Less liquid securities follow an auction-based trading regime with two daily auctions at 11:30 AM and 4:30 PM. Each auction is preceded by a long accumulation phase and followed by a Trading At Last period. This mode improves order book depth and price discovery quality for these securities.

The Euronext algorithm selects the price that maximises the volume traded. If volumes are equal, it chooses the price that minimises the imbalance between unexecuted orders, then the price closest to the last quoted price. These criteria ensure fair treatment of all participants.

False. Trading At Last allows participants to trade exclusively at the closing price during a short period after the closing auction. This provides a final opportunity for execution at this reference price.

False. The opening auction at 9:00 AM is a sealed auction where all orders are revealed and matched simultaneously. Continuous trading with the price-time priority rule begins after the opening auction.

Trading phases include the pre-opening, opening auction, continuous trading, pre-closing, closing auction, and Trading At Last. Price formation mechanisms include the auction (sealed auction) and the price-time priority rule (continuous trading). These categories help understand the structure and processes of the trading day.

The continuous trading phase runs from 9:00 AM to 5:30 PM for liquid securities. During this period, orders are matched individually and in real time according to the price-time priority rule.

The pre-opening phase begins at 7:15 AM. This phase allows participants to enter, modify or cancel their orders in the central order book without transactions being executed. The system calculates a theoretical opening price that guides participants in adjusting their orders.

The closing auction takes place at 5:35 PM. This moment determines the official closing price, which serves as a reference for portfolio valuation and index calculation. It is preceded by a pre-closing phase and followed by Trading At Last.