Trading of Securities
Tradeable instruments, market segments, block trading rules and the electronic infrastructure that enables a regulated, transparent and efficient market.
Instruments
What is traded on ALSE
Shares
All shares of joint-stock companies registered in the Republic of Albania and admitted for listing on the ALSE official list are traded on ALSE. Also, in accordance with Albanian securities legislation, it is possible to trade GDRs (Global Depositary Receipts) of shares of companies established in other countries. On ALSE, securities issued by joint-stock companies can be traded through both private offering and public offering.
Government Debt Securities
Treasury bills and bonds of the Albanian government are traded on ALSE. After issuance in the primary market, they can be resold before maturity through banks or on the ALSE Exchange, where greater transparency and competition offer investors more benefits and lower costs.
Private Debt Securities
Debt securities issued by private entities, such as bonds and commercial paper, are traded on ALSE. After issuance in the primary market, these securities can be listed on ALSE to give investors the opportunity for resale and greater liquidity.
Other Securities
Other securities such as dividends, warrants, and share pre-emption rights are also traded on ALSE.
Structure
Markets on ALSE
Segment 01
Entry Market
The Entry Market is a segment of the ALSE market where securities that meet the listing conditions are traded, as set out in Section 6.6 of the ALSE Regulation, while the Listing Applicant also fulfills its obligations under National Laws.
Segment 02
Standard Market
Securities that meet — together with fulfilling the conditions for listing on the Entry Market — the additional criteria for their classification in the Standard Market, as set out by the ALSE Regulation, are traded here, while their Issuers comply with the obligation to disclose information in accordance with National Laws, and commit to fulfilling the additional information disclosure obligations under the ALSE Regulation.
Segment 03
Main Market
Securities that meet — together with fulfilling the conditions for listing on the Entry Market — the additional criteria for their classification in the Main Market, as set out by the ALSE Regulation, are traded here, while their Issuers comply with the obligation to disclose information in accordance with National Laws, and commit to fulfilling the additional information disclosure obligations under the ALSE Regulation.
Market Sub-Segments
Based on the type of instruments traded in each of the Markets — Entry, Standard, and Main — the ALSE Market consists of the following sub-segments:
Block Trades
Block Trades are transactions in securities admitted for trading on ALSE, carried out in accordance with the rules and limits set out in the exchange's regulatory framework. They may be negotiated or non-negotiated and must comply with the minimum value threshold established.
In negotiated trades, the parties agree in advance on the price and quantity and then report the transaction to the ETS System. The transaction must be within the permitted price limits and becomes valid upon approval by the parties and the ALSE market supervisors.
Pre-Negotiated Transactions — Between Clients
The transaction value must be equal to or greater than the value set out in the ALSE exchange's regulatory framework
The specific S2 term related to its settlement day must be set in the ETS system. The trade must be executed within the price limits. If the set price is beyond the dynamic price limits, the procedures to be followed are set out in the ALSE exchange's regulatory framework.
Technology
Electronic Trading System — QuickTrade
The Albanian Securities Exchange ALSE uses the electronic system that has been used by the Ljubljana Stock Exchange (LJSE) for nearly 2 decades. This electronic system, called QuickTrade, is a tested system in use at 9 other exchanges around the world (in Europe, the Middle East, North America and Africa), 4 of which are in the Balkan region.
QuickTrade also offers integration with market participants through the FIX interface, as well as functions for transaction management, market information and operational control.
Current use of the QuickTrade platform
The Trading and Information System (QuickTrade) is also installed and operating on several other regional and international exchanges and markets.
Operational Functioning
Exchange Software
The QuickTrade application manages the exchange's financial transactions, integrating trading, clearing and risk management within a single solution.
Market Modules
- Shares
- Warrants / Share Rights
- Fixed Income Instruments
- Exchange-Traded Funds (ETF)
Orders and Execution
- Continuous Market
- Auction (Open / Close)
- Limit Orders
- Execution Restrictions (TIF, Minimum Volume, Self-Execution)
- Static Limits (movements from the average price)
- Liquidity Auctions (morning and evening)
Trading Terminal
Provides brokers, on a daily basis and in real time, with the information and access needed to execute orders in the market.
- Portfolio Display
- Real-time deposited information and activities
- Market Indicators and Tables
- Trading and Clearing History Panels
- Risk Management Status Information
- Negotiated Deal Managers
Market Control
The Control Terminal provides real-time operational oversight of trading activity and helps maintain the regulatory functioning of the market.
- Manual or automatic blocking of a participant
- Simulation managers for market assessment
- Order cancellation or suspension
- Publication of market notices
- Transaction auditing and breach reporting
- Historical retention of sessions and trading data