Call auction in pre-open session introduced for benchmark scrips; establishes price discovery, order priority and dissemination rules. A pilot call auction is to be introduced in the pre-open session for benchmark index scrips, with segmented order entry, matching and buffer phases, random closure during order entry, admission of limit and market orders within a price band, continuation of the cash market risk framework, and dissemination of indicative equilibrium price and cumulative quantities. Equilibrium price selection prioritises maximum tradable volume, then minimum imbalance and proximity to prior closing; order execution gives precedence to limit orders, and unmatched orders shift to the continuous market under time priority. Exchanges must implement systems, amend rules, notify members and obtain regulator approval; the framework is reviewable after three months.
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Call auction in pre-open session introduced for benchmark scrips; establishes price discovery, order priority and dissemination rules.
A pilot call auction is to be introduced in the pre-open session for benchmark index scrips, with segmented order entry, matching and buffer phases, random closure during order entry, admission of limit and market orders within a price band, continuation of the cash market risk framework, and dissemination of indicative equilibrium price and cumulative quantities. Equilibrium price selection prioritises maximum tradable volume, then minimum imbalance and proximity to prior closing; order execution gives precedence to limit orders, and unmatched orders shift to the continuous market under time priority. Exchanges must implement systems, amend rules, notify members and obtain regulator approval; the framework is reviewable after three months.
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