The TASE initiates an “English Opening” or “circuit Breakers” procedure if necessary, i.e. in the event of sharp fluctuations in the TA-25 Index, trading is postponed or halted.

English Opening

In case of a fluctuation of 2.5% or higher in the latest theoretical TA-25 Index compared to the base index, trading in the stock exchange (including convertible securities, convertible bonds, warrants and index products whose base asset is either a stock or a stock index) is postponed for a random period of 5-6 minutes (“first extension”). In the event the latest theoretical TA-25 Index continues to fluctuate by 2.5% or higher after the first extension, trading is postponed once again to an additional random period of 5-6 minutes.

Circuit Breaker

Following the second extension, the latest theoretical TA-25 Index is checked again. If it fluctuates by more than 5%, trading on the stock exchange is postponed and trading of stock and index derivatives is suspended for a random period of 45-50 minutes.