Trading (Part I) Flashcards
Define “auction call session”
A period of time during which orders for inclusion in an auction can be entered into and deleted from the central order book and there is no automated trading.
Define “auction matching”
The process of matching buy and sell orders according to a matching algorithm at the end of an auction call session.
Define “auction price”
The price of transactions resulting from an uncrossing at the end of an auction call session.
Define “auction trade”
A transaction matched automatically in the JSE equities trading system resulting from an uncrossing at the end of an auction call session.
Define “automated trade”
A transaction matched automatically in the JSE equities trading system during continuous trading.
Define “central order book”
The order book of the JSE equities trading system in which automated and auction trades occur according to price then time priority.
Define “trade cancellation”
The cancellation of an on book or off book trade on the same business day or next business day.
Define “direct market access”
The process whereby an order is received electronically by a TSP from a client and then submitted electronically to the JSE equities system by means of an order entry application operated by the TSP, without the intervention of a registered securities trader.
Define “equity securities”
Those JSE listed securities traded on the JSE equities trading system.
Define “foreign professional market participant”
A person who does not reside in the Republic and whose regular business is the buying and selling of securities.
