7 Auction and principle of highest executable volume

¹ Prior to the auction, the participant may enter new orders in the orderbook or delete existing ones without executions coming about.

² The price of the auction shall be determined taking into account all limited and unlimited orders and quotes in the orderbook and, in certain cases, by the reference price. Orders and quotes shall be treated equally in the auction.

³ According to the principle of highest executable volume the largest possible quantity executable shall be executed at a single price specified in the auction. The following rules shall apply here:

1. orders shall be considered in accordance with the price-time priority principle;
2. unlimited orders shall be executed with limited and unlimited orders on the opposite side. If not all unlimited orders can be executed, no executions shall take place and the orderbook shall remain closed (Non Opening). Valid orders shall remain in the orderbook;
3. limited orders shall be executed until one side of the book is empty or the best buy price remaining in the orderbook is lower than the best sell price;
4. if two unlimited orders of the same quantity are executed last, the price of the auction shall correspond to the reference price.
   If the reference price is below (above) the best buy order (sell order) remaining in the book, it shall determine the price of the auction;
5. if one unlimited and one limited order are executed last, the price of the auction shall correspond to the remaining limit;
6. if limited orders of different quantities are executed at two price levels last, the price of the auction corresponds to the price level of the bigger order quantity;
7. if limited orders of equal quantities are executed at two price levels last, the price of the auction shall correspond to the arithmetic mean of both price levels, rounded up to the next valid price level.
   If the arithmetic mean is below (above) the best buy order (sell order) remaining in the book, it shall determine the price of the auction;

⁴ The price for all trades in the auction shall be determined by the last price establishment in accordance with the rules of this Clause.