The BIMx Trading Session, State by State

Session schedule

The trading session on the markets operated by BIMx takes place on business days, from 10:00–14:00 (Moldova time). The markets are closed on non-business days and public holidays. The full calendar of trading days, including any days with a special schedule, is published on bimx.md before the first session.

The seven states

1. Pre-openOrders can be entered, modified, or canceled, but no trades are concluded. The system calculates and displays the potential opening price.
2. OpeningThe opening price is determined by the fixing auction algorithm, and trades are concluded with the orders accumulated during pre-open.
3. OpenContinuous trading: matching orders execute immediately, based on price-time priority.
4. Pre-closeOrders can be entered, modified, or canceled without execution, in preparation for the close. The potential closing price is calculated.
5. ClosingThe closing price is determined by a fixing auction, and trades are concluded.
6. Trading at closeTrades can be concluded only at the price resulting from the closing fixing auction.
7. ClosedThe session has ended. No new orders are accepted.

The order types accepted in each state and the mechanisms for temporary trading suspension are described in the BIMx Rules for the Regulated Market (Title V) and the BIMx Rules for the MTF. For the certification exam, you need to know these rules in full.

Price-time priority

In the Open state, orders execute according to two criteria, in this order: first price (the highest buy price and the lowest sell price take priority), then time of entry (at the same price, the order entered first executes first).

Why the fixing auction matters

At the open and the close, orders are not executed one by one. Instead, they are pooled, and the system calculates a single price at which the largest volume can trade. This mechanism reduces the impact of any single order on the price at sensitive moments of the day, and the closing price becomes the reference for the next session.