Trading

Trading on the Malta Stock Exchange

 

Trading on Malta Stock Exchange takes place through the Xetra trading system. Xetra is a trading system operated by Deutsche Bõrse AG and offers trading functionality in line with international standards making it easier for international participation.

Trading of Financial Instruments

All the listed financial instruments, with the exception of Collective Investment Schemes which are traded through the respective fund managers, are traded on the market by Members of the MSE acting on behalf of and in accordance with the instructions of their clients.

The Malta Stock Exchange strives to ensure that the highest standards of market integrity are applied to all the activities conducted on its markets to ensure that appropriate levels of investor protection are in place, among which are the following:

i. clear and transparent bye-laws for the admission of financial instruments to trading ensuring that these are capable of being traded in a fair, orderly and efficient manner.

ii. appropriate trading, settlement and clearing arrangements for shares admitted to trading on its markets in line with those required under European Law including Market in Financial Instruments Directive (MiFID).

iii. Pre and Post trade information on all securities dealt on its market.

iv. Membership rules which have been approved by the Malta Financial Services Authority.

v. Continuous monitoring of the trading activity on its markets and monitoring of member firms' compliance with the trading procedures and applicable regulations, as well as the Prevention of Financial Markets Abuse Act Cap.476 and the Prevention of Money Laundering Act Cap.373 of the Laws of Malta on an ongoing basis.

vi. Daily reporting to the Malta Financial Services Authority (MFSA) of all trades executed on the its market and on the off-exchange market, together with the reporting of any suspicious transactions.

The process for financial instruments being admitted to any of the recognised lists of the Malta Stock Exchange starts with a prospective Issuer seeking “Admissibility to Listing” from the MFSA. Granting of “admissibility” means that the MFSA has approved the Prospectus for issue and the Issuer may seek admission to any of the Exchange’s recognised lists.

Trading Calendar 

Trading on the Malta Stock Exchange is from Monday to Friday on a T+2 settlement cycle except for the following days.

 

DATE

HOLIDAY

TRADING

SETTLEMENT

Wednesday 08 December 2021

Feast of the Immaculate Conception

Non-trading day

Non-settlement day all currencies

Monday 13 December 2021

Republic Day

Non-trading day

Non-settlement day all currencies

Friday 24 December 2021

Christmas Eve

Non-trading day

Normal Settlement all currencies

Monday 27 December 2021

UK Holiday

Normal trading day

Non-Settlement day GBP

Tuesday 28 December 2021

UK Holiday

Normal trading day

Non-Settlement day GBP

Friday 31 December 2021

New Year's Eve

Non-trading day

Normal Settlement all currencies

Monday 3 January 2022

UK Holiday

Normal trading day

Non-Settlement day GBP

Monday 17 January 2022

US Holiday

Normal trading day

Non-Settlement day USD

Thursday 10 February 2022

Feast of St Paul's Shipwreck

Non-trading day

Non-settlement day all currencies

Monday 21 February 2022

US Holiday

Normal trading day

Non-Settlement day USD

Thursday 31 March 2022

Freedom Day

Non-trading day

Non-settlement day all currencies

Friday 15 April 2022

Good Friday

Non-trading day

Non-settlement day all currencies

Monday 18 April 2022

Easter Monday

Non-trading day

Non-settlement day all currencies

Monday 02 May 2022

UK Holiday

Normal trading day

Non-Settlement day GBP

Monday 30 May 2022

US Holiday

Normal trading day

Non-Settlement day USD

Thursday 2 June 2022

UK Holiday

Normal trading day

Non-Settlement day GBP

Friday 3 June 2022

UK Holiday

Normal trading day

Non-Settlement day GBP

Tuesday 07 June 2022

Sette Giugno

Non-trading day

Non-settlement day all currencies

Monday 20 June 2022

US Holiday

Normal trading day

Non-settlement day USD

Wednesday 29 June 2022

Feast of St Peter and St Paul

Non-trading day

Non-settlement day all currencies

Monday 04 July 2022

US Holiday

Normal trading day

Non-Settlement day USD

Monday 15 August 2022

Assumption of Mary

Non-trading day

Non-settlement day all currencies

Monday 29 August 2022

UK Holiday

Normal trading day

Non-Settlement day GBP

Monday 05 September 2022

US Holiday

Normal trading day

Non-Settlement day USD

Thursday 08 September 2022

Feast of Our Lady of Victories

Non-trading day

Non-settlement day all currencies

Wednesday 21 September 2022

Independence Day

Non-trading day

Non-settlement day all currencies

Monday 10 October 2022

US Holiday

Normal trading day

Non-Settlement day USD

Friday 11 November 2022

US Holiday

Normal trading day

Non-Settlement day USD

Thursday 24 November 2022

US Holiday

Normal trading day

Non-Settlement day USD

Thursday 08 December 2022

Feast of the Immaculate Conception

Non-trading day

Non-settlement day all currencies

Tuesday 13 December 2022

Republic Day

Non-trading day

Non-settlement day all currencies

Monday 26 December 2022

MSE Holiday

Non-trading day

Non-settlement day all currencies

Tuesday 27 December 2022

UK Holiday

Normal trading day

Non-Settlement day GBP

Trading Calendars Archive

Trading Calendar 2015

Trading Calendar 2014

Trading Time Table

ALL MARKETS

Pre-trading

09:00 – 09:30

Continuous (All Instruments excl. T-Bills)

09:30 – 15:30 

Post-trading (All Instruments excl. T-Bills)

15:30 – 16:00

 
Note: Trading commences with an Opening Auction and ends with a Closing Auction 
 

TREASURY BILLS MARKET 

Pre-trading

09:00 – 09:30

Continuous

09:30 – 10:30

    

OFF-MARKET TRADES REPORTING

Over-the-Counter Trade Reporting

 09:00 – 16:00

MiFID II - Tick Size Regulation

With MiFID II coming into effect as from 3 January 2018 the below the Tick Sizes for all Equities traded on the Malta Stock Exchange and Prospects MTF will be applied:


Tick Size Regime

Liquidity Bands - average daily number of trades

Price

LB1

0 ≤ Average daily number of transactions < 10

LB2

10 ≤ Average daily number of transactions < 80

0≤ price <0.1

0.0005 0.0002

0.1≤ price <0.2

0.001 0.0005

0.2≤ price <0.5

0.002 0.001

0.5≤ price <1

0.005 0.002

1≤ price <2

0.01 0.005

2≤ price <5

0.02 0.01

5≤ price <10

0.05 0.02

10≤ price <20

0.1 0.05

The above table is an extract from the mandatory tick size table is stipulated in the Annex to Commission Delegated Regulation 2017/588 of 14 July 2016.
 
Fixed Income securities (Government Stocks and Corporate Bonds) are not effected by MiFID II and will remain 0.01. 
 
Download list of Liquidity Bands for Equities.

Market Data Transparency Obligation
Please click here to view the Transparency Obligations in line with Article 11 of the Commission Delegation (EU) 2017/567 of 18 May 2016.