The calculation of the closing auction price and trading turnover for this phase is carried out sequentially for each security.  For the purpose of calculating the closing auction price, the order of the securities is random and changes from day to day.

The closing auction price and trading turnover calculation includes all the orders for securities submitted up to the beginning of the closing auction phase, which were not yet implemented. The calculations determined according to the following specifications:

• The closing auction price for a security is determined as the price at which the cumulative supply and demand curves intersect and at which the largest trade turnover is achieved.
• The base closing auction price is the price of the last transaction during the continuous trade phase or the opening price, as relevant. If transactions equivalent to the base price were not carried out that same day, it is the same as the base price.
• If the largest trading turnover is achieved with several prices, the closing auction price is fixed at the price closest to the basic closing auction price.
• If no order for a security has been submitted, the closing auction price is fixed at the base closing auction price, and the trading turnover is fixed at 0 (zero).
• If the orders submitted were demand only or supply only, the closing auction price will be fixed at the base closing auction price and the closing trading turnover will be 0.
• If demand and supply orders were submitted, but no price where the orders intersected can be found, the closing auction price will be fixed at the base closing auction price and the closing trading turnover will be 0.

The priority of order implementation is determined according to the price limitations (first priority) and the time of the order’s receipt, as specified below:

• Buy orders limited by a higher price are given higher priority than buy orders limited by a lower price.
• Sell orders limited by a lower price are given higher priority than sell orders limited by a higher price.
• Orders with the same price limitations are given priority according to the order in which they were received during the continuous trading phase.

During the closing auction phase, the orders are executed in full, one after the other, according to their priority. It is possible, however, that the last order executed may be partially allocated.