Uncrossing Trade
This is used for the single uncrossing trade, detailing the total executed volume and uncrossing price as a result of a SETS auction
SETS
Stock Exchange Electronic Trading Service (SETS), an order-driven trading service.
SETS auctions At the beginning and end of the day there are SETS auctions. This is a process to open and close the market, and gives participants an opportunity to enter into a five minute bidding process. This bidding can extend if the results are too extreme. The idea of the auction is to provide an event to mark the opening and closing and enable parties to square their positions. This auction process can also start at anytime during the day if an order that is about to be executed would move a share price by 5%. The end of day auction is a particularly exciting trading moment as it represents a time when prices can move suddenly. The basic auction has a five minute duration, in which parties can enter bid and offers as usual in the book, and special orders called Market Orders can also be placed. A market order is an order that will be filled at the end of the auction at the ?uncrossing price? ? the price set by the matching of all bid and offers and market orders that match. This uncrossing price moves as orders are entered and deleted, and after a random period of up to 30 seconds after the ?five minute? auction, the uncrossing price is fixed and the auction settled.
The auction opportunity The end of day auction kicks off at 4.30pm (GMT) and uncrossing prices can fluctuate wildly as many parties watch the uncrossing price, and attempt to obtain an advantageous price
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