Trades can be executed on the Main Board, Negotiated Deals Board and on the Advertising Board in the Exchange.
On the Main Board the orders are matched during the normal session and the fixing sessions. The orders sent to the system are matched respectively on the price and time priority basis. According to the price priority rule, the lower price sell orders are matched before the higher price sell orders and the higher price buy orders are matched before the lower price buy orders. In case of equal prices, according to the time priority rule, the order which is entered earlier is matched first.
Negotiated deals are large quantity orders which can influence the prices on the Main Board. The orders which involve 500 or more contracts in one entry for physically delivered currency futures contracts and 2,000 or more contracts in one entry for ther contracts are accepted as negotiated deals. Both parties of negotiated deals are definite and the Exchange’s approval is mandatory for them to be traded on the Negotiated Deals Board. On the Advertising Board, traders indicate their interest in performing a negotiated trade. Once an advertising order is matched by the counterparty, it becomes a negotiated deal and the trade executes on the Negotiated Deals Board upon the Exchange approval.