Equities market trading hours
| Market(1) | Order cancellation | Pre-opening | Trading | Closing Call | After-Market trading(3) | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Order cancellation(4) | Trading | Order cancellation(4) | ||||||||||||
| Start | End | Start | End | Start | End | Start | End | Start | End | Start | End | Start | End | |
| Cash Market, Odd lots market, Investment Funds and OTC Market |
09:30 | 09:45 | 09:45 | 10:00 | 10:00 | 17:55 | 17:55 | 18:00 | 18:25 | 18:45 | – | – | – | – |
| Forward market | – | – | – | – | 10:00 | 18:25 | – | – | – | – | – | – | – | – |
| Block trades | – | – | – | – | 10:00 | 17:55 | – | – | – | – | – | – | – | – |
| Options market(2) | 09:30 | 09:45 | 09:45 | 10:00 | 10:00 | 17:55 | 17:55 | 18:15 | 18:25 | 18:45 | – | – | – | – |
| Unsponsored BDRs | 09:30 | 09:45 | 09:45 | 10:00 | 10:00 | 17:55 | 17:55 | 18:05 | 18:25 | 18:45 | – | – | – | – |
| Sponsored BDRs | 09:30 | 09:45 | 09:45 | 10:00 | 10:00 | 17:55 | 17:55 | 18:00 | 18:25 | 18:45 | – | – | – | – |
| Equity ETF | 09:30 | 09:45 | 09:45 | 10:05 | 10:05 | 17:55 | 17:55 | 18:15 | 18:25 | 18:45 | – | – | – | – |
| Fixed Income ETF(5) | 09:30 | 09:45 | 09:45 | 10:00 | 10:00 | 16:55 | 16:55 | 17:15 | 17:25 | 17:30 | 17:30 | 18:00 | 18:25 | 18:45 |
| Index options(2) | 09:30 | 09:45 | 09:45 | 10:00 | 10:00 | 17:50 | 17:50 | 18:15 | 18:25 | 18:45 | – | – | – | – |
(1) Corrections can be made to trades in all markets and trading phases up until 19:00, except on the expiration day of options on stocks, units, BDRs, or ETFs, when the correction deadline will be extended until 20:00.
(2) Trading in expiring series ends at 16:45 on the expiration date.
(3) On the expiration date of options on stocks, units, BDRs or ETFs, there will be trading in the after-market period from 19:25 to 19:40, followed by an order cancellation phase from 19:45 to 20:00 for all reference markets in the timetable above, with the exception of options market, index options and block trades.
(4) On the expiration date of options on single stocks, units, BDRs or ETFs, there will be an order cancellation phase for the markets mentioned in the table above from 18:25 to 19:10 and from 19:45 to 20:00, with the exception of the forward market, block trades, options market and index options.
(5) The HYBR11 and HGBR11 ETFs will follow the same timetable as equity ETFs.
| Market | Options Exercise | |||||||
|---|---|---|---|---|---|---|---|---|
| Before expiration | On expiration | |||||||
| Manual exercise of Holder's Position | Manual exercise of Holder's Position | Positions File [IMBARQ] | Contrary Exercise | Automatic Exercise of Holder's Position | ||||
| Start | End | Start | End | Start | End | Start | ||
| Options on single stocks, units, BDRs or ETFs | 10:00 | 17:00 | 10:00 | 15:45 | 18:15 | 18:15 | 19:15 | 19:15(1) |
| Index options | – | – | – | – | 18:15 | – | – | 18:20(2) |
(1) Automatic exercise from 19:15 whenever (i) the underlying’s reference price in the cash market is higher than the strike price, in the case of call options; and (ii) the underlying’s reference price in the cash market is lower than the strike price, in the case of put options. Exercise will occur automatically when no contrary exercise instruction is submitted for in-the-money positions, or when a contrary exercise instruction is submitted for out-of-the-money options, subject to the permitted percentage variation.
(2) Automatic exercise from 18:20 whenever (i) the settlement index is higher than the strike price, in the case of call options; and (ii) the settlement index is lower than the strike price, in the case of put options.