The trading day commences at 7:00am with a Pre-Open session. Orders entered during the Pre-Open are combined with orders in the CLOB, through an auction mechanism, to determine the Alpha opening price (Opening Price), which is calculated as the price at which the most shares will trade.

The open for a symbol takes place at a random time, within 5 seconds from 9:30am, when orders are matched at the Alpha Opening Price. A Delayed Open will occur if the calculated Opening Price is not within a pre-defined percentage of the previous day’s closing price (Closing Price), or other parameters.
 

The Continuous Trading session commences immediately after the open has been completed. In this session, orders are matched continuously with pre and post trade transparency.
 

The Extended Trading session takes place between 4:15pm and 5:00pm. Orders will be matched at the last sale price on Alpha ATS. All securities eligible for trading on Alpha ATS may be traded in the extended session.