Trading Hours

The trading phases and market timing for the different products are set out below:

The trading phases can be explained as follows:

PRE OPENING

• Orders can be entered, modified and deleted
• The system broadcasts a dynamically calculated price known as Theoretical
  Opening Price (TOP) (Appendix 1 outlines the principles of TOP
  calculation)
• Information is broadcasted to the market based on orders & quotes in the
  order book.

OPENING AUCTION

• No orders/quotes can be entered or changed
• Opening Price and contract volume matched are disseminated
• Opening Price is the last TOP calculated before matching
• From the Opening Auction phase, the system will automatically move to the
  Continuous Trading phase
• If no matching occurs in the opening auction phase, the price of the first
  trade executed in the main trading session is designated as the Opening
  Price.

CONTINUOUS TRADING

• Orders can be entered, modified and deleted
• Trading takes place on a continuous basis
• Each incoming order is checked immediately for possible execution
• Unexecuted portion of an order is added to the order book, subject to the
  validity and execution condition
• Matching will be based on Price and Time Priority.

PRE CLOSING

• Same as Pre Opening
• Starts immediately after the Continuous Trading phase
• All orders entered will be automatically updated in the order book without
  giving rise to trades
• TOP is calculated each time a new order is entered into the order book
• TOP is disseminated to all market participants.

CLOSING AUCTION

• Same as Opening Auction
• The Closing Price for each instrument at the close of each trading session is
  defined at this phase
• In the event that no execution of trades takes place in this phase, the last
  price transacted during the Continuous Trading Phase will be used as the
  Closing Price.