Xetra trading system serves for:
- matching transactions in the order book
- matching transactions outside the order book
Trading represents a period within a trading day in which orders can be entered ant matched through the trading system.
The beginning and end of each trading phase in a particular trading session is defined by the Zagreb Stock Exchange Trading Manual (in Croatian).
Xetra trading system allows the following trading procedures:
- continuous trading,
- low liquidity trading and
- continuous auction.
Every 6 (six) months the Exchange conducts a classification of shares for continuous trading and others to be traded via auctions on the basis of the liquidity criteria which includes daily turnover and number of transactions executed in order book trading.
List of shares traded under a low liquidity trading procedure and continuous trading procedure is published first Friday in every term.
Continuous trading consists of the opening auction, continuous trading, intraday auction and closing auction.
Low liquidity trading
Low liquidity trading procedure is intended for less liquid stocks.
Low liquidity trading procedure consists of the same phases as Continuos trading model. The main difference is duration of both specific trading phases and volatility interruption.
In case extended volatility auction is triggered for a share in a low liquidity trading procedure, extended volatility lasts until the end of that trading day when orders will be executed, if possible.
List of shares under a low liquidity trading procedure and continuous trading procedure from January 7th 2020: