Trading
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:
- 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.
- 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).
- Pre and Post trade information on all securities dealt on its market.
- Membership rules which have been approved by the Malta Financial Services Authority.
- 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.
- Daily reporting to the Malta Financial Services Authority (MFSA) of all trades executed on 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 |
|---|---|---|---|
| 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 |
| Monday 1 January 2024 | New Year' Day | Non-trading day | Non-settlement day all currencies |
| Tuesday 2 January 2024 | MSE Holiday | Non-trading day | Non-settlement day all currencies |
| Monday 15 January 2024 | US Holiday | Normal trading day | Non-Settlement day USD |
| Monday 19 February 2024 | US Holiday | Normal trading day | Non-Settlement day USD |
| Tuesday 19 March 2024 | Feast of St Joseph | Non-trading day | Non-settlement day all currencies |
| Friday 29 March 2024 | Good Friday | Non-trading day | Non-settlement day all currencies |
| Monday 1 April 2024 | Easter Monday | Non-trading day | Non-settlement day all currencies |
| Wednesday 01 May 2024 | Workers' Day | Non-trading day | Non-settlement day all currencies |
| Monday 06 May 2024 | UK Holiday | Normal trading day | Non-Settlement day GBP |
| Monday 27 May 2024 | UK and US Holiday | Normal trading day | Non-Settlement day GBP and USD |
| Friday 07 June 2024 | Sette Giugno | Non-trading day | Non-settlement day all currencies |
| Wednesday 19 June 2024 | US Holiday | Normal trading day | Non-Settlement day USD |
| Thursday 04 July 2024 | US Holiday | Normal trading day | Non-Settlement day USD |
| Thursday 15 August 2024 | Assumption of Mary | Non-trading day | Non-settlement day all currencies |
| Monday 26 August 2024 | UK Holiday | Normal trading day | Non-Settlement day GBP |
| Monday 02 September 2024 | US Holiday | Normal trading day | Non-Settlement day USD |
| Monday 14 October 2024 | US Holiday | Normal trading day | Non-Settlement day USD |
| Monday 11 November 2024 | US Holiday | Normal trading day | Non-Settlement day USD |
| Thursday 28 November 2024 | US Holiday | Normal trading day | Non-Settlement day USD |
| Friday 13 December 2024 | Republic Day | Non-trading day | Non-settlement day all currencies |
| Tuesday 24 December 2024 | Christmas Eve | Non-trading day | Normal settlement all currencies |
| Wednesday 25 December 2024 | Christmas Day | Non-trading day | Non-settlement day all currencies |
| Thursday 26 December 2024 | MSE Holiday | Non-trading day | Non-settlement day all currencies |
| Tuesday 31 December 2024 | New Year's Eve | Non-trading day | Normal settlement all currencies |
Trading Calendar 2024
Trading Calendar 2023
Trading Time Table
| ALL MARKETS | |
| Pre-trading | 09:00 – 09:30 |
| Continuous | 09:30 – 15:30 |
| Post-trading | 15:30 – 16:00 |
| Note: Trading commences with an Opening Auction and ends with a Closing Auction | |
| OFF-MARKET TRADES REPORTING | |
| Over-the-Counter Trade Reporting | 09:00 – 16:00 |
MiFID II - Tick Size Regulation
Tick Sizes for all Equities traded on the Malta Stock Exchange and Prospects MTF:
| 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.