In the ACE volatility model, volatility interruption price corridors will widen automatically and successively in specified time intervals to allow for consecutively larger price deviations from the last traded price. Thus, the new ACE volatility model will provide a concept for the automated termination of volatility interruptions, which will allow for a faster switchover to Continuous Trading, in particular during times of market stress.  

ISIN 1: LU0252634307
1st Testcycle:

Start during Intraday Auction (12:15 CEST) – end in Continuous Trading  

Reference price: 11,5€  
Please enter LIMIT ORDERS in the price range of 10,5€ - 12,5€ only.      
 
2nd Testcycle:

Start during Continuous Trading (14:00 CEST) – end in Continuous Trading. For this testcycle, an additional price quality control check will be performed: An automated termination of the volatility interruption will only be possible if the indicative auction price lies within the spread of a Designated Sponsor quote.

Reference price: 11,5€  
Please enter LIMIT ORDERS in the price range of 10,5€ - 12,5€ only.
 

ISIN 2: DE0005933956
1st Testcycle:

Start during Opening Auction (10:15 CEST) – going into Extended Volatility Interruption, end in Continuous Trading.

Reference price: 55€
Please enter LIMIT ORDERS in the price range of 60,6€ - 65€ only.

2nd Testcycle:

Start during Continuous Trading (15:00 CEST) – going into Extended Volatility Interruption, end in Continuous Trading. For this testcycle, an additional price quality control check will be performed: An automated termination of the volatility interruption will only be possible if the indicative auction price lies within the spread of a Designated Sponsor quote.

Reference price: 55€
Please enter LIMIT ORDERS in the price range of 58€ - 60,5€ only.

The configuration parameters of the ACE volatility model are published in the reference data.
Prior to the planned volatility interruption participants are recommended to enter persistent and non-persistent orders in the respective product.
Furthermore, Cash Markets Operations reserves the right to delete client orders on an ad hoc basis if this is needed to ensure the Focus Day test scenario.
More details on the focus days are available in the Simulation Guide, available on the website.