The Stock Exchange: The Stock Exchange is a regulated market, on which financial instruments are publicly traded. It is governed by Law 19-14 and the regulations adopted for its implementation,;
Regulated market: "a financial instruments market instituted by law and managed by a body that facilitates and guarantees the regular and transparent functioning of financial instruments trading. These market rules specifically lay down the conditions for admission, listing and de-listing of financial instruments, the organizational provisions and conditions for suspension of trading in financial instruments, as well as the rules on recording and publishing such trades." Article 1 of Law 19-14
Financial instruments : "Financial instruments as defined by Article 2 of Act No. 44-12 on public offerings and disclosures required of legal entities and bodies issuing securities to the public, other than forward financial instruments" Article 1 of Act 19-14: Equity securities, debt securities and UCI securities
Financial instruments as defined by Article 2 of Act No. 44-12 on public offerings and disclosures required of legal entities and bodies issuing securities to the public, to the exclusion of forward financial instruments:
Transactions in financial instruments listed on the stock exchange can only occur on the stock exchange and through approved brokerage houses.
A transaction is defined as any transfer of ownership of listed securities.
Financial instruments listed on the stock exchange are traded automatically on a technology platform provided by LSEG Technologies, a technology subsidiary of the London Stock Exchange Group (LSEG) and a leading developer of high-performance trading systems.
Instruments can be traded on the central order book, the Block order book and the auction order book:
Normal Order Book: The central order book is the central market, where orders are transmitted regardless of size.
Block Order Book: This order book is reserved for block orders, enabling compatible orders to be executed. Orders must comply with size and price conditions.
Auctions Order Book: This order book is used occasionally to perform auctions outside the central order book. It is used, in particular, for the auctioning of seized securities.
In central order books and auctions, orders are classified and executed according to two priority rules: