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Exchange auction

What is an exchange auction

An auction is a securities exchange system for continuous daily trading where submitted instructions change current bids and offers for securities meeting legally-required conditions for registered securities. Stocks, certificates and bonds traded on the RM-SYSTÉM stock exchange must be registered and cannot have any assignment limits set by the issuer. If there are more bid or buy instructions (bids), the price increases, if there are more offer or sell instructions (offers) the price drops.

The auction is composed of rounds. The first round is the initial (and opening) auction at 9:00 when all unsettled instructions from the previous day are matched with market-issued instructions from the closed period after the end of the previous trading day.

After the completion of the first auction, on-line trading begins, from 9:00 to 17:00. Here, the market is open and each investor can immediately react to the effects of bids and offers on securities.

Details can be found in the technical conditions (available only in CZ).

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