With the implementation of electronic trading the trading period now has four market states as follows:
(ii) Open: 9:30 - 12:00
(iii) Pre-Close: 12:00 - 2:00
(iv) Close: 2:00
This system allows for trades in all securities to be executed continuously and also allows brokers to enter orders and execute trades from their offices, eliminating the need for a trading floor.
Orders entered in the trading system are queued in the market and filled based on the following criteria:
(ii) Earliest Timestamp
Time stamp is used as the final deciding factor as the time stamp is always a unique value (i.e., two orders can never have the same time stamp)
In order to ensure transparency in the market members of the public can visit the Exchange on any trading day to view the trading activity.