General SETS question

Oct 28, 2006
40
4
18
Chelmsford
#1
Perhaps someone can help me out with this basic question on the stock exchange.

The SETS trading day opens at 07:15, the auction call is at 07:50 and the Normal market starts at 08:00.

What happens between 07:15 and 07:50? :confused:
 
May 13, 2004
122
5
28
Manchester
#2
Nearly. The SETS order book allows you to enter orders from 07:50, these orders sit in the book until 8:00am (unless there is an extension due to a price move or large market order that cannot be filled) at which point all orders that can be matched are matched and the auction uncrosses. This is your open price.

Brokers may fill orders prior to 07:50, but these are traded behind the order book.