Equities market trading hours
| Market(1) | Order cancellation | Pre-opening | Trading | Closing Call | After-Market trading(3) | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Order cancellation(4) | Trading | Order cancellation(4) | ||||||||||||
| Start | End | Start | End | Start | End | Start | End | Start | End | Start | End | Start | End | |
| Cash Market, Odd lots market, Investment Funds and OTC Market | 09:30 | 09:45 | 09:45 | 10:00 | 10:00 | 16:55 | 16:55 | 17:00 | 17:25 | 17:30 | 17:30 | 18:00 | 18:25 | 18:45 |
| Forward market | – | – | – | – | 10:00 | 17:25 | – | – | – | – | 17:30 | 18:00 | – | – |
| Block trades | – | – | – | – | 10:00 | 16:55 | – | – | – | – | – | – | – | – |
| Options market(2) | 09:30 | 09:45 | 09:45 | 10:00 | 10:00 | 16:55 | 16:55 | 17:15 | 17:25 | 18:45 | – | – | – | – |
| Unsponsored BDRs | 09:30 | 09:45 | 09:45 | 10:00 | 10:00 | 16:55 | 16:55 | 17:05 | 17:25 | 17:30 | 17:30 | 18:00 | 18:25 | 18:45 |
| Sponsored BDRs | 09:30 | 09:45 | 09:45 | 10:00 | 10:00 | 16:55 | 16:55 | 17:00 | 17:25 | 17:30 | 17:30 | 18:00 | 18:25 | 18:45 |
| Equity ETF | 09:30 | 09:45 | 09:45 | 10:05 | 10:05 | 16:55 | 16:55 | 17:15 | 17:25 | 17:30 | 17:30 | 18:00 | 18:25 | 18:45 |
| Fixed Income ETF | 09:30 | 09:45 | 09:45 | 10:00 | 10:00 | 16:55 | 16:55 | 17:15 | 17:25 | 17:30 | 17:30 | 18:00 | 18:25 | 18:45 |
| Index options(2) | 09:30 | 09:45 | 09:45 | 10:00 | 10:00 | 16:50 | 16:50 | 17:15 | 17:25 | 18:45 | – | – | – | – |
(1) Corrections can be made to trades in all markets and trading phases up until 19:00.
(2) Trading in expiring series ends at 15:45 on the expiration date.
(3) On the expiration date of options on stocks, units, BDRs or ETFs, there will be trading in the after-market period from 18:25 to 18:40, followed by an order cancellation phase from 18:45 to 19:00 for all reference markets in the timetable above, with the exception of options market, index options and block trades.
(4) On the expiration date of options on single stocks, units, BDRs or ETFs, there will be an order cancellation phase for the markets mentioned in the table above from 17:25 to 18:10 and from 18:45 to 19:00, with the exception of options market and index options, where the phase will occur from 17:25 to 18:45, and for the forward market and block trades, which will not have this phase.
| Market | Options Exercise | |||||||
|---|---|---|---|---|---|---|---|---|
| Before expiration | On expiration | |||||||
| Manual exercise of Holder's Position | Manual exercise of Holder's Position | Positions File [IMBARQ] | Contrary Exercise | Automatic Exercise of Holder's Position | ||||
| Start | End | Start | End | Start | End | Start | ||
| Options on single stocks, units, BDRs or ETFs | 10:00 | 16:00 | 10:00 | 14:45 | 17:15 | 17:15 | 18:15 | 18:15(1) |
| Index options | – | – | – | – | 17:15 | – | – | 17:20(2) |
(1) Automatic exercise from 18:15 whenever (i) the underlying’s reference price in the cash market is higher than the strike price, in the case of call options; and (ii) the underlying’s reference price in the cash market is lower than the strike price, in the case of put options. Exercise is automatic only in the absence of contrary exercise.
(2) Automatic exercise from 17:20 whenever (i) the settlement index is higher than the strike price, in the case of call options; and (ii) the settlement index is lower than the strike price, in the case of put options.