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 |
|---|---|---|---|
| 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 Thanksgiving Day | 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 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.