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Prague Stock Exchange (PSE)

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Prague Stock Exchange (PSE) Exchange Information Country Czech Republic Contact Details Web: http://www.pse.cz Rybna 14, 110 05 Prague Czech Republic Tel: +420 221 831 111 Trading Hours 07:30-16:00 ...

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Prague Stock Exchange (PSE) Exchange Information Country Czech Republic Contact Details Web: http://www.pse.cz Rybna 14, 110 05 Prague Czech Republic Tel: +420 221 831 111 Trading Hours 07:30-16:00 CET Currencies Quoted CZK (Czech Koruna) Routing Link Status Automated Other Equities Exchanges in Country None Overview of Market Structure: The PSE system combines both quote ("SPAD") and order driven systems ("KOBOS") that run in parallel. SPAD (based on the liquidity of market makers) is much more liquid than the order driven system in the eight blue chips which attract 90% of order flow. Trading Schedule Market Hours:  09.30 to 16:00 SPAD:  The Stock Market Support System (known as the "SPAD" system, further "SPAD") is a price- driven trading system based on the activity of market makers. Trading Schedule Time Action Pre-Trading 07.30-09.30 Closed trading session for OTC reporting Open Trading Session 09.30-16:00 Each SPAD security has a minimum of three market makers quoting prices. Market makers are required to quote a buy and a sell price at all times for a standardised number of shares (round lot or its multiple). The PSE Trading Committee sets a maximum bid-offer spread for each instrument. Once a given market makers quote becomes the best bid or offer available within SPAD,  it becomes binding for that market maker. Quotes worse than the current best quotes within SPAD are non-binding and indicative only. After the best quote is hit/taken and a trade recorded, the respective market maker is allowed a maximum of 3 minutes to recalculate positions and reset their quotes. After a trade, the second best indicative quote of another market maker will immediately become the best quote and is binding from that moment on, until that quote is hit/taken too, or until a better quote appears within SPAD. End of day 16:00-17:00 End-of-day technical system shutdown. PSE price ...

Source: www.instinet.com

 

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