Order Rejection on the Tel Aviv Stock Exchange (TASE)
According to the TASE regulations each stock has a minimum order size for regular trading. The size is a stock specific calculation of a minimal monetary value at the beginning of each month. Where the value for a stock in the TA-35 index is 5000 NIS and anything outside of this is 2’000.
When an order is rejected by the exchange you will receive the minimum size required by the exchange.
Example
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Minimum Size Calculation Example:
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Bank Leumi share's closing price is 1000 NIS on the 1st of the Month
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Min Size is 5000/1000 = 5
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Order Placement
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Successful order: 5 LEUMI Shares
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Unsuccessful order: 4 LEUMI Shares
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In order to place an opening or closing orders during continuous trading you must input an order of at least 5 shares.
During the Opening and Closing Auction you may initiate any size limit order
For further information on the minimum order size please refer to
https://info.tase.co.il/Eng/trading/trading_phases/Pages/trading_continuous_phase.aspx
TASE Schedule in IST
| Sunday | Mon - Thu | |
|---|---|---|
| Pre-Opening start | 9:00 | |
| Theoretical Price start | 9:10 | |
| Opening Auction start | 9:45-9:46 | |
| Continuous Trade Phase Start | 9:45-9:46 | |
| Pre-closing & theoretical prices start | 16:14 -16:15 | 17:14-17:15 |
| Closing Auction & end of trade | 16:24 -16:25 | 17:24-17:25 |