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Exchanges

cboe
nasdaq
nyse
london-stock-exchange
euronext
xetra
athex-group
borsa-italiana

Website www.cboe.com

Working hours (EST) 09:30 – 16:15

Asset Type Cash Equities

Website www.nasdaq.com

Hours (EST) 09:30 - 16:00

Pre-Market Hours (EST) 04:00 - 09:30

After-Market Hours (EST) 16:00 - 20:00

Open ConventionVolume maximizing price auction. Orders must be placed by 09:28 to participate in the opening auction, although in certain cases they will allow offsetting orders after that time.

Close Convention Volume maximizing price auction. MOC orders for NASDAQ stocks participating in the NASDAQ closing cross can generally be placed up until 15:50 (NY time), although in certain cases MOC orders offsetting a published imbalance may be entered after that time.

Method of Trading The NASDAQ Stock Market operates under an all electronic price-time priority model. All displayed limit orders are treated equally and executed in the order in which they were received at the same price. Non-displayed shares are executed after displayed shares in the order in which they were received at that price. NYSE, NYSE Amex, Equities, NASDAQ and regional exchange-listed securities can be traded on NASDAQ. NASDAQ operates a traditional maker/taker fee model while BX operates an inverted fee model. PSX is a Price Setter Pro Rata model giving 40% allocation to orders that set the PSX Best Bid or Offer and the remaining 60% is executed using a size pro rata allocation.

Asset Type Cash Equities

Website www.nyse.com

Working hours (EST) 09:30 – 16:00

Open Convention Volume maximizing price auction. Orders must be placed before 09:30 to participate in the opening auction.

Close Convention Volume maximizing price auction. MOC orders must be placed with the exchange by 15:45, although MOC orders to offset published imbalances can be placed after that time.

Method of Trading The floor-based specialist system operates on the basis of stocks assigned to designated market makers (DMMs) who maintain a “fair and orderly market” in their stocks. Exchange Member firm’s “floor-brokers” execute trades via the DMM. Despite being “floor-based”, the NYSE also offers electronic access. Off-floor “upstairs” trading is allowed, but must be reported to the Consolidated Tape within ten seconds. The NYSE offers after-market crossing sessions for portfolio trading.

Asset Type Cash Equities

Website www.nyse.com

Working hours (EST) 09:30 – 16:00

Open Convention Volume maximizing price auction. Orders must be placed before 09:30 to participate in the opening auction.

Close Convention Volume maximizing price auction. MOC orders must be placed with the exchange by 15:45, although MOC orders to offset published imbalances can be placed after that time.

Method of Trading The floor-based specialist system operates on the basis of stocks assigned to designated market makers (DMMs) who maintain a “fair and orderly market” in their stocks. Exchange Member firm’s “floor-brokers” execute trades via the DMM. Despite being “floor-based”, the NYSE also offers electronic access. Off-floor “upstairs” trading is allowed, but must be reported to the Consolidated Tape within ten seconds. The NYSE offers after-market crossing sessions for portfolio trading.

Asset Type Cash Equities

Website www.nyse.com

Opening Session 04:00 - 09:30

Core Trading Hours 09:30 – 16:00

Extended Hours 16:00 - 20:00

Open Convention Volume maximizing price auction at 04:00 and 09:30. The 04:00 auction accepts limit orders only.

Close Convention Volume maximizing price auction at 16:00. Orders must be placed by 15:59 to participate in the closing auction.

Method of Trading NYSE Arca is a fully electronic market that offers trading for all NYSE, NYSE Amex Equities and NYSE Arca listed securities. For stocks and ETFs with a primary listing on NYSE Arca a Lead Market Maker will be assigned. Starting at 03:30 limit orders may be entered and will queue until the 04:00 auction.

Asset Type Cash Equities

Website www.londonstockexchange.com

Working hours 08:00 - 16:30

Open Convention Volume maximizing price auction

Close Convention Closing Auction: 16:30 - 16:35
Post-Trading: 16:35 - 16:40
SETS: closing prices are based on the closing auction price (UT) or mid-price. Two types of auction extension exist: price monitoring extensions – triggered by price movements, and market order extensions –triggered by an imbalance of market orders.

Method of Trading The exchange currently offers trading services for trading the domestic market: SETS: Stock Exchange Electronic Trading Service. An electronic order book used to trade all FTSE 100, 250, UK FTSE Eurotop 300 stocks, and the top AIM listings (currently around 150 at time of print) as well as Euro-denominated Irish securities. A Midday price forming auction mechanism for trading larger sized orders was introduced on SETS in March 2016. SEAQ: SEAQ is the London Stock Exchange’s non-electronically executable quotation service that allows market makers to quote prices in AIM securities (not traded on SETS or SETSqx) as well as a number of fixed interest securities. SETSqx: Stock Exchange Electronic Trading Service used for quotes and crosses. This electronic trading service replaces SEATS plus. SETSqx supports Main Market securities that were previously traded on SEAQ and AIM stocks with none or only one market maker. SETSqx supports four auctions per day at 08:00, 11:00, 15:00 and 16:35 with market makers providing firm prices.

Limit Up/Down In opening auctions, +/- 5% move from prior night’s close for a five minute suspension period; during normal market hours 10% from “LAST” traded price for a five minute suspension period; in the closing auction stocks can be suspended for five minutes according to their liquidity.

Market Charges Stamp duty tax of 0.50% on purchases for registered stocks PTM levy of GBP1 on all trades above GBP10,000 in value

Asset Type Cash Equities & ETFs

Number of instruments 850 Cash equities & 410 ETFs

Website www.wienerborse.at

Working hours (EST) 09:00 - 17:30

Open Convention Volume maximizing price auction

Close Convention ATX Instruments: Closing Auction: 17:30 - 17:33 Post-Trading: 17:33 - 17:45 The rest of the market (ex ATX) uncrosses a minute later at 17:34

Method of Trading Opening auction occurs between 08:55 and 09:00. At 09:00 the stocks begin to open, depending on the order flow in the system, and the continuous trading starts. At 12:00 the trading of stocks is temporarily stopped for a midday auction, which lasts at least three minutes on non-expiry and 7.5 minutes on expiry.

Limit Up/Down 2% - 4% (exact formula is not released by the exchange) after which trading halts for five minutes depending on the volatility

Market Charges None

Asset classes Cash Equities

Number of instruments 42 Cash equities

Website www.euronext.com

Working hours 09:00 - 17:30

Open Convention Volume maximizing price auction

Close Convention Closing Auction: 17:30 - 17:35 Post-Trading: 17:35 - 17:40

Method of Trading The continuous market is an automated order-driven market where orders are filled on a price-time priority basis.

Limit Up/Down Depending on Group of Trading: 6% to 10% from previous night’s close - after which trading halts for two minutes. Dynamic 3% to 10% rule - after which trading halts for two minutes.

Market Charges None

Asset classes Cash Equities

Number of instruments 126 Cash equities

Working hours 09:00 - 16:55

Open Convention Volume maximizing price auction

Close Convention Closing Auction: 16:55 - 17:00 (depending on the stock traded, auction can end after three minutes)

Method of Trading Copenhagen, Stockholm and Helsinki all leverage the NASDAQ OMX INET platform. The rules for each of these Nordic exchanges are broadly harmonized.

Limit Up/Down None - however the Exchange can suspend stocks at their own discretion

Market Charges None

Asset classes Cash Equities

Number of instruments 158 Cash equities

Website www.euronext.com

Working hours 09:00 - 17:30

Open Convention Volume maximizing price auction

Close Convention Closing Auction: 17:30 - 17:35 Post-Trading: 17:35 - 17:40

Method of Trading All products are traded electronically on the NSC system adopted by all of the Euronext members. The French equities market is divided into three sections. The Premier Marché, formerly called the Official List, includes large French and foreign companies, and most Bond issues. The Second Marché, lists medium-sized companies, while Nouveau Marché lists fast-growing startup companies seeking capital to finance expansion, linked to Euro.nm the European equity growth market.

Limit Up/Down Depending on Group of Trading: 6%-10% up/down from previous night’s close - two minute suspension. Dynamic 3% to 10% rule - two minute suspension.

Market Charges VAT of 19.6% payable on commission (not applicable to foreign investors). Tax of 30 bps on the buy-side only, applied on the daily net amount (i.e. if a client buys and sells on the same day). Applies on a specific list of stocks defined by the government.

Asset Type Cash Equities & ETFs

Number of instruments 457 Cash equities & 216 ETFs

Website www.nasdaqomxnordic.com

Working hours 10:00 - 18:25

Open Convention Volume maximizing price auction

Close Convention Closing Auction: 18:25 - 18:30 (depending on the stock traded, auction can end after three minutes)

Method of Trading The OMX Helsinki 25 Index is a major stock market index which tracks the performance of 25 most traded companies on the Helsinki Stock Exchange’s Main List. It is a market value weighted; free float adjusted and capped price index (each company in the index is limited to a weight of 10%). The OMX Helsinki 25 Index has a base value of 500 as of 4 March, 1988.

Limit Up/Down 15%

Market Charges None

Asset Type Cash Equities & ETFs

Number of instruments 135 Cash equities & 1 ETFs

Website www.xetra.com/xetra-en

Hours 09:00 - 17:30 Midday auction at 13:00, lasts 2-17 minutes depending on stock (two minutes for DAX stocks)

Open Convention Volume maximizing price auction

Close Convention Closing Auction: 17:30 - 17:35

Method of Trading 1: Xetra is able to execute limit, market and stop orders. Xetra permits continuous trading and auctions. In continuous trading, an order is executed immediately as soon as a corresponding counter order is available. Auctions are carried out at the beginning and end of trading, as well one at 12:00 during the day. 2: Floor trading: They are either specified precisely - with a limit on the price range – or are unlimited, in which case the transaction is conducted at the best price available.

Limit Up/Down Xetra - the percentages are not published by the exchange but depend on volatility

Market Charges None

Asset Type Cash Equities & ETFs

Number of instruments 343 Cash equities & 209 ETFs

Website www.athexgroup.gr

Hours 10:30 - 17:00

Open Convention Auction determined open from 10:28 to 10:30

Close Convention Closing Auction: 17:00-17:10

Method of Trading All securities listed either on the main market or on the parallel market, are traded through the OASIS trading platform simultaneously during the session. Continuous trading session runs from 10:30 until 17:00. Orders are matched on a price and time priority. All trades must go through the market. There is no exemption for crosses except where they meet pre-defined crossing rules.

Limit Up/Down Dynamic range: 3%

Market Charges Levy of 0.0325% for all trades Transaction fee of 0.20% on SELL applied by the Custodian

Asset Type Cash Equities

Number of instruments 38 Cash equities

Website www.ise.ie

Hours 08:00 - 16:28

Open Convention Volume maximizing price auction

Close Convention Closing Auction: 16:28 - 16:30 Post-Trading: 16:30 - 17:15

Method of Trading Two trading methods: ISE Xetra provides fully automated order-driven trading. There is a pre-trading phase between 06:30 and 07:50 followed by a ten minute opening auction. Continuous trading lasts until 16:28, followed by a two minute closing auction. The ISE also offers Hidden Limit and Midpoint orders. Hidden Limit orders interact with displayed and non-displayed liquidity on the ISE order book and are subject to price/visibility/time priority. Midpoint orders are not displayed on the order book, cross at the midpoint of the exchange BBO and will only execute with other Midpoint orders.

Limit Up/Down None

Market Charges Stamp duty tax of 1% on purchases for registered stocks Brokers levy of EUR1.25 on contract over EUR12,500

Asset Type Cash Equities

Number of instruments 28 Cash equities

Website www.borsaitaliana.it

Hours 09:00 - 17:30

Open Convention Volume maximizing price auction

Close Convention Closing Auction: 17:30 - 17:35 Post-Trading: 17:35 - 17:42

Method of Trading Continuous electronic order-driven CATS-type market (Telematico). The system displays bids and offers at each price level. Orders at each price level are filled on a time priority basis. To execute on the opening price, orders must be placed before 09:00. Validation begins at 09:00 and orders are matched at the opening price. Unsatisfied orders are transferred to the continuous market unless entered only for the opening. During pre-matching, a real-time theoretical price is shown. As very little volume occurs at the open (unless the expiration of the options and futures occurs), this is more of an indicative price. Off-market block trades are allowed but must be reported to the exchange within 15 minutes.

Limit Up/Down 7.5% up/down versus the opening price. The period of suspension is at the borse’s discretion.

Market Charges Tax of 10 bps on the buy-side only. Applies on a specific list of stocks defined by the government. An additional tax apply on derivatives instruments, 20 bps tax apply on OTC transactions which include trades with non-standard settlement.

Asset Type Cash Equities & ETFs

Number of instruments 384 Cash equities & 653 ETFs

Website www.euronext.com

Hours 09:00 - 17:30

Open Convention Volume maximizing price auction

Close Convention Closing Auction: 17:30 - 17:35 Post-Trading: 17:35 - 17:40

Method of Trading Euronext - The most liquid securities are traded continuously through a centralized order-driven trading system based on price-time priority. The less liquid securities are either traded continuously in conjunction with a designated liquidity provider or twice daily by auction (10:30 - 11:00 and 16:30 - 17:00). Trading leverages the Universal Trading Platform.

Limit Up/Down Depending on Group of Trading: 6% up/down to 10% up/down from previous night’s close - two minute suspension. Dynamic 3% to 10% rule - two minute suspension.

Market Charges None

Asset Type Cash Equities & ETFs

Number of instruments 121 Cash equities & 84 ETFs

Website www.oslobors.no

Hours 09:00 - 16:20

Open Convention Volume maximizing price auction

Close Convention Closing Auction: 16:20 - 16:25 random closing time (varies by security’s liquidity listing)

Method of Trading Oslo Bors uses the ‘Millenium exchange trading system’. The system is developed by MilllenniumIT, a subsidiary of London Exchange Group, and it currently also operates the markets of London Stock Exchange, Borsa Italiana and Johannesburg Stock Exchange.

Limit Up/Down None

Market Charges None

Asset Type Cash Equities & ETFs

Number of instruments 171 Cash equities & 3 ETFs

Website www.euronext.com

Hours 08:00 - 16:30

Open Convention Volume maximizing price auction

Close Convention Closing Auction: 17:30 - 17:35 Post-Trading: 17:35 - 17:40

Method of Trading Euronext – The most liquid securities are traded continuously through a centralized order-driven trading system based on price-time priority. The less liquid securities are either traded continuously in conjunction with a designated liquidity provider or twice daily by auction (10:30 - 11:00 and 16:30 - 17:00). Trading leverages the Universal Trading Platform.

Limit Up/Down Depending on Group of Trading: 6% up/down to 10% up/down from previous night’s close - two minute suspension Dynamic 3% to 10% rule - two minute suspension

Market Charges None

Asset Type Cash Equities

Number of instruments 44 Cash equities

Website www.bolsamadrid.es

Hours 09:00 - 17:30

Open Convention Volume maximizing price auction (orders can be input from 08:30 onwards)

Close Convention Closing Auction: 17:30 - 17:35 The exchange has the right to alter the official closing price at their discretion or to extend the auction by two minutes if a volatility auction is triggered by the indicated price.

Method of Trading The Spanish equity market operates based on the SIBE electronic trading platform, developed entirely by BME, which guarantees full connectivity of the four Spanish stock exchanges. The market is based on an order led system, a single eBook and an order matching system that operates on the basis of price-time priority. Open outcry trading is still used for a small group of less liquid stocks. Apart from shares, warrants, certificates and exchange traded funds (ETFs) are also traded electronically. Some market segments have specialist liquidity providers.

Limit Up/Down Two daily fluctuation bands for each security, based on the historic and daily volatility of that security. Auctions may be triggered by an accumulated move up/down (typically 4-10%) in the price of a stock, or by a single price move which causes increase/decrease of between 1 and 8% depending on the stock. When those limits are reached, a volatility-triggered five minute auction occurs (e.g the closing auction) with a random 30 seconds fixing. Exceptionally, if that auction results in a price at the stock’s next limit (or if ’at best’ orders are not covered by volume), then the auction will be extended by two further minutes, including the opening and closing auctions, that is, a stock may open at 09:02 or close at 17:37.

Market Charges None

Asset Type Cash Equities & ETFs

Number of instruments 128 Cash equities & 4 ETFs

No information

Website www.six-swiss-exchange.com

Hours 09:00 - 17:20

Open Convention Volume maximizing price auction

Close Convention Closing Auction: 17:20 - 17:30 randomly extends up to a maximum of two minutes

Method of Trading During pre-opening, a continuous theoretical opening price is calculated while orders are entered. At 09:00 - 09:02 (randomized) the system closes the order book and determines the opening price via a single-price auction of orders in the system. During continuous trading, orders are entered and matched automatically according to price and time priority. Normally all transactions are done through the exchange. Trades over CHF 200,000 may be crossed off-exchange with reporting within 30 minutes at SIX (normally used for block trades). SMI and former Swiss VTX stock trades off-order book must be reported within three minutes. No minimum size required.

Limit Up/Down Interruption of 15 minutes if there is a 2% or more deviation from the reference price either by the potential follow up price or for all last paid prices within the last ten second period. Exception: Interruption of five minutes in SMI securities and Swiss Blue Chip if the potential follow up price deviates by 1.50% or more from reference price or if the potential follow up price deviates by 1.50% or more from the reference price within a ten second period. Volatile Securities: five minutes stopped if deviation is more than 10%.

Market Charges Taxes and fees may vary. Please refer to the SIX website or contact your UBS salesperson for more details.

Asset Type Cash Equities & ETFs

Number of instruments 250 Cash equities & 796 ETFs

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