60 seconds applied to both start and end of auction)
Currency
Colombian Peso (COP)
Major Market Indices
COLCAP: The main index of the Colombia Stock Exchange. It reflects the price changes for the 20 most liquid stocks at the Bolsa de Valores de Colombia (Colombia’s stock exchange), where the Adjusted Market Capitalisation for each stock determines its participation in the index
Other indices:
COL20, COLEQTY, COLSC, COLTES
Basic Information
The Colombian Securities Exchange manages the transactional system for the trading of stocks, supported on the trading platform X-Stream of Nasdaq-OMX. It also conducts Global Colombian Market which provides quotes for foreign securities listed on the Stock Exchange
Order Types Supported
Limit
Market
Market At Best
Fill or Kill
Fill and Kill
Minimum Amount

Additional Criteria:
  −  Visible: Enters the board showing only a percentage of its total amount, minimum 20%.
  −  Stop: This is triggered at the indicated price only when there are orders on the board equal to or greater than the price marked “Stop price”

Order Durations:
  −  Day; Until Cancellation; Until Date; Until Time; Immediate; Session
Stock Tick Size
PriceTick Size
0 - 100.0100
10.10 - 500.1000
50.50 - 1000.5000
101 - 10001.0000
1005 - 50005.0000
5010 - 10,00010.0000
10,020 and above20.0000
Trading Units
1 share
Block Trading
Permitted (called previously negotiated deals - orders are placed in the open market. These trades have specific rules, enquiries can be made to the exchange itself)
Odd-Lot Trading
Not applicable
Short Selling
Short selling is allowed in the market if the investor has received the security for lending via TTVs, (Naked shorts not allowed). Uptick rule applies. Collateral is managed by the Colombian Stock Exchange.
However Tax issues and operational limitations at custodian level when borrowing shares on behalf of foreign accounts makes it difficult
Day Trading
No restriction
Daily Price Limit
If COLCAP falls 10%, trading halts for 30 mins; an additional 5% fall after initial suspension causes trading to halt for the day
Stocks are divided into 3 groups with upper/lower limits (+/- 6.5%, 7.5%, and 10%)
If there is a potential match at limit, a 2.5 minute halt is triggered to determine a new price and limits (during an auction, limits are widened)
Foreign Ownership Limit
− Same rules apply to Foreign & Domestic investors
  −  Cap at 25% of voting rights of a company unless through a tender offer
  −  No more than 10% of voting shares of the BVC (Stock Exchange) can be owned by any Institution other than the Government
Settlement
Settlement Cycle
T+3
Equities Market Charges3
16% VAT on commissions; Typical broker fee is about 40 bps; No exchange fees
Supplementary Information
Notes
Exchange website: http://en.bvc.com.co/pps/tibco/portalbvc
COP is a restricted currency; all trades must settle in the local currency
There are two types of foreign investments allowed: Foreign Direct Investment and Foreign Portfolio Investment (FPI). According to Colombian regulations, all FPIs must appoint a local administrator prior to investing in Colombia and must have a segregated safekeeping account
Source
All information sourced from the exchange website and Bloomberg.
 
Mexican Stock Exchange (Bolsa Mexicana de Valores)
Mexico (AMERICAS)
Market Information
Venue Identifier
MIC: XMEX
Time Zone
GMT-6
Instrument Code
Bloomberg MM
Reuters .MX
Investor ID
Investor Identification or Registration Numbers do not apply in the Mexican market
Trading Hours
Open: Monday - Friday

Order cancellations: 07:50 to 07:59 hrs
Opening session: 08:00 to 08:29 hrs
Continuous session: 08:30 to 15:00 hrs
Market Close: 15:01 to 15:05:59 hrs
Opening Auction Details
Opening Auction: 08:00 to 08:29 hrs
Continuous Call Auction: 08:00 to 15:00 hrs
Closing Auction Details
Order entries, Modifications. Cancellations at MOC & VWAP from 08:00 to 14:40 with allocation at 15:00
Must use Market Order in Closing Auction. Short sells treated as sell in auction.
Currency
Mexican Peso (MXN)
Major Market Indices
Índice de Precios y Cotizaciones (IPC), Indice Mexico (INMEX), Total Return Index (IRT)
Basic Information
The exchange platform is owned by BMV Group, which also owns the derivative exchange MexDer and the custody agency Indeval. BMV offers multiple platforms including;
(1) Equity market: Equities are broadly divided into two categories: ordinary shares, and shares with limited vote. Issuers issue shares under various series A, A1, B, B1, C, C1, D, L, N, O, UB, UBC, UBL, ULD, and V. ‘A’ shares are for shares with full voting rights and acquirable by only Mexican nationals , B are free subscription shares with full voting rights which are open to all investors, other series refer to non voting shares or those with limited votes
(2) Global Market (Sic Capitales) : known as “International Quotation System (SIC)”, it is a platform which allows to invest in shares and Exchange Traded Funds (ETFs) whose securities have been listed offshore
Order Types Supported
Allowed in Continuous session & Auction:
Limit
Market
Market with Protection
Iceberg
Good-till-Time

Allowed in Continuous session only:
MOC
VWAP
Midpoint
Pegged (Passive & Active)
Cross Order (same broker crossing buys & sells)

Order precedence: Price-Time priority.
Stock Tick Size
Price BandTick Size
0.001 - 10.0010
1.01 and above0.0100
Trading Units
Price Band Board Lot (for price setting)
0 - 200100.0000
200 and above5.0000
Block Trading
Allowed on the floor. Also, for Iceberg orders, overall order must be at least 2000 shares. Display size must be at least 5% of order.
Odd-Lot Trading
Orders for less than 1 Board Lot are permitted. A separate odd-lot Electronic Book is established for them.
Mixed lots are split and routed to two different exchange books
Short Selling
− Short selling is allowed only for securities of high & medium marketability and shares listed in SIC Capitales
  −  Members intending to execute sell short trades must be approved by BMV. The sell short orders must be specified as proprietary, on behalf of 3rd parties or for warrant coverage
  −  Foreign and local investors can perform short selling transactions in the Mexican market
  −  However, a securities lending trade must be in place before the short selling transaction is done.
Day Trading
Allowed
Daily Price Limit
If a stock moves by 15% from the previous closing price, trading is halted at the discretion of the exchange.
Extraordinary market movement halt
This occurs if the IPC declines by 7%, 13%, or 20% (called Level 1, Level 2, and Level 3 halts respectively). Trading halts depend on the decline and time of the day, as follows:
7% decline: before 14:25 - 15-minute halt. (no halt after 14:25)
13% decline: before 14:25 - 15-minute halt. (no halt after 14:25)
20% decline: Any time - Market closes for the day
Foreign Ownership Limit
Foreign investors can hold type B, C, L, and N shares, but not A
Shares. For foreign investors to purchase restricted shares, they may place a portion of their shares in a neutral trust and receive a CPO, which strips the foreign investors of voting rights.
Areas restricted for Foreign nationals are Petroleum & basic petrochemicals, Radio broadcasting (up to 49% allowed), Banks, Brokerages, Financial group companies, Maritime activities & Aero transportation
Settlement
Settlement Cycle
T+3
Equities Market Charges1
Exchange fees and broker fees vary according to the type of security, the volume traded and the liquidity of such security.
Supplementary Information
Notes
Exchange website: https://www.bmv.com.mx/en/markets/equity
BMV is also part of MILA, an integrated stock exchange2 formed by the Santiago Stock Exchange (Chile), the Columbia Stock Exchange, the Lima Stock Exchange (Peru) and recently BMV along with the respective CSDs (Deceval, DCV, Cavali & Indeval). The main index is S&P Mila 40 Index (SPMILA).
Trading in the LATAM Integrated Market (MILA): The means of access for order routing of a foreign firm that has a correspondent contract with a member will be restricted through the Mexican Trading Station provided by BMV, and the foreign firm can only send Limit Orders
No FX/Repatriation restrictions. 10% Capital Gains Tax for Foreign investors & local individual investors. Mexico has an IGA1 in place for FATCA.
Source
All information sourced from the exchange website and Bloomberg. For additional information please see below:
1 https://www.bmv.com.mx/docs-pub/STC_MANUAL_REGLAMENTO/TARIFAS_OPERACION8e6y526w4arc40fg47t45144b6yww1.PDF
2 http://www.mercadomila.com/QuienesSomos
 
Lima Stock Exchange (Bolsa de Valores De Lima)
Peru (AMERICAS)
Market Information
Venue Identifier
MIC: XLIM
Time Zone
GMT-5
Instrument Code
Bloomberg PE
Reuters .LM
Investor ID
Cavali code needed for all investors (issued by the CCP Cavali, one ID per beneficial owner)
Trading Hours1
Open: Monday - Friday

High Liquidity SegmentLow Liquidity Segment
March - November (Winter)November-March (Summer)March - November (Winter)November-March (Summer)
Pre Opening07:30 - 08:20 hrs (**)07:30 - 09:00 hrs (***)07:30 - 08:30 hrs (***)07:30 - 09:00 hrs (***)
Regular Trading (2 sessions for HLS)08:30 - 14:52 hrs09:30 - 15:52 hrs08:30-14:30 hrs (**) (Auction)09:00 - 15:30 hrs (**)(Auction)
Closing Price Publication15:00 - 15:20 hrs (*)(***)16:00 - 16:02 hrs(*)(***)14:30 - 14:35 hrs (**)(***)15:30 - 15:35 hrs (**)(***)
Trading at Closing Price15:02 - 15:10 hrs16:02 - 16:10 hrs14:35 - 15:10 hrs 15:35 - 16:10 hrs
Post Close15:10 - 17:30 hrs (***)16:10 - 17:30 hrs(***)15:10 - 17:30 hrs(***)16:10 - 17:30 hrs (***)

(*) Ending Time is subject to a random variation with a range of 120 seconds
(**) Ending Time is subject to a random variation with a range of 300 seconds
(***) Not a “Trading” session
Opening Auction Details
08:20 - 08:30(***) - Winter
09:00 - 09:30(*) - Summer
(For high liquidity segment)
Closing Auction Details
Takes place in the last 8 minutes. Ending Time is subject to a random variation with a range of 120 seconds.
Closing prices gave a restriction of ±2% from price of Last “significant” Trade at the beginning of the Auction of the last 30 minutes before the auction
Currency
Peruvian Sol (PEN)
Major Market Indices2
Upon agreement with S&P’s major indices, Peru indices’ names were subject to revision (to some extent methodology changes were also applied):
- Former IGBVL is now published as SP/BVL PERU GEN
- Former ISBVL is now published as SP/BVL LIMA 25
- Other current major Indices on BVL:
- SP/BVL PERU SEL
- SP/BVL IBGC
Basic Information
BVL market is running a trading system provided by Millenium IT
Order Types Supported
By Type:
Limit orders
Market orders
Market to Limit orders

By Special Conditions:
Fill & Kill
Fill or Kill
Minimum Fill Qty
Iceberg Orders
Stop / Stop to Limit

By Time in Force:
Day
Good Till Cancel -GTC
Good Till Date -GTD
Good Till Time -GTT
At Opening Auction - OPG
At the close (Closing Auction) - ATC
Good for (any) Auction - GFA
Closing Price Cross - CPX

Broker Crossing: All crosses are done on BVL
- Trades can be crossed any time intraday in the market between the spread
- Once Trading at Closing Price starts, any trade closed is carried at crossing price regardless of presence of bids and offers in the book
- Trades cannot be crossed at VWAP
- Currently there is a small number of listed instruments with a designated market maker
Stock Tick Size
PriceTick Size
0- 0.5 0.0010
0.5 and above0.0100
Trading Units
- No Standard Trading unit size
- Negotiation is possible in trading units of 100; 1000; 10,000; 100,000; or 1 Mn
Block Trading
Permitted (Market is largely block driven by broker-to-broker crosses)
Odd-Lot Trading
May be available depending on the stock
Short Selling
Allowed. Investors must have secured a borrow or a previous buy order. Short sell orders are subjected to a tick test. Foreign investors can perform short selling with shares listed in the List 1 & 2 of TVR (Tabla de Valores Referenciales), which indicates the most liquid securities.
Day Trading
Day trade transactions are allowed. Fake transactions where there is no real transfer of securities are explicitly prohibited. Provided that broker firms follow specific procedure meant to identify transactions linked to Day Trade strategy, those transactions are subject to different (lower) BVL fees and Cavali fees.
Daily Price Limit
If BVL falls 7%, trading halts for at least 15 min; if BVL falls 10%, trading halts for the day. Circuit breakers for specific securities listed on the exchange are triggered whenever the price fluctuates by a certain percentage. For equities, the triggering limit is +/- 15 % based on the previous day’s closing.
The circuit breaker is designed such that the input of transaction is not allowed on ELEX system in case of severe price fluctuations
Foreign Ownership Limit
Foreign investors are restricted from participating in sectors of Aeronautics, Telecommunications and Oil (51% of the shareholding must be Peruvian)
Common Restriction: Majority shareholders of a company cannot hold directly or indirectly more than 5% of another company of the same nature
Settlement
Settlement Cycle
Normal Book: T+3
Early Settlement Book: T+0
Equities Market Charges
Equities (on exchange): Local broker fee (0-1%), BVL fee (0.021%), Guarantee fund (0.0075%), CAVALI fee (0.04095%) **, VAT (18%) ***, SMV fee (0.0135%) ****
*Transactions made by firms for their own portfolio are exempt from BVL, CAVALI and SMV fees until 31/12/2016
**CAVALI charges a minimum fee of PEN 5.00 (Approximately USD 2.00) when the settlement amount of the transaction is lower than or equal to PEN 12,210.01 (Approximately USD 4,440). Effective 01 November 2013.
***The General Sales Tax (IGV) of 18 percent is applied to the total amount of the market fees and not to the Gross Settlement Amount.
****The SMV fee is not subject to the General Sales Tax (IGV). Effective 01 November 2013.
Supplementary Information
Notes
Exchange website: http://www.bvl.com.pe/
Segregated safe keeping accounts. Each beneficial owner may only have one account in the market.
Taxation:
  −  5 percent Capital Gains Tax (CGT) applied to non-resident investors for gains generated on the Lima Stock Exchange (BVL) was eliminated in September 2015 to help volumes
  −  Financial transaction Tax of 0.005% is applicable on cash movements
Source
All information sourced from the exchange website and Bloomberg. For additional information please see below:
1 http://www.bvl.com.pe/includes/Disposiciones_Complementarias_al_Reglamento_de_Operaciones_Vigente.pdf
2 http://us.spindices.com/regional-exposure/americas/peru
 
BATS Global Markets
USA (AMERICAS)
Market Information
Venue Identifier
BATS-Z (BZX)
MIC: BATS
BATS-Y (BYX)
MIC: BATY
Time Zone
GMT-5
Instrument Code
Bloomberg UF
Reuters .Z
Bloomberg VY
Reuters .Y
Investor ID
No ID Requirements
Trading Hours
Open: Monday - Friday
Early Order Acceptance: 06:00 to 07:00 hrs
Early Trading: 07:00 - 08:00 hrs
Pre Market Trading: 08:00 - 09:30 hrs
Regular Trading Session: 09:30 to 16:00 hrs
Post Market Session: 16:00 to 17:00 hrs
Opening Auction Details
Order entry / cancellation before Opening Auction: 08:00 to 09:28 hrs EST
Opening Auction: 09:28 to 09:30 hrs
Transition to Regular Trading hours: 09:30 hrs
Unexecuted Limit & RHO orders will be transitioned to the book
Unexecuted Market RHO orders will be cancelled after opening auction

The BATS Opening/Closing Auction have been designed to efficiently maximise the number of shares executed at a single price for securities during the regular market open/close. In event of a volume based tie at multiple price levels, the auction price will be determined by the price closest to the Volume based Tie breaker. Additionally Auction prices will be collared to the collar price range as measured immediately prior to conclusion of auction
No separate Opening Auction, only an Opening process
The price of the Opening Process will be at the midpoint of NBBO
Closing Auction Details
Order entry/cancellation before Closing Auction - 08:00 to 15:55 hrs EST
LOC/MOC orders can be submitted up to
15:55 hrs EST
Closing Auction : 15:55 to 16:00 hrs EST
- Unexecuted limit RHO orders will be transitioned to the book
- Unexecuted Market RHO orders will be CANCELLED back after the opening auction

IPO/Halt Auction (conducted following a trading halt in a security)
Quote only period : 5 mins prior to Halt Auction & 15 mins prior to IPO Auction
Auction matching : updated every 5 seconds
No closing auction
Currency
US Dollar (USD)
Major Market Indices
S&P500 (Bbg: SPX)
Basic Information
BATS Global Markets is a stock exchange based in Lenexa, Kansas, United States. BATS was founded in June 2005 as an electronic communication network (ECN) and its name initially stood for Better Alternative Trading System. BATS has SRO Status.

In November 2008, BATS converted its ECN to a national securities exchange, BZX [MIC: BATS(lit); BZXD(dark)], which allowed BATS to participate in and earn market data fees from the United States consolidated tape plans, reduce its clearing costs and operate a primary listings business (BZX: OATS destination code: XZ)

In October 2010, BATS launched BYX[MIC: BATY(lit); BYXD(dark)], a second national securities exchange for trading listed cash equity securities (BYX: OATS destination code: XY)
Order Types Supported
All orders will be executed on a Price - Time Priority basis1
Market Order (to execute at NBBO, Regular Hours Order RHO) Limit Order with following Time-in-Force parameters
  −  Immediate or Cancel (IOC)
  −  Day order
  −  Good ‘til Cancel (GTC) - These are converted to Day orders
  −  Fill-or-Kill (FOK)
  −  Regular Hours Only (RHO)
Reserve Orders with replenishment (fixed/random/when it falls below round lot) Odd Lot order
Mixed lot order
BATS only order (no routing to other exchanges) Minimum quantity order
Pegged Order
Non displayed order
Inter market sweep orders
Stop Orders & Stop Limit Orders
Stock Tick Size
Price Tick Size
0 - 0.99990.0001
1 and above0.0100

Note the US is currently experimenting with a Tick Size Pilot Program which widens the minimum quoting and trading increment—sometimes called the “tick size”—for some small capitalization stocks to $0.05.
Recap of pilot rules:
  −  1200 Names across 3 groups to test whether wider tick sizes will improve liquidity in small cap names.
  −  Group 1(G1): Quoted in 5¢ increments
      −  Limit orders accepted, entered, or routed to exchanges must be priced in 5¢ increments;
      −  No change to order execution (current Reg NMS rules still apply);
      −  Executions at penny increments will be allowed in the dark pools and on upstairs desks;
      −  Midpoint executions allowed
  −  Group 2(G2): Quoted & traded in 5¢ increments
      −   Limit orders accepted, entered, or routed to exchanges must be priced in 5¢ increments
      −   Executions will need to be in 5¢ increments
      −   Exemptions include midpoint executions and negotiated trades(ex: a VWAP trade composed of more than one component trade compliant with the rule).
  −  Group 3(G3): Quoted & traded in 5¢ increments, with “Trade At” restriction
      −  Same quoting / trading restrictions and exemptions as Group 2;
      −  Also subject to the “Trade-At” requirement, which prohibits trading any non- displayed orders (on- or off-exchange) at the NBBO without first executing against the displayed orders at the top of book.
      −  Exemptions to Trade At prohibition include Block executions and Sweep & Print( Order is executed while simultaneously routing ISOs to execute against protected quotes)
  −  1200 Names with no change as part of the Control (C) Group
Trading Units
Trading unit is 1 share.
A round lot is generally 100 shares depending on security, however BRK A round lot is 10 shares
Block Trading
Allowed
Odd-Lot Trading
Allowed – Mixed lots also allowed (round lot + odd lot)
Short Selling
Allowed. All short sale orders shall be identified as “short” or “short exempt” when entered into the System. (The onus is on the member to be compliant with RegSHO)
A short sale order cannot be at a price less than or equal to the current national best bid if the price of that security decreases by 10% or more, from previous day’s closing price (“Trigger Price”). During a Short Sale Price Test, Short Sale Orders priced below the Lower Price Band shall be re-priced to the higher of the Lower Price Band or the Permitted Price

The margin accounts of customers shall have as follows:
(1) 25% of the current market value of all securities “long” in the account; plus
(2) $2.50 per share or 100% of the current market value, whichever amount is greater, of each stock “short” in the account selling at less than $5.00 per share; plus
(3) $5.00 per share or 30% of the current market value, whichever amount is greater, of each stock “short” in the account selling at $5.00 per share or above; plus
(4) 5% of the principal amount or 30% of the current market value, whichever amount is greater, of each bond “short in the account.
Day Trading
Allowed, subject to:
  −  Margin is required to be maintained on the first transaction which occurs, whether long or short
  −  No Member shall permit a public customer to effect transactions in a cash account where the cost of securities purchased is met by the sale of the same securities
  −  No Member shall permit a public customer to sell securities which are to be received against payment from another registered broker or dealer where such securities were purchased and are not yet paid for
Daily Price Limit
Market-wide trading halts occur if the S&P 500 declines by 7%, 13%, or 20% (called Level 1, Level 2, and Level 3 halts respectively). Level 1 & 2 halts can each occur only once per day. Trading halts depend on the decline and if before 15:25 (except for Level 3), as follows:
7% decline: 15-minute halt
13% decline: 15-minute halt
20% decline: Market closes for the day
Foreign Ownership Limit
No real limit except 25% cap in Aviation industry, some restrictions in maritime, communications , banks and companies related to national defence
Settlement
Settlement Cycle
T+2
Equities Market Charges
Regulatory Fees:
- Sells only; SEC transaction fee is $18.40 per million dollars traded to be paid by SRO (i.e. NYSE).
- Security Future transactions are $0.0042 for each round turn transaction (Buy & Sell)
BYX Exchange FeesPrice >= $1Price < $1
Adding Liquidity0.0019Free
Removing Liquidity-0.00050.10% of dollar value
Routing & Removing Liquidity0.00290.29% of dollar value
BZX Exchange FeesPrice >= $1Price < $1
Adding Liquidity($0.0020) - ($0.0025)Free
Removing Liquidity$0.0030.3% of dollar value
Routing & Removing Liquidity0.00300.29% of dollar value
Supplementary Information
Notes
Source
 
BATS - DirectEdge
USA (AMERICAS)
Market Information
Venue Identifier
BATS (DirectEdge) EDGX
MIC: EDGX
BATS (DirectEdge) EDGA
MIC: EDGX
Time Zone
GMT-5
Instrument Code
Bloomberg VK
Reuters .K
Bloomberg VJ
Reuters .J
Investor ID
No ID Requirements
Trading Hours
Open: Monday - Friday
Early order acceptance 06:00 to 07:00
Early Trading 07:00 to 08:00
Pre-Market Trading 08:00 to 09:30
Regular Trading Session: 09:30 to 16:00
Post Market Session: 16:00 to 20:00
Opening Auction Details
− No separate Opening Auction, only an Opening process
  −  The price of the Opening Process will be at the mid-point of NBBO
Closing Auction Details
No Closing Auction
Currency
US Dollar (USD)
Major Market Indices
S&P 500 (Bbg: SPX)
Basic Information
EDGX started as an electronic communication network (ECN) that allows traders to trade with one another directly on an exchange instead of having to go through a middleman. In 2009 DirectEdge received approval from SEC to convert EDGX to a national securities exchange and has SRO status. It was merged with BATS Global Markets in Jan 2014. It is New Jersey based.
EDGX is a market with Maker/Taker pricing model with high rebates for liquidity providers
EDGA started as an electronic communication network (ECN). In 2009 DirectEdge received approval from SEC to convert EDGA to a national securities exchange and has SRO status. It was merged with BATS Global Markets in Jan 2014. It is New Jersey based.
EDGA is a low cost exchange with Taker/ Maker pricing model and rebates for liquidity takers
Order Types Supported
All orders will be executed on a Price - Time Priority basis1
Market Order (Regular hours only RHO) variations : Stop Price/Time-in-force/Size/display Limit Order (variations: Stop Limit Price/Time-in-force/Size/Display/Reserve quantity/ Discretionary Range)
Limit orders with time-in-force restrictions allow the below;

Immediate or Cancel (IOC)
Day order
Good ‘til Cancel (GTC) ; Good ‘til Day (GTD) ; Good ‘til Extended Day (GTX)
Fill-or-Kill (FOK)
Regular Hours Only (RHO)
Pegged Order (a limit order that includes a pegged instruction cannot be rerouted to another trading centre)
Inter-market sweep orders
Stop Orders & Stop Limit Orders
Stock Tick Size
Price Tick Size
0 - 0.99990.0001
1 and above0.0100

Note the US is currently experimenting with a Tick Size Pilot Program which widens the minimum quoting and trading increment—sometimes called the “tick size”—for some small capitalization stocks to $0.05.
Recap of pilot rules:
  −  1200 Names across 3 groups to test whether wider tick sizes will improve liquidity in small cap names.
  −  Group 1(G1): Quoted in 5¢ increments
      −  Limit orders accepted, entered, or routed to exchanges must be priced in 5¢ increments;
      −  No change to order execution (current Reg NMS rules still apply);
      −  Executions at penny increments will be allowed in the dark pools and on upstairs desks;
      −  Midpoint executions allowed
  −  Group 2(G2): Quoted & traded in 5¢ increments
      −   Limit orders accepted, entered, or routed to exchanges must be priced in 5¢ increments
      −   Executions will need to be in 5¢ increments
      −   Exemptions include midpoint executions and negotiated trades(ex: a VWAP trade composed of more than one component trade compliant with the rule).
  −  Group 3(G3): Quoted & traded in 5¢ increments, with “Trade At” restriction
      −  Same quoting / trading restrictions and exemptions as Group 2;
      −  Also subject to the “Trade-At” requirement, which prohibits trading any non- displayed orders (on- or off-exchange) at the NBBO without first executing against the displayed orders at the top of book.
      −  Exemptions to Trade At prohibition include Block executions and Sweep & Print( Order is executed while simultaneously routing ISOs to execute against protected quotes)
  −  1200 Names with no change as part of the Control (C) Group
Trading Units
Trading unit is 1 share but 100 shares is a round lot
Block Trading
Allowed
Odd-Lot Trading
Allowed
Mixed lots also allowed (round lot + odd lot)
Short Selling
Allowed. All short sale orders shall be identified as “short” or “short exempt” when entered into the System. (The onus is on the member to be compliant with RegSHO)
A short sale order cannot be at a price less than or equal to the current national best bid if the price of that security decreases by 10% or more, from previous day’s closing price
(“Trigger Price”). During a Short Sale Price Test, Short Sale Orders priced below the Lower Price Band shall be re-priced to the higher of the Lower Price Band or the Permitted Price


The margin accounts of customers shall have as follows:
(1) 25% of the current market value of all securities “long” in the account; plus
(2) $2.50 per share or 100% of the current market value, whichever amount is greater, of each stock “short” in the account selling at less than $5.00 per share; plus
(3) $5.00 per share or 30% of the current market value, whichever amount is greater, of each stock “short” in the account selling at $5.00 per share or above; plus
(4) 5% of the principal amount or 30% of the current market value, whichever amount is greater, of each bond “short in the account.
Day Trading
Allowed, subject to below;
  −  Margin is required to be maintained on the first transaction which occurs, whether long or short
  −  No Member shall permit a public customer to effect transactions in a cash account where the cost of securities purchased is met by the sale of the same securities
  −  No Member shall permit a public customer to sell securities which are to be received against payment from another registered broker or dealer where such securities were purchased and are not yet paid for
Daily Price Limit
Market-wide trading halts occur if the S&P 500 declines by 7%, 13%, or 20% (called Level 1, Level 2, and Level 3 halts respectively). Level 1 & 2 halts can each occur only once per day. Trading halts depend on the decline and if before 15:25 (except for Level 3), as follows:
7% decline: 15-minute halt. 13% decline: 15-minute halt.
20% decline: Market closes for the day
Foreign Ownership Limit
No real limit except 25% cap in Aviation industry, some restrictions in maritime, communications, banks and companies related to national defence
Settlement
Settlement Cycle
T+2
Equities Market Charges
EDGA Exchange FeesPrice >= $1Price < $1
Adding Liquidity0.0003Free
Removing Liquidity0.0003Free
Routing & Removing Liquidity0.00290.30% of dollar value
EDGX Exchange FeesPrice >= $1Price < $1
Adding Liquidity-0.0020$ (0.00003)
Removing Liquidity0.00300.3% of dollar value
Routing & Removing Liquidity$0.00290.3% of dollar value
Supplementary Information
Notes
Source
All information sourced from the exchange website and Bloomberg. For additional information please see below:
1 EDGX Order details; Rule 11.8. Order Types in http://cdn.batstrading.com/resources/regulation/rule_book/EDGX_Exchange_Rulebook.pdf
2 EDGA Order details; Rule 11.8. Order Types in http://cdn.batstrading.com/resources/regulation/rule_book/EDGA_Rulebook.pdf
http://www.batstrading.com/support/fee_schedule/edgx/
http://www.batstrading.com/support/fee_schedule/edga/
 
Chicago Stock Exchange
USA (AMERICAS)
Market Information
Venue Identifier

MIC: XCHI
Time Zone
GMT-6
Instrument Code
Bloomberg UM
Reuters .MW
Investor ID
No ID Requirements
Trading Hours
Open: Monday - Friday
Early Session: 06:00 - 08:30 hrs
Regular Trading Session: 08:30 to 15:00 hrs
Late Trading session: 15:00 to 15:15 hrs
Late crossing session: 15:15 to 16:00 hrs
Opening Auction Details
No opening Auction.
CHX proposes to introduce a dark intraday auction process called SNAP (Sub-second Non- displayed Auction Process) in Spring 2016. The SNAP auction product will be available for trading from 08:35 hrs, CST to 14:55 hrs EST.
−− A SNAP Auction is conducted entirely in the dark to minimize information leakage.
There’s no visibility of the limit price, side, or size of the initiating order or the limit price, side, size, or existence of any other participating order.
−− Participants will remain totally anonymous from order submission through clearing,
unless they choose otherwise.
−− Limited relief from Rule 201 has been granted by SEC for those orders routed away
(Execution/display of a short sale order is prevented at a price less than current NBBO if the security price has decreased by 10% or more in its primary listed market)
Closing Auction Details
No Closing Auction
Currency
US Dollar (USD)
Major Market Indices
S&P 500 (Bbg: SPX), NASDAQ-100 (Bbg: NASDX:US)
Basic Information
CHX (MIC: XCHI) competes with all U.S. equity markets. CHX offers the ability to transact business in virtually all equity securities traded on NYSE, AMEX, NASDAQ, or other national securities exchanges. Publicly traded companies do not need to be listed on the CHX to be traded here. SEC rules allow the CHX to trade stocks listed on other exchanges.
The CHX operates two live Matching Engines during trading hours. One in the Chicago data centre trades many of the ETF’s that correlate to the CME futures, and another matching engine in New Jersey trades about 8200 issues. These provide routing to off-Exchange Institutional Brokers and market makers.
Order Types Supported1
Limit order
Market Order - only IOC
Cross Order

Limit orders resting on the CHX book receive execution priority in Working Price/display status/time priority
Order execution modifiers:
Benchmark
Cancel on Halt
CHX Only
Intermarket Sweep (ISO)
Midpoint Cross
Post only (a limit order modifier not allowing routing away)
Price penetrating ISO

Order display modifiers:
Always Quote (unexecuted balance gets cancelled)
Do not display (these shall be handled CHX only)
Reserve size

Order duration modifiers (Time-in-force)
Day
Fill-or-kill (FOK)
GTD
IOC
Stock Tick Size
Price Tick Size
0 - 10.0001
1 and above0.0100

Note the US is currently experimenting with a Tick Size Pilot Program which widens the minimum quoting and trading increment—sometimes called the “tick size”—for some small capitalization stocks to $0.05.
Recap of pilot rules:
  −  1200 Names across 3 groups to test whether wider tick sizes will improve liquidity in small cap names.
  −  Group 1(G1): Quoted in 5¢ increments
      −  Limit orders accepted, entered, or routed to exchanges must be priced in 5¢ increments;
      −  No change to order execution (current Reg NMS rules still apply);
      −  Executions at penny increments will be allowed in the dark pools and on upstairs desks;
      −  Midpoint executions allowed
  −  Group 2(G2): Quoted & traded in 5¢ increments
      −   Limit orders accepted, entered, or routed to exchanges must be priced in 5¢ increments
      −   Executions will need to be in 5¢ increments
      −   Exemptions include midpoint executions and negotiated trades(ex: a VWAP trade composed of more than one component trade compliant with the rule).
  −  Group 3(G3): Quoted & traded in 5¢ increments, with “Trade At” restriction
      −  Same quoting / trading restrictions and exemptions as Group 2;
      −  Also subject to the “Trade-At” requirement, which prohibits trading any non- displayed orders (on- or off-exchange) at the NBBO without first executing against the displayed orders at the top of book.
      −  Exemptions to Trade At prohibition include Block executions and Sweep & Print( Order is executed while simultaneously routing ISOs to execute against protected quotes)
  −  1200 Names with no change as part of the Control (C) Group
Trading Units
100 shares
Block Trading
Allowed
Odd-Lot Trading
Allowed
Mixed lots (>100 shares) also allowed (Board lot + odd lot).
Short Selling
Allowed
No Participant shall effect a sell order or sale of any security unless such sell order or sale is effected in compliance with RegSHO. All short sale orders shall be identified as “short” or “short exempt” when entered into the system.

A short sale order cannot be at a price less than or equal to the current NBBO if the price of that security decreases by 10% or more, from previous day’s closing price. (Only SNAP auction where the order is routed away from the exchange will be exempt)
Day Trading
− Allowed however with special Initial margin requirements (which are based on the volumes of the stock trading and can be up to 100%)
  −  No participant shall permit a retail customer to effect transactions in a cash account where the cost of securities purchased is met by the sale of the same securities.
  −  No participant shall permit a retail customer to sell securities which are yet to be
received against payment from another registered broker or dealer where such securities were purchased and are not yet paid for.
Daily Price Limit
Market-wide trading halts occur if the S&P 500 declines by 7%, 13%, or 20% (called Level 1, Level 2, and Level 3 halts respectively). Level 1 & 2 halts can each occur only once per day. Trading halts depend on the decline and if before 15:25 (except for Level 3), as follows:
7% decline: 15-minute halt.
13% decline: 15-minute halt.
20% decline: Market closes for the day
Foreign Ownership Limit
No real limit except 25% cap in aviation industry, some restrictions in maritime, communications, banks and companies related to national defence.
Settlement
Settlement Cycle
T+2
Equities Market Charges
Transaction & order processing charges (for matched & executed transactions only):
(A) Single sided orders which are round lots
Price per shareLiquidity providing creditLiquidity removing fee
≥ $1.00/share$0.0020/share$0.0030/share
< $1.00/share$0.00009/shareshare
0.30% of trade value

(B) Cross Orders of any number of shares: No charges
(C) All orders of Institutional brokers
Transaction TypePrice per shareFee
Agency≥ $1.00/share$0.0030/share up to max $100 per side
Agency< $1.00/shareNo charges
Proprietary CrossAll shares$0.0007 per share for Inst. Brokers

(D) Single sided orders which are submitted as odd lots: $0.0040 / share
Supplementary Information
Notes
Exchange website: www.chx.com

Source
All information sourced from the exchange website and Bloomberg. For additional information please see below:
1 http://www.chx.com/trading-information/order-types/
2 http://www.chx.com/regulatory-operations/rules/
 
IEX
USA (AMERICAS)
Market Information
Venue Identifier
MIC: IEXG
Time Zone
GMT-5
Instrument Code
Bloomberg VF
Reuters .F
Investor ID
No ID Requirements
Trading Hours
Open: Monday - Friday
Pre-Market Session : 08:00-09:30
Regular Trading Session : 09:30 to 16:00
Post-Market Session : 16:00 to 17:00
Opening Auction Details
No opening auction. IEX plans to introduce an auction process similar to Nasdaq’s opening auction process.
Closing Auction Details
No closing auction. IEX plans to introduce an auction process similar to Nasdaq’s opening auction process.
Currency
US Dollar (USD)
Major Market Indices
S&P 500 (Bbg: SPX)
Basic Information
IEX is a stock exchange based in the United States. IEX opened for trading on October 25, 2013 as an independent ATS(dark pool). In June 2016 the SEC approved IEX plans to
become a stock exchange. IEX has ceased ATS activity and currently operates as a US Reg NMS protected exchange since August 2016.
Order Types Supported
Market Order
Limit Order
Peg
  −  Midpoint
  −  Primary
  −  Discretionary
See IEX Rule 11.190 for additional details (https://www.iextrading.com/docs/ Investors%20Exchange%20Rule%20Book.pdf)
Stock Tick Size
Price Tick Size
0 - 10.0001
1 and above0.0100

Note the US is currently experimenting with a Tick Size Pilot Program which widens the minimum quoting and trading increment—sometimes called the “tick size”—for some small capitalization stocks to $0.05.
Recap of pilot rules:
  −  1200 Names across 3 groups to test whether wider tick sizes will improve liquidity in small cap names.
  −  Group 1(G1): Quoted in 5¢ increments
      −  Limit orders accepted, entered, or routed to exchanges must be priced in 5¢ increments;
      −  No change to order execution (current Reg NMS rules still apply);
      −  Executions at penny increments will be allowed in the dark pools and on upstairs desks;
      −  Midpoint executions allowed
  −  Group 2(G2): Quoted & traded in 5¢ increments
      −   Limit orders accepted, entered, or routed to exchanges must be priced in 5¢ increments
      −   Executions will need to be in 5¢ increments
      −   Exemptions include midpoint executions and negotiated trades(ex: a VWAP trade composed of more than one component trade compliant with the rule).
  −  Group 3(G3): Quoted & traded in 5¢ increments, with “Trade At” restriction
      −  Same quoting / trading restrictions and exemptions as Group 2;
      −  Also subject to the “Trade-At” requirement, which prohibits trading any non- displayed orders (on- or off-exchange) at the NBBO without first executing against the displayed orders at the top of book.
      −  Exemptions to Trade At prohibition include Block executions and Sweep & Print( Order is executed while simultaneously routing ISOs to execute against protected quotes)
  −  1200 Names with no change as part of the Control (C) Group
Trading Units
100  (Trading unit is 1 share but a round lot is 100 units). The round lot size is determined by the stock's primary listing exchange
Block Trading
IEX is not exclusively a block venue, but block trading does take place on IEX.
Odd-Lot Trading
All securities designated for trading are eligible for odd-lot, round-lot and mixed-lot executions, unless
otherwise indicated by the Exchange or limited pursuant to the IEX Rules.
Short Selling
Allowed, but exchange will enforce compliance with Reg SHO
Day Trading
Allowed with certain margin requirements.
Daily Price Limit
Market-wide trading halts occur if the S&P 500 declines by 7%, 13%, or 20% (called Level 1, Level 2, and Level 3 halts respectively). Level 1 & 2 halts can each occur only once per day. Trading halts depend on the decline and if before 15:25 (except for Level 3), as follows:
7% decline: 15-minute halt.
13% decline: 15-minute halt.
20% decline: Market closes for the day
Settlement
Settlement Cycle
T+2
Equities Market Charges
Transaction & order processing charges (for matched & executed transactions only:
(A) Displayed Match Fee
Price per shareLiquidity providing creditLiquidity removing fee
≥ $1.00/share$0.0003/share$0.0003/share
< $1.00/share0.30% of Total Dollar Value of transaction0.30% of Total Dollar Value of transaction

(B) Non-Displayed Match Fee
Transaction TypeFee
≥ $1.00/share$0.0009/share
< $1.00/share0.30% of Total Dollar Value of transaction

(C) Internilazation Fee : Free
(D) Routing and removing Liquidity $0.0001/share Membership : FREE
Connectivity (10G Physical Port, 1G Physical Port, Logical Port) : FREE
Market Data Fees (Internal Distribution, External Distribution, Usage Fee) : FREE
Additional Details: https://www.iextrading.com/trading/#fee-schedule
Supplementary Information
Notes
Exchange website: www.iextrading.com
Venue Enquiries: info@iextrading.com
 
NASDAQ Stock Market
USA (AMERICAS)
Market Information
Venue Identifier
NASDAQ
MIC: XNAS
The NASDAQ Stock Market LLC Consists of 3 market tiers:
(i) NASDAQ Capital Market
(ii) NASDAQ Global Market
(iii) NASDAQ Global Select
Time Zone
GMT-5
Instrument Code
(i) Bloomberg UR
Reuters .OQ
(ii) Bloomberg UQ
Reuters .OQ
(iii) Bloomberg UW
Reuters .OQ
Investor ID
No ID Requirements
Trading Hours
Open: Monday to Friday
Pre-Market Session: 04:00 - 09:30 hrs
Continuous Session: 09:30 - 16:00 hrs (Regular or Non-imbalance orders will be matched)
After-Market Session: 16:00 - 20:00 hrs
Crossing begins 10 minutes prior to close. LOC orders are treated as Imbalance-Only (IO) orders
Opening Auction Details
Pre-Market Session: 04:00 - 09:30 hrs
The pre-opening session runs from 04:00 - 09:30; during this session orders can be entered and cancelled but no matching will occur. The Calculated Opening Price (COP) is displayed and continuously updated. At the open (09:30) all matching orders are executed at a single opening trade price with remaining orders left on the continuous limit order book.
Closing Auction Details
Post-Imbalance: (15:50 - 16:00 hrs)
  −  Imbalance-only (IO) orders can be entered
  −  Continuous trading occurs, where bids and offers may be entered, amended or cancelled
  −  MOC, LOC or IO orders cannot be cancelled or modified
Closing Cross Price (16:00:00 - 16:00:05 hrs)
  −  Closing auction is conducted
  −  Auction imbalance orders are matched and the Closing Cross
Currency
US Dollar (USD)
Major Market Indices
NASDAQ Capital Market Composite Index (RCMP) NASDAQ-100 QQQ (Powershares)
NASDAQ Global Select Market Composite
Basic Information
NASDAQ Stock Market is the largest U.S equities exchange venue by volume and is divided into 3 market tiers for companies based on their market capitalisation.
Order Types Supported
Market
Non-Display
Price-to-comply
Limit
Reserve
Price-to-display
Market Peg
Discretionary
Intermarket Sweep Mid-Point Peg
Minimum Quantity (IOC Only)
Attributable
Primary Peg
Post-Only
Opening & Closing Cross
Time-In- Force
Routable
Stock Tick Size
Price Tick Size
0 - 10.0001
1 and above0.0100

Note the US is currently experimenting with a Tick Size Pilot Program which widens the minimum quoting and trading increment—sometimes called the “tick size”—for some small capitalization stocks to $0.05.
Recap of pilot rules:
  −  1200 Names across 3 groups to test whether wider tick sizes will improve liquidity in small cap names.
  −  Group 1(G1): Quoted in 5¢ increments
      −  Limit orders accepted, entered, or routed to exchanges must be priced in 5¢ increments;
      −  No change to order execution (current Reg NMS rules still apply);
      −  Executions at penny increments will be allowed in the dark pools and on upstairs desks;
      −  Midpoint executions allowed
  −  Group 2(G2): Quoted & traded in 5¢ increments
      −   Limit orders accepted, entered, or routed to exchanges must be priced in 5¢ increments
      −   Executions will need to be in 5¢ increments
      −   Exemptions include midpoint executions and negotiated trades(ex: a VWAP trade composed of more than one component trade compliant with the rule).
  −  Group 3(G3): Quoted & traded in 5¢ increments, with “Trade At” restriction
      −  Same quoting / trading restrictions and exemptions as Group 2;
      −  Also subject to the “Trade-At” requirement, which prohibits trading any non- displayed orders (on- or off-exchange) at the NBBO without first executing against the displayed orders at the top of book.
      −  Exemptions to Trade At prohibition include Block executions and Sweep & Print( Order is executed while simultaneously routing ISOs to execute against protected quotes)
  −  1200 Names with no change as part of the Control (C) Group
Trading Units
100 shares
Block Trading
Allowed on Nasdaq Capital Market tier.
A Block trade is a trade of 10,000 shares or greater.
Odd-Lot Trading
Allowed
Mixed lots also allowed (Board lot + odd lot)
Short Selling
Short selling allowed, uptick rule applies (short sales in stocks which have declined 10% from previous day’s close cannot be executed or displayed)
Clients must declare whether short sales or long sales upfront Buy-Ins :
  −  Short sales undelivered are subject to automatic buy-in on T+4
  −  Long Sales undelivered are subject to automatic buy-in on T+7
Day Trading
Allowed
Daily Price Limit
Market-wide trading halts occur if the S&P 500 declines by 7%, 13%, or 20% (called Level 1, Level 2, and Level 3 halts respectively). Level 1 & 2 halts can each occur only once per day. Trading halts depend on the decline and if before 15:25 (except for Level 3), as follows:
7% decline: 15-minute halt.
13% decline: 15-minute halt.
20% decline: Market closes for the day
Foreign Ownership Limit
No real limit except 25% cap in aviation industry, some restrictions in maritime, communications, banks & companies related to national defence.
Settlement
Settlement Cycle
T+2
A market maker shall clear & settle transactions in NASDAQ securities (other than securities in SOES) through the facilities of a registered clearing agency (where clearing facilities are located within 25 miles of the market maker) that uses a continuous net settlement system.
Equities Market Charges2
Fees to remove liquidity
(1) where price≥ $1: $0.0030 per share
(2) where price< $1: 0.30% of total dollar value

Rebates for adding liquidity:
(1) where price≥ $1: ranging from $0.00305 to $0.0020 per share depending on type of share, and liquidity added. Maximum rebate is $0.00305, however it can go up to $0.00325 with additional rebates from QMM/ISP program-specific tiers
(2) Adding Displayed retail liquidity : $0.0034
(3) Adding to Non-displayed Midpoint Liquidity (where price ≥ $1): ranging from $0.0025 to
$0.0010 depending on type of share and liquidity added
(4) Adding supplemental liquidity : $0.0018 (for >1mn shares), $0.0015 (for <1 mn shares)
(5) No rebate for adding liquidity to shares where price <$1
Supplementary Information
Notes
Exchange websites: http://www.nasdaqtrader.com/Trader.aspx?id=TradingUSEquities
NASDAQ Capital Market (formerly the NASDAQ Small Cap Market, MIC:XNCM) is an equity market for companies that have relatively small levels of market capitalisation. Listing requirements for such “small cap” companies are less stringent than for other Nasdaq markets that list larger companies with significantly higher market capitalisation.
NASDAQ Global Market (mid cap, formerly the NASDAQ National Market, MIC:XNMS) is made up of stocks that represent the NASDAQ Global Market. The NASDAQ Global Market consists of 1,450 stocks that meet NASDAQ’s strict financial and liquidity requirements, and corporate governance standards. The Global Market is less exclusive than the Global Select Market.
NASDAQ Global Select Market (NASDAQ-GS large cap,MIC:XNGS) is a market capitalisation-weighted index made up of US-based and international stocks that represent the NASDAQ Global Select Market Composite. The NASDAQ Global Select Market consists of 1,200 stocks that meet NASDAQ’s strict financial and liquidity requirements and corporate governance standards.
Source
All information sourced from the exchange website and Bloomberg. For additional information please see below:
1 http://nasdaqtrader.com/content/ProductsServices/Trading/OrderTypesG.pdf
2 http://www.nasdaqtrader.com/Trader.aspx?id=PriceListTrading2
 
NASDAQ OMX (U.S. Equities)
USA (AMERICAS)
Market Information
Venue Identifier
NASDAQ OMX BX1
MIC: XBOS
NASDAQ OMX PSX
MIC: XPSX
Time Zone
GMT-5
Instrument Code
Bloomberg UB
Reuters .B
Investor ID
No ID Requirements
Trading Hours
Open: Monday to Friday
Pre-Market Session: 07:00 - 09:30 hrs
Continuous Session: 09:30 -16:00 hrs
After-Market Session: 16:00 -19:00 hrs
Crossing begins 10 minutes prior to close of continuous / regular hours. LOC orders are treated as Imbalance-Only (IO) orders
Opening Auction Details
No real pre-opening auction except for the pre-market session.
Closing Auction Details
No Closing Auction
Currency
US Dollar (USD)
Major Market Indices
NASDAQ-100
Basic Information
Formerly the Boston Stock Exchange3 NASDAQ BX is a Reg NMS protected quote featuring a price/time priority market structure and popular trading functionality. With a rebate to remove liquidity, BX offers attractive economics for liquidity takers. This pricing structure creates opportunities for adders of liquidity as well, providing a way to maximise execution possibilities.
Order Types Supported
Matching Logic: Price/Time Priority4
Market
Limit
Market Peg
Mid-Point Peg
Primary Peg
Time-In-Force
Non-Display
Reserve
Discretionary
Minimum Quantity (IOC Only)
Post-Only
Price-to-comply
Price-to-display
Intermarket Sweep
Stock Tick Size
Price Tick Size
0 - 10.0001
1 and above0.0100

Note the US is currently experimenting with a Tick Size Pilot Program which widens the minimum quoting and trading increment—sometimes called the “tick size”—for some small capitalization stocks to $0.05.
Recap of pilot rules:
  −  1200 Names across 3 groups to test whether wider tick sizes will improve liquidity in small cap names.
  −  Group 1(G1): Quoted in 5¢ increments
      −  Limit orders accepted, entered, or routed to exchanges must be priced in 5¢ increments;
      −  No change to order execution (current Reg NMS rules still apply);
      −  Executions at penny increments will be allowed in the dark pools and on upstairs desks;
      −  Midpoint executions allowed
  −  Group 2(G2): Quoted & traded in 5¢ increments
      −   Limit orders accepted, entered, or routed to exchanges must be priced in 5¢ increments
      −   Executions will need to be in 5¢ increments
      −   Exemptions include midpoint executions and negotiated trades(ex: a VWAP trade composed of more than one component trade compliant with the rule).
  −  Group 3(G3): Quoted & traded in 5¢ increments, with “Trade At” restriction
      −  Same quoting / trading restrictions and exemptions as Group 2;
      −  Also subject to the “Trade-At” requirement, which prohibits trading any non- displayed orders (on- or off-exchange) at the NBBO without first executing against the displayed orders at the top of book.
      −  Exemptions to Trade At prohibition include Block executions and Sweep & Print( Order is executed while simultaneously routing ISOs to execute against protected quotes)
  −  1200 Names with no change as part of the Control (C) Group
Trading Units
100 shares
Block Trading
Allowed
Non-displayed orders are lower in priority than displayed orders
Allowed
Odd-Lot Trading
Allowed
Mixed lots also allowed (Board lot + odd-lot)
Short Selling
Allowed
No Participant shall effect a sell order or sale of any security unless such sell order or sale is effected in compliance with RegSHO; all short sale orders shall be identified as “short” or “short exempt” when entered into the System.
A short sale order cannot be at a price less than or equal to the current NBBO if the price of that security decreases by 10% or more, from previous day’s closing price.
Short sales undelivered are subject to automatic buy-in on T+4
Day Trading
Allowed
Daily Price Limit
Market-wide trading halts occur if the S&P 500 declines by 7%, 13%, or 20% (called Level 1, Level 2, and Level 3 halts respectively). Level 1 & 2 halts can each occur only once per day. Trading halts depend on the decline and if before 15:25 (except for Level 3), as follows:
7% decline: 15-minute halt.
13% decline: 15-minute halt.
20% decline: Market closes for the day
Foreign Ownership Limit
No real limit except 25% cap in aviation industry, some restrictions in maritime, communications, banks and companies related to national defence.
Settlement
Settlement Cycle
T+2
Long Sales undelivered are subject to automatic buy-in on T+7 (short sales on T+4)
Equities Market Charges2
NASDAQ OMX BX
Fees to add displayed liquidity
(1) where price≥ $1 : ranging from $0.0013 to
$0.0020 per share depending on type of share, and liquidity added
(2) Adding to Non-displayed Midpoint Liquidity: $0.005 to $0.0015
(3) Adding to other Non-Displayed Liquidity :
$0.0024 to $0.0030
(4) Fee for Retail Price Improvement (RPI) which provides liquidity : $0.0025

Rebates for removing Liquidity
(1) Ranges between $0.0017 to $0.0015
(2) Rebate to remove midpoint liquidity: No rebate
(3) Rebate for retail order removing RPI liquidity: $0.0025
NASDAQ OMX PSX
Fees to remove liquidity7
(1) where price≥ $1 : $0.0026 to $0.0028 per share depending on tape (A/B/C)
(2) where price< $1: 0.20% of total dollar value

Rebates for adding liquidity
(1) where price≥ $1 : ranging from $0.0028 to $0.0020 per share depending on type of share, and displayed liquidity added
(2) Adding to Non-displayed Midpoint Liquidity (where price ≥ $1) : $0.0023
(3) No rebate for adding liquidity to shares where price <$1
Supplementary Information
Notes
Venue enquiries: sales@nasdaq.com
Source
 
New York Stock Exchange (NYSE)
USA (AMERICAS)
Market Information
Venue Identifier
MIC: XNYS
Time Zone
GMT-5
Instrument Code
Bloomberg UN
Reuters .N
Investor ID
No ID Requirements
Trading Hours
Open: Monday to Friday
Continuous Trading: 09:30 to 16:00 hrs
Program Trades crossing session (Electronic Filing Program EFP): 16:00 - 18:30 hrs
Opening Auction Details
Submission of MOO/LOO: 07:30 to 09:30 (NYSE)
Closing Auction Details
Submission of MOC/LOC: Before 15:45
Closing Offset (CO) orders may be entered anytime before 4:00 pm.
Currency
US Dollar (USD)
Major Market Indices
S&P 500 (Bbg: SPX), DJIA (Bbg: INDU),
NYSE Composite (Bbg: NYA)
Basic Information
The parent company of NYSE (MIC: XNYS) is NYSE Euronext. NYSE trades more than one- third of the world’s cash equity volume using all-electronic, block, anonymous, and hybrid trading models.
Equity products are Common stock, preferred stock, ADRs, warrants, rights.
The cornerstone of the NYSE market model is the Designated Market Maker (DMM).
Formerly known as “Specialists”, DMMs have obligations for maintaining fair and orderly markets for their assigned securities. They operate both manually and electronically
to facilitate price discovery during market openings, closings and during periods of substantial trading imbalances or instability with a “high touch” approach.
Order Types Supported
With Price-Time Priority1
Immediate or Cancel (IOC)
Market Order
Limit Order
Auction Orders (MOO/LOO ; MOC/ LOC & Closing Offset)
Reserve Orders (limit orders with minimum displayed amount & non- displayed amount which replenishes the displayed amount after each execution)
Stop Order
Good Till Cancel Order
Agency Cross
Undisplayed Price
Stock Tick Size
Price Tick Size
0 - 10.0001
1 and above0.0100

Note the US is currently experimenting with a Tick Size Pilot Program which widens the minimum quoting and trading increment—sometimes called the “tick size”—for some small capitalization stocks to $0.05.
Recap of pilot rules:
  −  1200 Names across 3 groups to test whether wider tick sizes will improve liquidity in small cap names.
  −  Group 1(G1): Quoted in 5¢ increments
      −  Limit orders accepted, entered, or routed to exchanges must be priced in 5¢ increments;
      −  No change to order execution (current Reg NMS rules still apply);
      −  Executions at penny increments will be allowed in the dark pools and on upstairs desks;
      −  Midpoint executions allowed
  −  Group 2(G2): Quoted & traded in 5¢ increments
      −   Limit orders accepted, entered, or routed to exchanges must be priced in 5¢ increments
      −   Executions will need to be in 5¢ increments
      −   Exemptions include midpoint executions and negotiated trades(ex: a VWAP trade composed of more than one component trade compliant with the rule).
  −  Group 3(G3): Quoted & traded in 5¢ increments, with “Trade At” restriction
      −  Same quoting / trading restrictions and exemptions as Group 2;
      −  Also subject to the “Trade-At” requirement, which prohibits trading any non- displayed orders (on- or off-exchange) at the NBBO without first executing against the displayed orders at the top of book.
      −  Exemptions to Trade At prohibition include Block executions and Sweep & Print( Order is executed while simultaneously routing ISOs to execute against protected quotes)
  −  1200 Names with no change as part of the Control (C) Group
Trading Units
100 (Trading unit is 1 share but a round lot is 100 units)
Block Trading
Permitted
Odd-Lot Trading
Allowed.
Mixed lots also allowed (Board lot + odd lot)
Short Selling
Short selling allowed, uptick rule applies, Dealer must declare short sell & stock locateShort selling allowed, uptick rule applies (short sales in stocks which have declined 10% from previous day’s close cannot be executed or displayed)
Clients must declare whether short sales or long sales upfront
Day Trading
Allowed. Pattern Day Trades (making >3 day trades in 5 business days) will have to maintain assets of minimum $25000 in the accountAllowed
Daily Price Limit
Market-wide trading halts occur if the S&P 500 declines by 7%, 13%, or 20% (called Level 1, Level 2, and Level 3 halts respectively). Level 1 & 2 halts can each occur only once per day. Trading halts depend on the decline and if before 15:25 (except for Level 3), as follows:
7% decline: 15-minute halt.
13% decline: 15-minute halt.
20% decline: Market closes for the day.
Foreign Ownership Limit
No real limit except 25% cap in Aviation industry, restrictions in maritime, communications, banks & companies related to national defence.
Settlement
Settlement Cycle
T+2
Buy-Ins :
  −  Long Sales not delivered by T+6 are subject to auto buy-ins on T+7
  −  Short sales are subject to automatic buy-in on T+4
Stocks below $5 are non-marginable.
Equities Market Charges2
Regulatory Fees:
  −  Sells only; SEC transaction fee is $18.40 per million dollars traded to be paid by SRO (i.e. NYSE).
  −  Security Future transactions are $0.0042 for each round turn transaction (Buy & Sell)

NYSE Exchange Fee: Only on brokers/ market makers - ranging from $0.003 per equity share; capped at $30,000 per month per member.

NYSE Market Exchange Fee:
Provide: Range from ($0.0015) - ($0.0022) per share
Take: $0.00275 per share
Supplementary Information
Notes
Source
 
NYSE ARCA Equities
USA (AMERICAS)
Market Information
Venue Identifier
MIC: ARCX
Time Zone
GMT-5
Instrument Code
Bloomberg UP
Reuters .P
Investor ID
No ID Requirements
Trading Hours
Open: Monday to Friday
Pre-Opening Session: 03:30 hrs
Opening Session: 04:00 to 09:30 hrs
Core Trading Session: 09:30 to 16:00 hrs
Extended Hours: 16:00 to 20:00 hrs (Portfolio crossing orders are executed at the conclusion of extended trading hours)
Opening Auction Details
Opening Auction - 04:00 hrs
  −  Orders are accepted from 3:30 till 4:00 hrs
  −  Occurs at Indicative Match Price (the price at which the maximum volume of orders is executable at the time of auction). In case of more than one price, the auction will use the price closest to the previous closing price.
Market Order Auction - 09:30 hrs
  −  Serves as a bridge between opening session and core trading session
  −  This is for Limit orders, Market orders and auction-only limit orders
  −  Market order auction will use the match price closest to the closing price of the previous trading day if more than one indicative match price is valid
  −  This auction will execute at a single price at 9:30 hrs and will release all unexecuted orders into the core trading session)
Closing Auction Details
16:00 hrs
Currency
US Dollar (USD)
Major Market Indices
NYSE Arca Gold Bugs Index (HUI), NYSE Arca Oil Index (XOI), NYSE Arca Major Comp Vol Index (VOLCXMI), NYSE Arca Global Airlines Index (AXGAL)
Basic Information
NYSE Arca, previously known as ArcaEx, is a securities exchange on which both stocks and options are traded. NYSE Arca operates a fully-electronic exchange trading more than
8,000 exchange-listed securities, including listings on NYSE and Nasdaq. NYSE Arca utilises competing Market Makers and delivers the benefits of both displayed and non-displayed liquidity.
NYSE Arca is owned by ICE & headquartered in Chicago
Order Types Supported1
Immediate or Cancel - IOC (Limit/ Market/ Retail / Midpoint)
Displayed Limit -excludes Reserve (Routable & Non-Routable)
Displayed Limit Reserve
Non Displayed Limit (passive liquidity/ MPL ALO/ Limit Fill or Kill, Tracking orders)
Auction Orders (MOO/LOO; MOC/ LOC )
Stock Tick Size
Price Tick Size
0 - 10.0001
1 and above0.0100

Note the US is currently experimenting with a Tick Size Pilot Program which widens the minimum quoting and trading increment—sometimes called the “tick size”—for some small capitalization stocks to $0.05.
Recap of pilot rules:
  −  1200 Names across 3 groups to test whether wider tick sizes will improve liquidity in small cap names.
  −  Group 1(G1): Quoted in 5¢ increments
      −  Limit orders accepted, entered, or routed to exchanges must be priced in 5¢ increments;
      −  No change to order execution (current Reg NMS rules still apply);
      −  Executions at penny increments will be allowed in the dark pools and on upstairs desks;
      −  Midpoint executions allowed
  −  Group 2(G2): Quoted & traded in 5¢ increments
      −   Limit orders accepted, entered, or routed to exchanges must be priced in 5¢ increments
      −   Executions will need to be in 5¢ increments
      −   Exemptions include midpoint executions and negotiated trades(ex: a VWAP trade composed of more than one component trade compliant with the rule).
  −  Group 3(G3): Quoted & traded in 5¢ increments, with “Trade At” restriction
      −  Same quoting / trading restrictions and exemptions as Group 2;
      −  Also subject to the “Trade-At” requirement, which prohibits trading any non- displayed orders (on- or off-exchange) at the NBBO without first executing against the displayed orders at the top of book.
      −  Exemptions to Trade At prohibition include Block executions and Sweep & Print( Order is executed while simultaneously routing ISOs to execute against protected quotes)
  −  1200 Names with no change as part of the Control (C) Group
Trading Units
100 shares
Block Trading
Permitted
Odd-Lot Trading
Allowed.
Mixed lots also allowed (Board lot + odd lot)
Short Selling
Allowed. But must be marked up front as Long sale or short sale.
Arca systems will not execute/display a short sale order at a price that is less than or equal to the current national best bid if the price of that security decreases by 10% or more, from previous day’s closing price (“Trigger Price”).
Day Trading
Allowed
Daily Price Limit
Market-wide trading halts occur if the S&P 500 declines by 7%, 13%, or 20% (called Level 1, Level 2, and Level 3 halts respectively). Level 1 & 2 halts can each occur only once per day. Trading halts depend on the decline and if before 15:25 (except for Level 3), as follows:
7% decline: 15-minute halt
13% decline: 15-minute halt
20% decline: Market closes for the day
Foreign Ownership Limit
No real limit except 25% cap in aviation industry, some restrictions in maritime, communications, banks and companies related to national defence.
Settlement
Settlement Cycle
T+2
Equities Market Charges2
Regulatory Fees:
  −  Sells only; SEC transaction fee is $18.40 per million dollars traded to be paid by SRO (i.e. NYSE)
  −  Security Future transactions are $0.0042 for each round turn transaction (Buy & Sell)

Exchange Fees2:
Provide: Range from ($0.0025) - ($0.0029) per share, Take: $0.003 per share
Supplementary Information
Notes
Source