The JSE is proud to introduce Equity Market Enhancements as part of the Integrated Trading and Clearing (ITaC) Project phase 1A that will help you trade larger and smarter.

 

Central Order Book Cross Trades

Central Order Book Cross Trades (XT) allow members to match a buyer and seller, On Book, without being intercepted by other market participants. XTs can be executed during the continuous trading period where the agreed price falls within the visible Best Bid Best Offer (BBO) spread and are clearly identifiable when published via the market data gateways.

 

Pegged Hidden Orders

Pegged Hidden Orders are non-visible orders that allow for improved execution of large orders at prices that are relative to the best executable spread of the instrument. Orders greater than Minimum Reserve Size (MRS), can be pegged to the mid-point of the BBO, Best Bid or Best Offer and will also allow participants to set a hard limit. These orders may also participate in the new End Of Day (EOD) Volume Auction if opted in.

 

EOD Volume Auction

The EOD Volume Auction introduces a non-visible uncrossing of large orders at the closing price. A new time in force Good for EOD Volume Auction (GDX) order has been created in conjunction with the new Volume Trade (VT) trade subtype which is used to publish the bulk trade message. GDX orders have to be large in size and greater than the MRS. Time priority is maintained in this auction and eligible pegged orders are carried through to this session. Minimum Execution Size (MES) is ignored during this session.


 

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