How does the market operate?

De Market operates as an auction, divided into two consecutive periods: the "Auction Round" and a 'Trading Round".

The Auction Round takes place every Thursday at 9:00 Central European Time (CET) and ends every Wednesday at 13:59 CET. During each Auction Round the market collects buy and sell orders without immediately executing transactions that may match. Orders can only be placed or cancelled during the Auction Round. Once a week, the possibility to place or cancel orders is temporarily halted and the market closes its order book. In this period, the Market assesses whether buy and sell orders in the order book can be matched. This period is known as the Trading Round.

The Trading Round commences every Wednesday at 14:00 CET. During the Trading Round no new orders can be submitted and no existing orders can be cancelled. During this period it is determined whether the buy and sell orders in the order book can be matched and at what price. The transactions will also be settled in this period. The next Auction Round will commence on the first business day after the Trading Round, at 9:00 CET.