Trading and order book

The trading system is order-driven.

Any CSX listed securities are tradable on XCAY. Specialist securities, traded by qualified investors only, can be traded on the CSX Xetra trading platform provided a signed qualified investor form is submitted. There is no set trading currency for trading on the CSX Xetra trading platform. The CSX can accept as trading currency the currency of a listed security.

Trading can take place either on or off the order book.

Through the XETRA system functionality broker members interact with a central, electronic order book. Orders submitted by the participants get matched in the trading system leading to trades being generated. The trade information with the updated last trade price and order book details are transmitted to participants, which includes the CSX, and is published on the CSX website within 15 minutes of trade execution. Each broker member will receive a transaction reporting specific to them at the end of the trading day. The trade information will also be forwarded to data disseminators on a daily basis.

Continuous trading of equities on XETRA takes place from 12:00-5:30 pm (GMT) on trading days; there is no limitation on order sizes. Traders’ buy and sell orders are matched in the open XETRA order book, on which orders are executed on a price-time-priority basis: orders with the highest buy or lowest sell limit are executed first. If limits are the same, they are executed by time priority.

OTC

Prearranged trades between two broker members of the CSX may be posted using the OTC functionality of the CSX Xetra trading platform, combining the advantages of exchange Xetra trading with the flexibility of off-exchange (OTC) trading. Participants can settle this kind of OTC trade by various means including by telephone. One of the trading partners enters the agreed trading parameters into XETRA Trade Entry system, while the other checks and confirms the data.

If the data is not confirmed, the order is deleted at the end of the day.

Prearranged trades between two broker members of the CSX may be posted using the OTC functionality of the CSX Xetra trading platform, combining the advantages of exchange Xetra trading with the flexibility of off-exchange (OTC) trading. Participants can settle this kind of OTC trade by various means including by telephone. One of the trading partners enters the agreed trading parameters into XETRA Trade Entry system, while the other checks and confirms the data. If the data is not confirmed, the order is deleted at the end of the day.

Market hours

Trading on XCAY will be Monday to Friday with main trading between: 7:00am to 12:30pm (Cayman Islands time) / 12:00pm to 5:30pm (GMT).

The pre-trading session starts 30 minutes before commencement of the main trading, from 6:30 am Cayman time (11:30am GMT). During this session, broker members may enter orders in preparation for the main trading or revise or delete their existing orders. The order book is not open for trading during this session so orders will not be matched until the beginning of the main trading session.

Five minute auctions will be held at the beginning and end of the main trading session during which orders are matched on the principle of maximum executable volume.

At the end of the opening auction continuous trading commences at 7:05 am Cayman Islands time (12:05 GMT). During this session the order book is open.

Orders entered by broker members are immediately compared with any orders in the order book and either matched or entered into the queue. Confirmation for orders matched will be sent to broker members during the session.

A fifteen minutes post-trading starts at the end of the main trading session at 12:30 pm (Cayman Islands time)/ 5:30 pm (GMT). The order book is closed during this session but broker members can withdraw or modify existing orders or enter new orders for execution when the next trading day starts.

XETRA brokers and market makers

Trades can be placed through existing CSX broker members – details of which appear on the CSX website – or it is possible to use any of the existing network of approximately 400 banks, financial services institutions and financial enterprises worldwide who are currently connected to one or more of the other 14 XETRA markets.

Any security traded on XCAY can be supported by broker members who are also specialist market makers, playing an active support role to the trading in particular securities.

International participants on other XETRA markets can be passported through a simple process and at a minimal additional cost as CSX broker members and will be able to use their existing XETRA connection to trade on XCAY. This creates additional synergies as implementation costs are reduced.

CSX Trading Procedures