Background picture trading phases

​TACT- Pre-Opening Trading Phase

The pre-opening trading phase is the first of the Tel Aviv Stock Exchange's trading phases. During this phase, bid and ask orders in securities are sent to the TASE’s trading system, but no transactions are performed.


Processing of Orders Submitted in the Pre-Opening Trading Phase

Once an order is submitted to the Tel-Aviv Continuous Trading System (TACT), its validity is checked. The order submitter receives confirmation for each valid order, and the order is recorded in the "order book" according to its priority. The order book is a list of all received orders that have not yet been matched with counter orders and therefore have not yet created a transaction.
Incorrect commands and commands that are not appropriate for the current trading phase are rejected and a notice is sent to their submitter.
Any order may be changed or canceled as long as the opening phase has not commenced and it has not been executed. The update of an order results in the cancellation of the original order and its replacement with a new one. The new order is assigned a new number, and its priority is determined according to the limit in the amended order and the execution date of the update.

Parameters for the Pre-Opening Trading Phase

​The following parameters are taken into account in the pre-opening trading phase:

Minimum order size

  • Equities: one share
  • Warrants: one trading unit of a warrant
  • Convertible bonds: one NIS per value

Maximum price fluctuation

  • Equities and convertible bonds: ±35% from the security's base price
  •  Warrants: ±35% from the base price of the exercise share, multiplied by the exercise ratio.
  • Liability certificates - 6% of the base price of liability certificates
  • Options warrants for liability certificates - 6% of the base price of the exercise certificate of exercise multiplied by the exercise ratio
  • T-Bills (Makam) - 6% of the base price of the T-Bill
  • Commercial securities - 6% of the base price of the commercial security
  • Institutional securities - 6% of the base price of the institutional security

Orders that exceeds the limit, will be rejected. The rejected orders will not make it into the order book.

Calculation and Publication of the Theoretical Price and Turnover

​The theoretical opening 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 system recalculates the theoretical opening price and theoretical turnover. Calculation is performed after every order that is received at TASE and after each order change or cancellation. The theoretical price is calculated in the same way as the opening price. 
Theoretical indices are published every 15 seconds. The indices are calculated according to theoretical prices for the securities included in the index.

Order Types

Trading Phases

The pre-opening phase is the first of the trading phases. The phases are:
Pre-opening trading phase