The JSE have introduced a Closing Price Publication (CPP) and Closing Price Cross (CPX) periods.
Closing Price Publication Overview
- Scheduled immediately after Closing Auction for all trading segments.
- Traders are not allowed to cancel existing orders during this session.
- No new orders will be allowed during this session.
- No executions will take place during this session.
Closing Price Cross Session (CPX) Overview
- Scheduled immediately after Closing Price Publication session.
- Traders are allowed to cancel existing orders during this session.
- Trading will ONLY take place at the closing price as published in the closing price publication session.
- CPX will only be introduced for ZA01
- The CPX Session is not an auction and all orders, on entering the order book, will aggress the order book one by one in time priority (i.e. Based on the time they were submitted). They are executed ONLY at the published Closing Price with the eligible contra orders.
New CPX Order Life
The JSE have also introduced in an additional order life “CPX” which will allow traders to capture orders during the day for injection into the CPX session.
Trading Sessions for CPP and CPX
The table below depicts the trading sessions, times and functionality allowed during the CPP and CPX trading sessions.
|Applies to||CPP/closing price publication||CPX/closing price cross|
|ZA01||from 17.00 to 17.05||from 17.05 to 17.10|
|ZA02/03/06/11||from 17.00 to 17.01||none|
|ZA12||from 17.00 to 17.11||none|
|ZA04||from 16.49 to 16.50||none|
|Functionality allowed||Closing price publication; Order deletion; Manage off book trades||Order entry; Amendment (except price); Deletion; Manage off book trades|
Attached please a document with screenshots on how to load these new orders using your Iress trading platform → IRESS_CPX_Period.