Trading in Euronext listed debt instruments takes place on the basis of the UTP (Universal Trading Platform) central order book, via one order book per issue. Orders are executed in keeping with the principle of price-time priority.
The trading day in the central order book is subdivided into five periods:
Orders can be entered, modified, cancelled but no execution takes place. A theoretical opening price (TOP) is calculated and disseminated for all securities. The market depth is visible: the five best limits and market sheet updates are disseminated.
UTP determines the best possible price to fill the maximum number of orders. Other calculation criteria may be applied if necessary. Once the opening price has been calculated, the orders are executed, minimising the number of trades produced. The opening price corresponds to the last TOP disseminated.
Orders can be entered, modified or cancelled in the order book. Incoming orders are executed in real-time as soon as an opposite order is available at the relevant price. The five best limits and market sheet updates are disseminated in real-time. All price updates, and transaction data are disseminated in real-time.
Matching of all the orders accumulated during the five minutes of the pre-closing period, which precedes the closing auction.
During this phase, orders can be entered and matched at the last-traded price and only at that price. Orders can be cancelled.
|Mode||Type||Pre-opening||Trading||Closing||Trading at Last|
|Double Auction||All||07:15||12:00 & 17:00||-||12:00-12:30 & 17:00-17:30|
|Double Action||All||07:15||11:30 & 16:30||-||11:30-12:00 & 16:30-17:00|