Trading

Trading on the Malta Stock Exchange

 

Trading on Malta Stock Exchange takes place through the Xetra trading system. Xetra is a trading system operated by Deutsche Bõrse AG and offers trading functionality in line with international standards making it easier for international participation.

Trading of Financial Instruments

All the listed financial instruments, with the exception of Collective Investment Schemes which are traded through the respective fund managers, are traded on the market by Members of the MSE acting on behalf of and in accordance with the instructions of their clients.

The Malta Stock Exchange strives to ensure that the highest standards of market integrity are applied to all the activities conducted on its markets to ensure that appropriate levels of investor protection are in place, among which are the following:

i. clear and transparent bye-laws for the admission of financial instruments to trading ensuring that these are capable of being traded in a fair, orderly and efficient manner.

ii. appropriate trading, settlement and clearing arrangements for shares admitted to trading on its markets in line with those required under European Law including Market in Financial Instruments Directive (MiFID).

iii. Pre and Post trade information on all securities dealt on its market.

iv. Membership rules which have been approved by the Malta Financial Services Authority.

v. Continuous monitoring of the trading activity on its markets and monitoring of member firms' compliance with the trading procedures and applicable regulations, as well as the Prevention of Financial Markets Abuse Act Cap.476 and the Prevention of Money Laundering Act Cap.373 of the Laws of Malta on an ongoing basis.

vi. Daily reporting to the Malta Financial Services Authority (MFSA) of all trades executed on the its market and on the off-exchange market, together with the reporting of any suspicious transactions.

The process for financial instruments being admitted to any of the recognised lists of the Malta Stock Exchange starts with a prospective Issuer seeking “Admissibility to Listing” from the MFSA. Granting of “admissibility” means that the MFSA has approved the Prospectus for issue and the Issuer may seek admission to any of the Exchange’s recognised lists.

Trading Calendar 

Trading on the Malta Stock Exchange is from Monday to Friday on a T+2 settlement cycle except for the following days.

 

DATE

HOLIDAY

TRADING

SETTLEMENT

Thursday 08 December 2022

Feast of the Immaculate Conception

Non-trading day

Non-settlement day all currencies

Tuesday 13 December 2022

Republic Day

Non-trading day

Non-settlement day all currencies

Monday 26 December 2022

MSE Holiday

Non-trading day

Non-settlement day all currencies

Monday 2 January 2023

MSE Holiday

Non-trading day

Non-settlement day all currencies

Monday 16 January 2023

US Holiday

Normal trading day

Non-Settlement day USD

Friday 10 February 2023

Feast of St Paul's Shipwreck

Non-trading day

Non-settlement day all currencies

Monday 20 February 2023

US Holiday

Normal trading day

Non-Settlement day USD

Friday 31 March 2023

Freedom Day

Non-trading day

Non-settlement day all currencies

Friday 7 April 2023

Good Friday

Non-trading day

Non-settlement day all currencies

Monday 10 April 2023

Easter Monday

Non-trading day

Non-settlement day all currencies

Monday 01 May 2023

Workers' Day

Non-trading day

Non-settlement day all currencies

Monday 08 May 2023

UK Holiday

Normal trading day

Non-Settlement day GBP

Monday 29 May 2023

UK and US Holiday

Normal trading day

Non-Settlement day GBP and USD

Thursday 2 June 2023

UK Holiday

Normal trading day

Non-Settlement day GBP

Friday 3 June 2023

UK Holiday

Normal trading day

Non-Settlement day GBP

Wednesday 07 June 2023

Sette Giugno

Non-trading day

Non-settlement day all currencies

Monday 19 June 2023

US Holiday

Normal trading day

Non-settlement day USD

Thursday 29 June 2023

Feast of St Peter and St Paul

Non-trading day

Non-settlement day all currencies

Tuesday 04 July 2023

US Holiday

Normal trading day

Non-Settlement day USD

Tuesday 15 August 2023

Assumption of Mary

Non-trading day

Non-settlement day all currencies

Monday 28 August 2023

UK Holiday

Normal trading day

Non-Settlement day GBP

Monday 04 September 2023

US Holiday

Normal trading day

Non-Settlement day USD

Friday 08 September 2023

Feast of Our Lady of Victories

Non-trading day

Non-settlement day all currencies

Monday 19 September 2023

UK Holiday

Normal trading day

Non-Settlement day GBP

Thursday 21 September 2023

Independence Day

Non-trading day

Non-settlement day all currencies

Monday 09 October 2023

US Holiday

Normal trading day

Non-Settlement day USD

Thursday 23 November 2023

US Holiday

Normal trading day

Non-Settlement day USD

Friday 08 December 2023

Feast of the Immaculate Conception

Non-trading day

Non-settlement day all currencies

Wednesday 13 December 2023

Republic Day

Non-trading day

Non-settlement day all currencies

Monday 25 December 2023

Christmas Day

Non-trading day

Non-settlement day all currencies

Tuesday 26 December 2023

MSE Holiday

Non-trading day

Non-settlement day all currencies

Trading Calendar 2023

Trading Calendar 2022

Trading Calendars Archive

Trading Calendar 2021

Trading Calendar 2020

Trading Calendar 2019

Trading Calendar 2018

Trading Calendar 2017

Trading Calendar 2016

Trading Calendar 2015

Trading Calendar 2014

Trading Time Table

ALL MARKETS

Pre-trading

09:00 – 09:30

Continuous (All Instruments excl. T-Bills)

09:30 – 15:30 

Post-trading (All Instruments excl. T-Bills)

15:30 – 16:00

 

Note: Trading commences with an Opening Auction and ends with a Closing Auction 

 

TREASURY BILLS MARKET 

Pre-trading

09:00 – 09:30

Continuous

09:30 – 10:30

    

OFF-MARKET TRADES REPORTING

Over-the-Counter Trade Reporting

 09:00 – 16:00

MiFID II - Tick Size Regulation

With MiFID II coming into effect as from 3 January 2018 the below the Tick Sizes for all Equities traded on the Malta Stock Exchange and Prospects MTF will be applied:


Tick Size Regime

Liquidity Bands - average daily number of trades

Price

LB1

0 ≤ Average daily number of transactions < 10

LB2

10 ≤ Average daily number of transactions < 80

0≤ price <0.1

0.0005

0.0002

0.1≤ price <0.2

0.001

0.0005

0.2≤ price <0.5

0.002

0.001

0.5≤ price <1

0.005

0.002

1≤ price <2

0.01

0.005

2≤ price <5

0.02

0.01

5≤ price <10

0.05

0.02

10≤ price <20

0.1

0.05


The above table is an extract from the mandatory tick size table is stipulated in the Annex to Commission Delegated Regulation 2017/588 of 14 July 2016.   Fixed Income securities (Government Stocks and Corporate Bonds) are not effected by MiFID II and will remain 0.01.    Download list of Liquidity Bands for Equities.

Market Data Transparency Obligation
Please click here to view the Transparency Obligations in line with Article 11 of the Commission Delegation (EU) 2017/567 of 18 May 2016.