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:

  1. 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.
  2. 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).
  3. Pre and Post trade information on all securities dealt on its market.
  4. Membership rules which have been approved by the Malta Financial Services Authority.
  5. 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.
  6. 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.