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 phase

09:00 – 09:30

Continuous (Equities and Corporate Bonds)

  Continuous (Malta Government Stocks) 

09:30 – 15:30

 09:30 – 14:30 

Post-trading phase (Equities and Corporate Bonds) 

 Post-trading phase (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 phase

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

 

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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.

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