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 Listing Authority, [MFSA]. Granting of “admissibility” means that the Listing Authority has approved the Prospectus for issue and the Issuer may seek admission to any of the Exchange’s recognised lists.

Trading Time Table

REGULAR MARKET

Pre-trading

09:00 – 09:30

Continuous (Equities and Corporate Bonds)

  Continuous (Malta Government Stocks) 

09:30 – 15:30

 09:30 – 14:30 

Post-trading (Equities and Corporate Bonds) 

 Post-trading (Malta Government Stocks) 

15:30 – 16:00

 14:30 – 16:00 

Note: Regular Market 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

Trading Calendar

Trading Calendar 2015

Trading Calendar 2014

 

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 a list of Equities in the Liquidity Bands.
 

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.
 
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Securities admitted to the Prospects MTF are issued by small and medium sized enterprises (SMEs). Investment in smaller companies can involve greater risk than is generally associated with investment in larger more established companies and can result in significant capital losses. Securities issued by SMEs tend to be illiquid and investors should therefore seek appropriate advice before making any investment.

Titoli ammessi fuq Prospects MTF jinħarġu minn intrapriżi żgħar u ta’ daqs medju (SMEs). L-investiment f'kumpaniji żgħar jista’ jinvolvi riskju akbar milli huwa ġeneralment assoċjat ma' investiment f'kumpaniji akbar u aktar stabbiliti u jista’ jirriżulta f'telf sinifikanti ta' kapital. It-titoli maħruġa mill-SMEs għandhom it-tendenza li mhumiex likwidi u l-investituri għandhom għalhekk ifittxu parir xieraq qabel ma jagħmlu xi investiment.

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