Trading_A Flashcards
(15 cards)
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.
Define “JSE equities trading system”
The computer system or systems and associated network or networks operated or used by the JSE for the purpose of
providing a market for the trading of equity securities.
Define “market order”
An order submitted to the central order book during an auction call period with no price limit, which is held on the
central order book and may execute either in full or in part against eligible orders, at the price of a new order entered
into the central order book or at the reference price.
Define “market controller”
The person appointed by the JSE to supervise, administer and control the daily operations of the JSE equities trading
system.
Define “market order extension session”
An extension to an auction call session which occurs when there would be unexecuted market orders on the central
order book following auction matching.
Define “member trading application”
Any system, software or program operated by a member which submits data to and receives data from the JSE
equities trading system.
