The WSE will operate an Alternative Trading System of bonds parallel to the Regulated Market as of 30 September 2009. The system is mainly designed for corporate and municipal bonds. The rules of trading for both markets are almost the same. This means that the current standards of the Regulated Market will also apply to the ATS.
The trading schedule of the continuous trading system has been slightly modified for the purpose of the project and will be as follows in the Alternative Trading System and the Regulated Market:
|8.30 – 9.00||Pre-opening phase (opening call)|
|9:00||Opening (determination of the opening price)|
|9:00 – 16.50||Continuous trading phase|
|16.50 – 17.00||Pre-closing phase (closing call)|
|17.00||Closing (determination of the closing price)|
|17.00 – 17.05||Pre-opening phase (next session opening call)|
The Catalyst Rules are framework regulations covering, among others, the general rules of the organised market of bonds issued by companies and local governments, the authorisation of debt securities, the reporting requirements applicable to issuers, the rules of introducing and admitting bonds to trading in all segments of the Catalyst market, the rules of participation in trading for financial institutions.
The Catalyst Rules are framework regulations approved by Resolution of the WSE Management Board of 3 September 2009. In areas such as the authorisation of debt financial instruments and some key principles of organised trading, the Rules will constitute the basis of the relations between the WSE and trading participants and between the WSE and bond issuers. The Rules will also have a bearing on the relations between issuers and trading participants on the one hand and the company BondSpot (MTS-CeTO) on the other.
The Catalyst Rules set out the basic rules of the bond market as a framework for regulations defining the specific rules of the introduction of bonds to Catalyst, i.e.:
• The WSE Rules applicable to the exchange regulated bond market on Catalyst;
• The Rules of Non-Exchange Regulated Trading applicable to non-exchange regulated trading on Catalyst;
as well as:
• The Rules of the Alternative Trading System operated by the WSE – applicable to Catalyst;
• The Rules of the Alternative Trading System operated by BondSpot – applicable to Catalyst.