Wiener Börse AG introduces the new “Auction Volume Discovery” (AVD) order functionality.
Market members of the Vienna Stock Exchange and Prague Stock Exchange can use it to place orders that are executed exclusively at auction prices – either in the opening, intraday or closing auction. These orders are activated only after the auction price has been determined and can be executed exclusively against the remaining surplus or against other AVD-orders.
The new functionality unlocks additional liquidity that has previously remained untapped in exchange auctions. As a result, market participants gain additional opportunities to execute larger volumes on the Vienna Stock Exchange and Prague Stock Exchange without price impact.
Both institutional and retail investors benefit alike: increased liquidity in auctions raises the likelihood that buy and sell orders are executed at the auction price. The introduction of Auction Volume Discovery comes against the backdrop of the growing importance of auctions in equity trading as well as increasing demand for ways to access auction liquidity.
Source: Wiener Börse
