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Prague Stock Exchange

The Prague Stock Exchange (PSE) is one of the two organizers of securities market in the Czech Republic. After a fifty-year break caused by World War II and the Communist regime, the Prague Stock Exchange was reopened in 1993. It is a continuation of Prague Commodity and Stock Exchange, which was founded in 1871.

The PSE is a subsidiary of the Vienna Stock Exchange (Wiener Börse). Trading on the PSE is available only through licensed brokers, who are also members of the stock exchange.

Fio banka facilitates trading of all stocks listed on the Prague Stock Exchange and participating in initial public offerings, IPOs, on the market. More information how to open a trading account available here.

The settlement of securities transactions is processed in T+2 time.

Index PX

The official index of the Prague Stock Exchange is the index PX. It is a price index weighted by market capitalization, and composed of widely traded blue chips.

The Index PX-TR reflects performance including dividends, the index PX-TRnet includes dividends after tax.

Trading system XETRA® Prague

Trading on the Prague Stock Exchange is performed through an automated trading system XETRA® Prague.

Xetra® is an electronic trading system driven by orders and quotations, which is operated by Deutsche Börse AG.

Shares can be traded in "continuous trading" and "independent auction" business segments. Continuous trading begins with the initial auctions, may be interrupted by embedded auctions and ends with the final auction.

Some of the principles of XETRA ® market model.

  • Orders are processed according to price and time priority
  • Trading is anonymous - traders do not know their counterparty
  • The maximum validity of the order is 360 calendar days (T +359)
  • Minimum tradable unit (lot) is equal to one piece of security
  • At any given moment for a given security, there is only one price / one rate
  • The latest calculated rate for a particular security is called "Reference price"

Stock exchange markets

Each issue of shares traded on the PSE is entered into one of three stock exchange markets. Individual markets differ among themselves, in particular, the obligation to inform requirements for issuers or other authorized persons vary. Prime and Standard markets are regulated markets, the Start market is an unregulated market. Shares traded on Prime market must comply with the most stringent terms and conditions.

Prime

The Prime market is designed for trading the largest and most prestigious emissions of shares of Czech and foreign companies.

Standard

The Standard market is designed for trading large and prestigious emissions of shares of Czech and foreign companies. The shares, which are already traded on another regulated market within the EU, may be admitted to trading on the Start market without the issuer's consent.

START

The Start market is a multilateral trading system. It is a market which is regulated only by the Stock Exchange and its rules are set up to suit the issuers and to ensure sufficient liquidity, which is important for investors.

Schedule of trading day

Business mode - continuous trading

  • 08:50-09:00 - Initial auction
  • 09:00-16:20 - Continuous trading
  • 16:20-16:30 - Final auction

Business mode - separate auction

  • 08:00-11:10 - Pre-trading stage (collection of orders)
  • 11:10-16:15 - Auction
  • 16:20-17:00 - Post-trading stage (collection of orders for the next day)

Legislation of the PSE

  • Regulations and rules of the Prague Stock Exchange can be found here

How much does trading on PSE cost?

Total fee for closing a deal consists of the merchant fee and the market fee.

Merchant fees

  • 0,35 % of the volume of trade (min. CZK 40 - max CZK 1,190)

Market fees

  • 0,01 % of the volume of trade (min. CZK 10 - max. CZK 4.000)

- in the case of securities for which Fio banka, a.s. carries out the activity of a market makers (e.g. AAA Auto, CETV, ČEZ, Erste Group Bank, Fortuna, KB, NWR, Orco Pegas Nonwovens, Telefónica, C.R., Unipetrol, VIG).

  • 0,04 % of the volume of trade (min. CZK 10 - max. CZK 4.000)

- in the case of other securities

Example of purchase of ČEZ company shares:

Transaction type: purchase

Quantity: 100 shares

Price per share: CZK 700

Trade volume: CZK 70,000

Merchant fees: CZK 245

Market fees: CZK 7 (min. CZK 10)

Total fee: CZK 255


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Exchange list

BuySell
CZK26,2419124,86209
USD1,227101,15560
GBP0,882290,83089
CHF1,127621,06193
PLN4,668394,39643

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