PCSU – Trading Program
09:30 Auction session opening
09:30 – 10:00 Open auction stage
- Buyer-participants can introduce in the PCSU IT Platform buying offers for the trading product/products of interest at the auction opening price/prices;
- Seller-participants can introduce in the PCSU IT Platform selling offers for the product/products of interest at prices lower/equal to/greater than the auction opening price/prices;
- Throughout this stage, participants can introduce, modify, suspend/activate and/or cancel their own sell/buy offers;
- All offers in the market can be viewed; buy offers are ordered decreasing and sell offers are ordered increasing. In case of several offers of same type (buy/sell), with the same price, the ordering is based on the timestamp;
- The identity of the participants remains anonymous throughout the auction session;
- There is no matching of buy offers with sell offers.
10:00 – 10:10 Trades conclusion after auction session stage
- PCSU Participants cannot introduce/modify/cancel their own offers;
- Matching of market offers. The price at which transactions are concluded is the price of the sell offers;
- Transactions can be viewed.
10:10 - 10:30 Break
- PCSU Participants cannot introduce/modify/cancel their own offers.
10:30 – 12:00 Continuous negotiation stage
- Both buyer-participants and seller-participants can enter, modify, suspend / activate and / or cancel their own buy / sell offers;
- Buy/sell offers can have prices lower/equal to/greater than the auction opening price/prices for the trading product/products of interest;
- Sell offers are continuously and automatically matched with buy offers as with the introduction and/or modification of a new offer the condition of price compatibility is met;
- Offers matching considers the price and timestamp of each offer;
- The price at which a transaction will be concluded is the price of the newly introduced offer on the market, contrary to the existing one at the best price, compatible with it and having the best price;
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