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Catalyst Trading Rules
WSE Trading Rules
dertake quoting i.e. they place buy/sell or- ders. Market markers are always a party to The WARSET system serves as the trading each transaction. The choice of the market platform for WSE-operated markets. Within and trading system is always made by the Catalyst, an issuer of debt instruments (cor- issuer, provided their instruments meet the porate, municipal or mortgage bonds, or respective admission criteria.
of two markets: a regulated market or an al- All debt instruments on CATALYST are cur- ternative trading system (ATS). These mar- rently traded on an order-driven market. The kets differ in terms of admission criteria to order-driven market rules for both WSE-op- be fulfilled by instruments. Trading on regu- erated markets are identical. Session sched- lated markets is order-driven whereas non- ules for the regulated market and for ATS are also identical. Types of orders and their order-driven market (with a market anima- priorities are also the same. The prices of traded instruments are always set with an price-driven market (with a market maker).
accuracy of 0.01 percentage point, regard- Continuous trading as well as single-price system with two auctions is available on both markets. Market animators, which op- erate on order-driven markets, stimulate trading i.e. ensure liquidity of instruments issued by a particular issuer. Market makers, which operate on price-driven markets, un- WSE Regulated Market (WSE RM)
Session schedule (24h system)
Order-driven market – continuous trading
Pre-opening phase (opening call)
8:00 – 9:00
– orders may be submitted, modified and cancelled – transactions are not executed
Opening (opening price is determined and transactions are made at the opening)
– order submission, modification and cancellation is suspended – transactions are executed at a price equal to the opening price
Continuous trading phase
9:00 – 17:20
– orders may be submitted, modified and cancelled – transactions are executed
Pre-closing phase (closing call)
17:20 – 17:30
– orders may be submitted, modified and cancelled – transactions are not executed
Closing (closing price is determined and transactions are made at the closing)
– order submission, modification and cancellation is suspended – transactions are executed at a price equal to the closing price
Pre-opening phase (next day opening call)
17:30 – 17:35
– orders may be submitted, modified and cancelled Order-driven market – single-price auction
8:00 – 11:00
Pre-opening phase (opening call)
– orders may be submitted, modified and cancelled Opening (single price is determined and transactions are made at the opening)
– order submission, modification and cancellation is suspended – transactions are executed at a price equal to the opening price 11:00 – 11:30
Post-auction trading
11:30 – 15:00
Pre-opening phase (opening call)
– orders may be submitted, modified and cancelled Opening (single price is determined and transactions are made at the opening)
– order submission, modification and cancellation is suspended – transactions are executed at a price equal to the opening price 15:00 – 15:30
Post-auction trading
15:30 – 17:35
Pre-opening phase (next day opening call)
– orders may be submitted, modified and cancelled Price variation limits on the regulated market
Continuous trading
Instrument
Reference price
Acceptable price variation for the
Acceptable price variation
for the opening
for the session, in case
the opening price has been
determined*
* If no opening price has been determined at opening, the acceptable price variation limit is deter- mined in relation to the closing price. In continuous trading, there are additional dynamic price variation limits of ±2 points relative to the price of most recent transaction.
Single-price auction system
Instrument
Acceptable price variation limit for auction
±3 points relative to reference price at the most recent auction (extendable to ±6 percentage points) WSE Non-regulated market (WSE ATS)
Session schedule (24h system)
Order-driven market – continuous trading
8:00 – 9:00
Pre-opening phase (opening call)
– orders may be submitted, modified and cancelled
Opening (opening price is determined and transactions are made at the opening)
– order submission, modification and cancellation is suspended
– transactions are executed at a price equal to the opening price 9:00 – 17:20
Continuous trading phase
– orders may be submitted, modified and cancelled
17:20 – 17:30
Pre-closing phase (closing call)
– orders may be submitted, modified and cancelled
Closing (closing price is determined and transactions are made at the closing)
– order submission, modification and cancellation is suspended
– transactions are executed at a price equal to the closing price 17:30 – 17:35
Pre-opening phase (next day opening call)
– orders may be submitted, modified and cancelled
Price-driven market – continuous trading
9:30 – 17:10
Continuous trading phase
– Market Makers submit orders (quotations)
Order-driven market – single-price auction
8:00 – 11:00
Pre-opening phase (opening call)
– orders may be submitted, modified and cancelled
Opening (single price is determined and transactions are made at the opening)
– order submission, modification and cancellation is suspended
– transactions are executed at a price equal to the opening price 11:00 – 11:30
Post-auction trading
11:30 – 15:00
Pre-opening phase (opening call)
– orders may be submitted, modified and cancelled
Opening (single price is determined and transactions are made at the opening)
– order submission, modification and cancellation is suspended
– transactions are executed at a price equal to the opening price Price-driven market – continuous trading (contd)
15:00 – 15:30
Post-auction trading
15:30 – 17:35
Pre-opening phase (next day opening call)
– orders may be submitted, modified and cancelled
Price variation limits on the non-regulated market
Continuous trading
Instrument
Reference price
Acceptable price variation
Acceptable price variation
for the opening
for the opening
for the session, in case
the opening price
has been determined*
±3 percentage points relative to ±3 percentage points relative * If no opening price has been determined at opening, the acceptable price variation limit is deter- mined in relation to the closing price.
Single-price auction system
Instrument
Acceptable price variation limit for auction
±3 points relative to reference price at the most recent auction (extendable to ±6 percentage points) BondSpot Trading Rules
Bids placed on these markets are valid until the end of the trading day and are removed BondSpot operates two markets within the from the system at the end of the trading CATALYST system: a regulated non-exchange day. Customers can place orders with a market and an Alternative Trading System longer execution period provided that the (ATS). The minimum value of an issue, equal- ling PLN 5 million, is the key admission crite- placing such bids repeatedly as per their customers’ orders up until execution or ex- The trading rules for both BondSpot-operat- ed markets are the same. Trading takes place Additional conditions can be specified for within a hybrid continuous trading system i.e. bids: as a price-driven market with customer orders  WAN (all or none) – bids must be exe- allowed. The role of trading organisers or au- cuted in full; bids are active until the first thorised dealers is to place sell/buy bids on a continuous basis, in pre-defined spreads. Ad- ditionally, block trades can be executed and  RBZ – bids are executed either in part or deals can be struck for the best bid under a negotiated trade (RFQ), and an inquiry may be sent to a selected market participant.
Trading schedules for the regulated market By definition, both BondSpot-operated mar- and ATS are identical. Types of orders and kets are wholesale markets, i.e. bids can be execution priorities are the same.
placed only if they reach or exceed a mini- mum threshold of PLN 100,000 (nominal val- ue). However, given the market history before the arrival of CATALYST, retail instruments are also traded and the minimum threshold of PLN 100,000 does not apply to them. The price of debt instruments in bids and trades is defined as a percentage of their nominal value, expressed in PLN or in another convert- ible currency specified by BondSpot S.A. Tick sizes are the same for both markets and de- pend on the nominal value of the instrument For instruments with a nominal value of: under PLN 100 – tick sizes are presented  at least PLN 100 but under PLN 10,000 – tick sizes are presented with an accuracy  at least PLN 10,000 or higher – tick sizes are presented with an accuracy of 0.0001 No price variation limits apply to either of Regulated and non-regulated BondSpot market
(BS RM and BS ATS)
Trading day schedule (24h system)
– bids from market organisers and authorised dealers 8:30 – 9:00
Organisers’ bids
– transactions are not executed – bids from any types of participants may be placed 9:00 – 17:30
Continuous trading
– transactions are executed automatically Block trades (overnight
– information on block trade terms may be placed 8:30 – 15:00
trades until 14:15)
– transactions are confirmed by market supervision – bids become invalid and are removed from markets

Source: http://static.gpw.pl/pub/files/PDF/roczniki/2011/265-270_FactBookEN2011_Catalyst_Trading_Rules.pdf