Reference price and Trade control parameters

Reference price: in the ETFplus market the reference price is equal to:

1) the closing-auction price;
2) where it is not possible to determine the closing-auction price, the reference price shall be equal to a significant number of best bids and offers displayed on the order book during the continuous trading phase, giving greater weight to the most recent;
3) where it is not possible to determine the reference price pursuant to 2), the reference price shall be equal to a significant number of best bids displayed on the order book during the continuous trading phase, giving greater weight to the most recent;
4) where it is not possible to determine the reference price pursuant to 3), the reference price shall be put equal to that of the previous session.

Static price: is equal to the reference price of the day before; when the first contract of the day is concluded, the price of that contract becomes the new static price for the rest of the day.

Dynamic price: is equal to the price of the last contract concluded during the start of the session.

To ensure proper operation of the market, the following maximum limits are fixed on the movement of prices:
a) maximum price variation limit for proposals relative to the static price
b) maximum price variation limit for contracts relative to the static price
c) maximum price variation limit for contracts relative to the dynamic price.

If, during continuous trading, the price of the contract being closed exceeds the limits relative to the static price or the dynamic price, then the volatility auction is triggered.  Volatility auction lasts 2 minutes plus 30 seconds of random. In case the volatility auction price cannot be validate and extension phase is triggered and it could be reproduced several time till the price is not validated (i.e. it is within the maximum percentage variation). Market Supervision can amend the previous day reference price

Maximum prices deviations table is available at this link