{"id":588315,"date":"2023-06-08T00:00:00","date_gmt":"2023-06-08T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/06\/08\/explaining-the-egxs-new-trading-mechanism-rules\/"},"modified":"2023-06-08T00:00:00","modified_gmt":"2023-06-08T00:00:00","slug":"explaining-the-egxs-new-trading-mechanism-rules","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/06\/08\/explaining-the-egxs-new-trading-mechanism-rules\/","title":{"rendered":"Explaining the EGX\u2019s new trading mechanism rules"},"content":{"rendered":"<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"\"><\/span><span style=\"font-weight:700\"> Enterprise Explains: The EGX\u2019s new trading system.<\/span><span style=\"\"> Last month, the EGX began trialing a<\/span><span> potential new trading system that would, if implemented, modify <\/span><span>how the bourse adopts the intraday and closing prices in the main market and the small to medium-sized market, according to <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/ent.news\/2023\/5\/153.pdf\" style=\"\">an EGX statement (pdf)<\/a><\/span><span style=\"font-weight:400;\">. Both the intraday and closing prices are used as reference prices to compare and evaluate the performance of financial instruments. They represent a specific point of reference for pricing and serve as a basis for determining the price movements, the performance of a security or an asset, and changes in market value. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">The rationale:<\/span><span style=\"\"> The changes aim to avoid sudden and sharp fluctuations in the prices of the<\/span><span style=\"font-weight:400;\"> listed financial instruments and make them more reflective of supply and demand forces.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">What\u2019s the intraday price?<\/span><span style=\"\"> This is the price at which a financial instrument is traded within a<\/span><span style=\"font-weight:400;\"> single trading day. It provides a snapshot of the instrument\u2019s value at a particular moment during the trading session and is used to determine the performance and trends of the market throughout the session. The EGX calculates the intraday price every half an hour from the start of trading until the closing bell. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">And the closing price? <\/span><span style=\"\">This is the final price at which a financial instrument is traded at the<\/span><span style=\"font-weight:400;\"> end of a trading session. It serves as a key indicator of the instrument\u2019s value and is used to calculate performance, determine net income or losses, and assess market trends. The closing price is widely monitored by investors and traders as it provides crucial information for making investment decisions and evaluating the overall market sentiment. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">A rundown of the changes to the trading system, in a nutshell:<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">#1- Minimum values of executed trades: <\/span><span style=\"\">The EGX introduced a modification that requires the<\/span><span style=\"font-weight:400;\"> execution of trades with a minimum value of EGP 300k on any specific financial instrument on the main market for a new intraday price to be referenced. The minimum requirement for the small and medium-sized market is EGP 150k. In case that requirement is not satisfied the intraday price of the financial instrument becomes the last referenced price \u2014 either the previous intraday price or the last closing price.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">#2- Introducing limits to price fluctuations during auction sessions: <\/span><span style=\"\">The closing price,<\/span><span style=\"font-weight:400;\"> determined by the auction session held in the last 15 minutes of each trading day, can only be +\/- 10% of the reference price in the main market, with that range of change capped at 5% in the small to medium-sized market. This ceiling is to ensure that major fluctuations during the auction session don\u2019t have an outsized effect on the closing price. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">This is not a limit on the volume or value of trade executions during the auction session<\/span><span style=\"\">,<\/span><span style=\"font-weight:400;\"> but rather that the auction price will be referenced as the closing price only if it\u2019s within the allowed range. In case the price movement is different from the specified range, then the closing price will be the last reference price \u2014 either the last intraday price or the previous closing price. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">#3- Banning the use of some trading mechanisms during the auction session: <\/span><span style=\"\">The EGX<\/span><span> banned the use of the \u201call or none,\u201d \u201cminimum fill,\u201d and \u201cgood till time\u201d mechanisms during auction sessions in order to limit major fluctuations in the closing price. The \u201call or none\u201d mechanism refers to a condition where a trade must be executed in its entirety or not at all meaning if a buyer or seller places an order for specific quality of a security, the trade will occur only if the entire quantity is available. The \u201cminimum fill\u201d mechanism refers to a condition where a trade can be executed only if the minimum required quantity of a security is available, while the \u201cgood till time\u201d mechanism refers to a condition where an order is valid only for a specific time and it is not executed during that time it gets automatically canceled. <\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The EGX bans conditional trade mechanisms during auction sessions<\/p>\n","protected":false},"author":1,"featured_media":588316,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[8794],"tags":[68,695,633,119],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-588315","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-enterprise-explains","tag-egx","tag-enterprise-explains","tag-enterprisepm","tag-financial-markets","wpautop","entry"],"acf":{"mongo_id":"b01cf4b0-fba9-415e-9fe9-a05455c2d8d7","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/5\/1552.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Explaining the EGX\u2019s new trading mechanism rules","related_issue":[588299],"teaser":"The EGX bans conditional trade mechanisms during auction sessions","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/6\/.88171e84-bcc4-4be9-8963-8ea970e60836.mp3"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - 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The tool is one of several financial\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2018\/11\/707.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":562911,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/06\/10\/corporate-bonds-can-now-be-traded-intraday-on-the-egx\/","url_meta":{"origin":588315,"position":2},"title":"Corporate bonds can now be traded intraday on the EGX","author":"enterpriseam admin","date":"10 June 2021","format":false,"excerpt":"EGX-listed corporate bonds are now eligible for intraday trading under a decisionpublished yesterday by the Financial Regulatory Authority that aims to buoy the secondary bond market. The decision will allow clearing house MCDR to settle transactions after the end of the trading day at the latest.The decision comes after financial\u2026","rel":"","context":"In &quot;REGULATION WATCH&quot;","block_context":{"text":"REGULATION WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/regulation-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/6\/152.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":562174,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/05\/10\/corporate-bonds-could-be-on-the-menu-for-new-egx-trading-platform\/","url_meta":{"origin":588315,"position":3},"title":"Corporate bonds could be on the menu for new EGX trading platform","author":"enterpriseam admin","date":"10 May 2021","format":false,"excerpt":"Traders see corporate bonds added to the EGX\u2019s new platform for tradinggovernment bonds if they wish to expand the platform\u2019s scope, EGX boss Mohamed Farid told Hapi Journal. Traders would be required to make a formal request to the bourse, which would then explore the matter with the Financial Regulatory\u2026","rel":"","context":"In &quot;Capital markets&quot;","block_context":{"text":"Capital markets","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/capital-markets\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/5\/96.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":608677,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/10\/24\/a-new-egx-trading-system-real-estate-exchange-incoming-for-2024\/","url_meta":{"origin":588315,"position":4},"title":"A new EGX trading system, real estate exchange incoming for 2024","author":"enterpriseam admin","date":"24 October 2023","format":false,"excerpt":"Efforts to boost short selling are also in the works","rel":"","context":"In &quot;Capital markets&quot;","block_context":{"text":"Capital markets","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/capital-markets\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/10\/1153.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":628132,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/06\/26\/egx-raises-daily-limit-on-intraday-trading\/","url_meta":{"origin":588315,"position":5},"title":"EGX raises daily limit on intraday trading","author":"enterpriseam admin","date":"26 June 2018","format":false,"excerpt":"REGULATION WATCH- EGX raises daily limit on intraday trading: The EGX has begun raising the daily limit on the percentage of shares that can be traded intraday, the bourse said in a statement on Monday. The daily limit was doubled to 0.01% of a company\u2019s total shares, from 0.005%. The\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/588315","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=588315"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/588315\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/afternoon\/588299"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/588316"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=588315"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=588315"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=588315"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=588315"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=588315"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}