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TACT Derivatives

About the TACT (Tel-Aviv Continuous Trading) System

TACT (Tel-Aviv Continuous Trading) is the TASE’s automated system for continuous and simultaneous trading. All securities and derivatives trade via the TACT system – equities, convertibles (convertible bonds and warrants), bonds, T-bills, ETNs, options and futures.
 
The trading system is based on a computerized order book accessible to all investors (order-driven).
 
TACT enables transparent trading, so that at any time all investors can see the same detailed and accurate picture of trading in real time.
 

Summary of Rules and Trading Phases

The  Derivatives trading method is similar to "TACT securities and convertibles" continuous trading with the principal changes detailed below:
  • There is only one trading phase In TACT derivatives - the continuous (bilateral) trading phase. There is no opening trade and there is no trading at the closing price.
  • Maximum allowed exchange rate fluctuation in derivatives is unlimited.
  • Calculation of the closing rate - the determining rate in derivatives is calculated as the weighted average of the rates set in the last five trading transactions in which at least 25 derivatives were traded.

Order Types

In addition to LMT orders, there are two types of orders for immediate execution on the TACT-Derivatives system:
  • Fill or Kill (FOK) orders – an order at a specific price, for full and immediate execution. An order not executed immediately and in full is cancelled and is not recorded in the order book.
  • Immediate or Cancel (IOC) orders – an order at a specific price, for immediate execution, even if partial. The order or part thereof not immediately executed is cancelled and is not recorded in the order book.

Orders are executed and prioritized based on the same principles as in the TACT Securities system.

Market (MKT) orders do not exist in TACT-Derivatives.

For information regarding derivatives names and symbol formats >>​​

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