2. Continuous Trading Phase

Buy and sell orders of the following two types can be submitted to the TACT system:

LMT (Limit) orders – an LMT order is submitted with a price limit. If the order is not immediately matched with a counterpart in the order book, or if it is only partially matched, the order or the unmatched part is recorded in the order book.

An order submitted to the TACT system may be matched with either one order (if the counterpart order is in an amount equal to or greater than the amount of the order submitted) or more than one order (if the counterpart order is in an amount smaller than the amount of the order submitted).

Each match produces a transaction; thus one order may result in more than one transaction, at more than one price.

MKT (Market) orders – An order to be executed at the market price, meaning the best price of the counter order in the order book. MKT orders can only be submitted during the continuous trading phase.

A MKT order is submitted with no price limit. If there are no counter part orders in the order book when an MKT order is submitted, the order will be recorded in the order book as a “limited price order” (LMT) order, limited at the price equivalent to the price of the last transaction carried out in the security before the MKT order was submitted.

A MKT order shall not be carried out at a deviation of more than 12% of the price of the last transaction of the share before the MKT order was submitted.

3. Pre Closing Phase

During the pre closing phase, only LMT (limit) buy and sell orders may be submitted.

Relevant LMT orders transferred from the continuous trading phase also participate in this trading phase. The priority of such LMT orders does not change as a result of the transfer to this phase.