During the pre-opening phase, bid and ask orders in securities are sent to the TASE’s trading system, but no transactions are performed.

The minimum order size is the smallest trading unit in securities on the TASE. In equities, the minimum is one share; in warrants, one trading unit of a warrant; in convertible bonds, one NIS par value.

The maximum price fluctuation in equities and in convertible bonds is ±35% from the base price. In warrants the maximum volatility is ±35% from the base price of the exercise share, multiplied by the exercise ratio. Starting at 9:10 AM, theoretical price and theoretical  turnover are posted, for each security separately, as they would be if the opening trade and the opening price calculation were performed at that moment. The theoretical price is calculated in the same way as the opening price.

Orders that affect the opening price (Sell order with a limit higher or equal than the theoretical price or buy order with a limit lower or equal than the theoretical price) can be changed only until 9:40 AM (in shares included in major indices) or 10:10 AM (in other shares and convertibles).

In this phase, theoretical prices for the intra-day indices are published every 15 seconds. The indices are calculated according to theoretical prices for the securities included in the index.