SECURITIES MARKET PHASES

sunandaC

New member
SECURITIES MARKET PHASES


The system is normally made available for trading on all days except Saturdays, Sundays and other holidays. Holidays are declared by the exchange from time to time. A trading day typically consists of a number of discrete stages as explained in the subsequent section.

1 Opening

The trading member can carry out the following activities after login to the NEAT system and before the market opens for trading.

• Set up Market Watch (the securities which the user would like to view on the screen)

• Viewing Inquiry screens.

At the point of time when the market is opening for trading, the trading member cannot login to the system. A message “Market status is changing. Cannot logon for sometime.” is displayed. If the member is already logged in, he cannot perform trading activities till market is opened.

2 Open Phase

The open period indicates the commencement of trading activity. To signify the start of trading, a message is sent to all the trader workstations. The market open time for different markets is notified by the Exchange to all the trading members.

Order entry is allowed when all the securities have been opened. During this phase, orders are matched on a continuous basis. Trading in all the instruments is allowed unless they are specifically prohibited by the exchange.

The activities that are allowed at this stage are Inquiry, Order Entry, Order Modification, Order Cancellation (including quick order cancellation) and Order Matching.


3 Market Close

When the market closes, trading in all instruments for that market comes to an end. A message to this effect is sent to all trading members. No further orders are accepted, but the user is permitted to perform activities like inquiries.


4 Surcon

Surveillance and Control (SURCON) is that period after market close during which, the users have inquiry access only. After the end of SURCON period, the system processes the data for making the system available for the next trading day.

When the system starts processing data, the interactive connection with the NEAT system is lost and the message to that effect is displayed at the trader workstation.
 

rosemarry2

MP Guru
SECURITIES MARKET PHASES


The system is normally made available for trading on all days except Saturdays, Sundays and other holidays. Holidays are declared by the exchange from time to time. A trading day typically consists of a number of discrete stages as explained in the subsequent section.

1 Opening

The trading member can carry out the following activities after login to the NEAT system and before the market opens for trading.

• Set up Market Watch (the securities which the user would like to view on the screen)

• Viewing Inquiry screens.

At the point of time when the market is opening for trading, the trading member cannot login to the system. A message “Market status is changing. Cannot logon for sometime.” is displayed. If the member is already logged in, he cannot perform trading activities till market is opened.

2 Open Phase

The open period indicates the commencement of trading activity. To signify the start of trading, a message is sent to all the trader workstations. The market open time for different markets is notified by the Exchange to all the trading members.

Order entry is allowed when all the securities have been opened. During this phase, orders are matched on a continuous basis. Trading in all the instruments is allowed unless they are specifically prohibited by the exchange.

The activities that are allowed at this stage are Inquiry, Order Entry, Order Modification, Order Cancellation (including quick order cancellation) and Order Matching.


3 Market Close

When the market closes, trading in all instruments for that market comes to an end. A message to this effect is sent to all trading members. No further orders are accepted, but the user is permitted to perform activities like inquiries.


4 Surcon

Surveillance and Control (SURCON) is that period after market close during which, the users have inquiry access only. After the end of SURCON period, the system processes the data for making the system available for the next trading day.

When the system starts processing data, the interactive connection with the NEAT system is lost and the message to that effect is displayed at the trader workstation.

Sunanda nice post,

Please check attachment for Notes on Regulation of Securities Markets, so please download and check it.
 

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