Opening Auction

[Enzed]

Hi Guys, What is the opening auction? Who participates and how? Is it electronic or does everyone meet at Burchmores. Does it work like Burchmores - what is being auctioned? Regards

[SimonPB]

everybody can get involved, just placean order .. at 9am the system determines at what price the largest volume takes place - and that's the opening price ..

[Enzed]

Simon -thanks for that- one more question - is it possible for a transaction to take place before 9am.I see sometimes on CNBCA that the prices of some shares are showing movements before opening time - how is this possible - or am I looking at the previous day's prices? Thanks.

[SimonPB]

they are off market .. ignore them ..

[#5]

The question is how does it happen off market... do some big boys have more power outside the market times to trade what I assume is essentially OTC trades?

[SimonPB]

they have to be of large size, one party has to be foreign, the price has to be within range, they have to be reported to the JSE by 6pm on the day or pre-opening if they happened late on the day ..