At the Open & Opened Operations
1- During 'At the Open', an opening price is chosen in accordance with the 'Opening Algorithm'. The calculated opening price is intended to create the largest volume of trade.
2- Once the opening price is chosen, all the orders that can execute at this price will take place.
3- 'At the Open', the aggressive side is designated as the "balanced side"; i.e. the side that will be completely traded in the open.
4- When the bid volume and the offer volume are the same, both sides will be completely traded. In this case, the side with the earliest order will be chosen as the aggressive side.
5- The allocation of orders during 'At the Open' is based on the following :
a) Allocation at better than opening price — Once the opening price is selected, all market orders will be fully traded, followed by limited orders at better than opening price, taking into consideration the source of order, priority and the cross priority.
b) Shared allocation at the opening price — Once all market orders and limit orders i.e., at better than opening price are fully traded, the remaining volume will be allocated on the board lots between the numbers of the remaining orders on the opposite side. The allocation is made in the order of the FIFO method.
c)
(iii) Orders not completely filled — All orders entered during the Pre-Opening have a time priority based on the actual time of entry. For orders not completely filled during 'At the Open', this time priority is maintained thereafter during the trading day.
d) Trading done during 'At the Open' on the basis of cross priority has no effect at all on the calculation of the trades for the shared allocation of any remaining volume. Shared allocation of remaining volume is done strictly on the basis of the number of orders on the opposite side of the market from the remaining volume on the designated aggressive side.
6- At the completion of the Opening Algorithm, the market will be open for normal continuous trading. Each new order, revision (CFO), or cancellation will be processed by the system on arrival. If an order cannot be executed immediately, it will be queued in accordance with the Priority of Orders for Execution-Queue Priority mentioned earlier.