There is no securities trading at the MSE in cases when:
- there is no legal exchange of the securities ownership;
- the transfer of the securities ownership is the result of issuing new securities which is in progress.
MSE members may fulfill orders for buying and selling listed securities , i.e. securities that are accepted for trading on the MSE markets only via the BEST system. All brokers are electronically connected from their premises to the central MSE server located at its headquarters. The BEST system shall be open for MSE members for the purpose of dealing with the trade orders (entry, changes, retaining, activating retained orders, withdrawing orders) each trading day (Monday, Tuesday, Wednesday, Thursday and Friday) during the trading phases. The BEST system is based on the order system, in accordance with the continuous bidding model and application of the computer matching method of the securities prices.
Prices of securities traded on the MSE should be announced for 1 (one) lot and may be expressed as follows:
- for shares: in denars without decimal places ;
- for bonds: as a percentage of the face value or of the principal that is not yet paid (annuity bonds), without accrued interest. The percentage is expressed using two decimal places.
When trading bonds, except for the price expressed as a percentage of the face value or of the bond principal that is not yet paid, the buyer of the bonds is obliged to pay the seller interest that is accrued, but not charged yet. Calculation of the accrued interest shall be performed by the licensed depositary.
The official daily average price of a certain security is the weighted arithmetic mean of all prices of all transactions involving that security at any given trading day. The quantity of securities in each transaction is considered as weight. The official daily average price is formed at the end of the trading day. The official daily average price of a certain security is published on the official daily list of the MSE.
In general, prices of securities traded within BEST are determined entirely in accordance with the current market demand and supply. However, in order to protect investors and obtain updated information from listed companies, certain limits on price fluctuations are introduced (+-10% of basic price). Trading orders with prices higher or lower than the allowed price limitations during the day shall be automatically transfered to an inactive status.
Temporary Cancellation of Securities Trading
MSE may terminate temporarily the trading of certain securities in the following cases:
- significant disturbances in the operations of the issuer of securities;
- incorrectly entered data in the listing request ;
- disclosure of price-sensitive information;
- manipulation of information or prices;
- large price fluctuations or other unusual circumstances during trading (large quantity of traded securities, significant market imbalance etc);
- disabling the transfer of securities ownership;
- shaking the confidence in securities trading;
- occurrence of circumstances that may result in the distortion of fair securities trading;
- possible occurrence of damages for members, investors and the MSE;
- in other circumstances, as dictated by the general principle for the protection of investors.