Malta Stock Exchange: Trading on the Secondary Market

The Malta Stock Exchange (MSE) strives to ensure adequate investor protection and that the highest standards of market integrity are applied to all the activities conducted on its markets. The MSE is licensed to operate a regulated market by providing the necessary infrastructure and regulations in respect of secondary market operations. All listed financial instruments may be traded on the regulated market by MSE-authorised Members (stockbrokers) acting on behalf of, and in accordance with, the instructions of their clients.

The Trading arm of the Exchange ensures:

  • Clear and transparent rules for the admission of financial instruments to trade on its markets in line with European law
  • Pre-and post-trading transparency
  • Membership rules approved by the Competent  Authority
  • Continuous     monitoring of trading activity and Members’ compliance with trading rules and other applicable regulations
  • Regulatory reporting to the Competent Authority
  • Trading on a regulated market that ensures the best-execution transparent pricing based on supply and demand
  • The opportunity to broaden investor base while gaining access to a transparent and well-regulated market
  • Providing clear and transparent information to potential investors through dissemination of market data, price and announcements

Trading system

The trading system is order- driven, and the exchange uses the Xetra trading platform provided by Deutsche Börse AG. This platform operates remotely from the Deutsche Börse hub in Frankfurt, with secure access by the MSE and its brokers. The platform is used extensively by exchanges in over 18 countries, allowing connectivity with over 4,500 members internationally. Over The Counter (OTC) trades are reported through the MSE’s trading infrastructure for dissemination to the market.

Market Making

The Exchange has created a framework for Market Making, which is a process whereby a Member (stockbroker) with a Category III licence or equivalent and approved by the Exchange, places regular bid and offer prices on the trading platform in respect of the security for which they offer market making services.

The objective is to improve the level of liquidity in these instruments, so that investors will be able to transact at almost any time during trading hours.

Trading Calendar and Hours

The Trading and Settlement Calendar and the Trading Time-Table are issued annually and are available on the MSE website. Regular Market Trading commences with an Opening Auction and ends with a Closing Auction.

Regular Market

Pre trading: 09:00 - 09:30
Continuous: 09.30 - 12:30

Treasury  Bills Market

Pre Trading: 09:00 - 09:30
Continuous: 09:30 - 10:30

Fees

  • Transaction charges: €2.50/ transaction irrespective of volume that applies to both buyer and seller.
  • Turnover fees: Members shall pay a fee equivalent to 0.03 per cent of turnover.

 

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