Past version: Effective from 24 Feb 2014 to 15 Sep 2016
The market phases are as follows:—
(1) Pre-Open/Pre-Close
This phase allows order entry, reduction in order size and withdrawal of orders but no matching of orders.
This phase allows order entry, reduction in order size and withdrawal of orders but no matching of orders.
(2) Non-Cancel
No order entry and amendment are allowed in this phase. All existing orders are matched at a single price according to the algorithm set by SGX-ST. All unmatched orders, except at the close of trading, are carried over to the next phase. All unmatched orders following the non-cancel phase at the close of trading will lapse.
No order entry and amendment are allowed in this phase. All existing orders are matched at a single price according to the algorithm set by SGX-ST. All unmatched orders, except at the close of trading, are carried over to the next phase. All unmatched orders following the non-cancel phase at the close of trading will lapse.
(3) Trading
This phase allows order entry, reduction in order size and withdrawal of orders. All orders are matched in accordance with price priority, subject to Rule 8.10A, followed by time priority.
This phase allows order entry, reduction in order size and withdrawal of orders. All orders are matched in accordance with price priority, subject to Rule 8.10A, followed by time priority.
(4) Adjust
This phase allows order entry, reduction in order size and withdrawal of orders. At the end of the phase, orders will be matched at a single price based on the algorithm set by SGX-ST. All unmatched orders will be carried over to the next phase.
This phase allows order entry, reduction in order size and withdrawal of orders. At the end of the phase, orders will be matched at a single price based on the algorithm set by SGX-ST. All unmatched orders will be carried over to the next phase.
Refer to Practice Note 8.2.2.
Amended on 24 February 201424 February 2014.