Trading
Trading on Malta Stock Exchange takes place through the Xetra trading system.
Xetra is a trading system operated by Deutsche Börse 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 securities 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 |
|---|---|---|---|
| Wednesday 11 November 2026 | US Holiday | Normal trading day | Non-Settlement day USD |
| Thursday 26 November 2026 | US Holiday | Normal trading day | Non-Settlement day USD |
| Tuesday 8 December 2026 | Immaculate Conception | Non-trading day | Non-settlement day all currencies |
| Thursday 24 December 2026 | Christmas Eve | Non-trading day | Normal settlement all currencies |
| Friday 25 December 2026 | Christmas Day | Non-trading day | Non-settlement day all currencies |
| Thursday 31 December 2026 | New Year's Eve | Non-trading day | Normal settlement all currencies |
| Friday 1 January 2027 | New Year's Day | Non-trading day | Non-settlement day all currencies |
| Monday 18 January 2027 | US Holiday | Normal trading day | Non-Settlement day USD |
| Wednesday 10 February 2027 | Feast of St Paul's Shipwreck | Non-trading day | Non-settlement day all currencies |
| Monday 15 February 2027 | US Holiday | Normal trading day | Non-Settlement day USD |
| Friday 19 March 2027 | Feast of St Joseph | Non-trading day | Non-settlement day all currencies |
| Friday 26 March 2027 | Good Friday | Non-trading day | Non-settlement day all currencies |
| Monday 29 March 2027 | Easter Monday | Non-trading day | Non-settlement day all currencies |
| Wednesday 31 March 2027 | Freedom Day | Non-trading day | Non-settlement day all currencies |
| Monday 3 May 2027 | UK Holiday | Normal trading day | Non-Settlement day GBP |
| Monday 31 May 2027 | US and UK Holiday | Normal trading day | Non-Settlement day USD and GBP |
| Monday 7 June 2027 | Sette Giugno | Non-trading day | Non-settlement day all currencies |
| Tuesday 29 June 2027 | Feast of St Peter and St Paul | Non-trading day | Non-settlement day all currencies |
| Monday 5 July 2027 | US Holiday | Normal trading day | Non-Settlement day USD |
| Monday 30 August 2027 | UK Holiday | Normal trading day | Non-Settlement day GBP |
| Monday 6 September 2027 | US Holiday | Normal trading day | Non-Settlement day USD |
| Wednesday 8 September 2027 | Victory Day | Non-trading day | Non-settlement day all currencies |
| Tuesday 21 September 2027 | Independence Day | Non-trading day | Non-settlement day all currencies |
| Monday 11 October 2027 | US Holiday | Normal trading day | Non-Settlement day USD |
| Thursday 11 November 2027 | US Holiday | Normal trading day | Non-Settlement day USD |
| Thursday 25 November 2027 | US Holiday | Normal trading day | Non-Settlement day USD |
| Wednesday 8 December 2027 | Immaculate Conception | Non-trading day | Non-settlement day all currencies |
| Monday 13 December 2027 | Republic Day | Non-trading day | Non-settlement day all currencies |
| Friday 24 December 2027 | Christmas Eve | Non-trading day | Normal settlement all currencies |
| Monday 27 December 2027 | UK Holiday | Normal trading day | Non-Settlement day GBP |
| Tuesday 28 December 2027 | UK Holiday | Normal trading day | Non-Settlement day GBP |
| Friday 31 December 2027 | New Year's Eve | Non-trading day | Normal settlement all currencies |
Trading Calendar 2027
Trading Calendar 2026
Trading Calendar 2025
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 stipulated
in the Annex to Commission Delegated Regulation 2017/588 of 14 July 2016.
Fixed Income securities (Government Stocks and Corporate Bonds) are not
affected by MiFID II and will remain 0.01.
Download (Effective 1 April 2025)
/
Download (Effective 7 April 2026)
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.