Introduction of Pre Open Session by Exchanges

Introduction of Pre Open Session by Exchanges

Pursuant to circulars CIR/MRD/DP/21/2010 dated July 15, 2010 and CIR/MRD/DP/32/2010 dated September 17, 2010 for introduction of Call Auction process in Pre Open Session, the exchanges have decided to introduce call auctions in pre open session with effect from October 18, 2010. The call auction in pre-open session will be introduced initially for securities forming part of indices CNX Nifty and SENSEX. Click here to view the scrips.

Taking the above into consideration please note that normal market for Equity and Futures & Option will open at 9:15am instead of 9:00am from October 18, 2010

What is the Pre Open session?

It is basically a mechanism to determine the Opening Price based on aggregated supply and demand for the underlying.

What are the timings for the Pre Open session?

The session would commence for 15 minutes between 9:00am and 9:15am out of which order placement in the Pre Open session would be allowed for the first 7 /8 minutes only. The rest of the time would be utilized for exchange related functions as illustrated in the indicative schedule mentioned below.

SESSION TIME ACTION EXCHANGE STATUS
After Hour Window Closing Timing. 9:00am After Order placement / modification / cancellation in the Sharekhan After Hour window will be stopped. Open
Exchange Pre Open Order Entry Period. 9:00am ? 9:07/08am (approx) Orders as per the exchange defined scrip list can be placed /modified /cancelled in the Pre Open session. Open
After Hour Window Re-Open Timing. 9:08am ? 9:15am (approx) After Orders can be placed / modified / cancelled in the Sharekhan After Hour window. After Hour Open
Exchange Pre Open Order Matching & Confirmation Period. 9:08am - 9:12am Order placement /modification /cancellation in the Pre Open session will be stopped.

Opening price determination, order matching & trade confirmation starts at Exchange.

After Hour Open
Buffer Period. 9:12am ? 9:15am To facilitate transition between pre open and continuous trading session. After Hour Open
Continuous Trading. 9:15am ? 3:30pm Exchange would move unmatched orders to the continuous trading session on price time priority.

Exchange would move all unmatched market orders to the continuous session at the opening price.

Sharekhan would push all after hour orders to the exchange.

Open

Click here for a detailed explanation /faq?s on the Pre Open session from BSE and Click here for circular issued by NSE or feel free to call our Customer Service department on 1800227500 /39707500 (prefix local STD code) in case you require any further assistance.




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