Guide to Order Validity Periods on the BVB

• A stock exchange order may have any of the following validity periods (time attributes):

a) Day – valid during the current trading session;

b) Open – valid until execution or withdrawal, for a maximum of 62 calendar days from the date of the last order update;

c) Good Till Date – valid until the specified date (format “yyyy-mm-dd” “year-month-day”), for a maximum of 62 days from the date of the last order update;

d) FOK (Fill or Kill) – entered for immediate execution, provided that the full volume of the order can be executed. If full execution is not possible, the order is rejected. Such an order is permitted only in the Open market state;

e) IOC (Immediate or Cancel or Fill and Kill) – executed partially, with the remaining unexecuted volume being canceled by deleting the order. Such an order is permitted only in the Open market state.

• Upon expiration of the validity period associated with an order, it is automatically removed from the system.
• Validity and activation terms for orders that are active only in certain market states:

a) Valid For Opening (VFO) – Valid for Pre-Opening – accepted in any of the market states of the trading session, except for the Closed market state, but activated only upon the first transition of the market into the Pre-Opening state;

b) Valid For Closing (VFC) – Valid for Pre-Closing – accepted in any of the market states of the trading session, except for the Closed market state, but activated only upon the first transition of the market into the Pre-Closing state;

c) Valid For Auction (VFA) – Valid for Pre-Opening/Pre-Closing – accepted in any of the market states of the trading session, except for the Closed market state, but activated only upon the first transition of the market into the Pre-Opening or Pre-Closing state.

• The orders mentioned above have the following characteristics:

a) upon acceptance into the BVB system, such orders may be entered into the active order book if the market state complies with the specified validity period. Otherwise, the orders are accepted into the contingent order book;

b) orders that have been activated in one of the specified market states and that have not been executed (partially or fully) will be canceled before the transition from the Opening/Closing state to the Open/Closed state.

• Orders with the validity term “Valid for Trading at Close” are market-type orders (Market) and are accepted in any of the market states of the trading session, except for the Trading at Close and Closed market states, but are activated only upon the transition to the Trading at Close state.
• The orders mentioned above have the following characteristics:

a) orders are activated as market orders (MKT) only if the price specified for Trading at Close is better than the protection price specified in the order definition elements;

b) only orders with a Day validity period are permitted.