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NSE gives market orders pre-open priority
The Hindu BusinessLine··7 Sept
The National Stock Exchange on Monday implemented a revised pre-open session that prioritises market orders over limit orders. The session still runs from 9:00 am to 9:15 am. Traders may place market and limit orders from 9:00 am to 9:05 am, then only limit orders until about 9:10 am. Matching runs from 9:10 am to 9:12 am.
Prism
What It Means For You
- Market orders in the pre-open window are accepted only before 9:05 am.
- Stop loss, IOC and disclosed quantity orders are not allowed in this session.
- Algo market orders are allowed only in the first five minutes of order entry.
What's Happening
- The order collection window will close randomly between 9:08 am and 9:10 am.
- Eligible market orders match other market orders first by time priority at the equilibrium price.
- Residual market orders then match limit orders by price-time priority.
Why The Rules Changed
- NSE said the revised mechanism aligns more closely with Closing Auction Session principles.
- The exchange kept the overall 15-minute pre-open length on all trading days.
- After a market-wide circuit filter breach, timings for a fresh pre-open will be announced separately.
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