What is an auction?
Contributor: London Stock Exchange |
An auction is a period where no automatic execution takes place in order to concentrate available liquidity. During an auction call period, orders can be entered, modified or deleted. Following the auction call period an auction uncrossing takes place. The auction uncrossing generates the auction uncrossing price. The opening auction sets the opening trading price in a SETS security. The opening auction call period starts at 7.50am and the opening auction ends at 8.00am, subject to 30-second random period(s) and any price extensions or market order extensions. The closing auction sets the closing price in a SETS security. The closing auction call period starts at 4.30pm and the closing auction ends at 4.35pm, subject to 30-second random period(s) and any price or market order extensions.