Theoretical opening price
Theoretical Opening Rate (TKO) - the price of a financial instrument calculated in the pre-trade or balancing session. TKO illustrates the behavior of Demand and Supply of a financial instrument at the time of its calculation and is intended to show when the transaction price would have been entered into if the financial instrument had entered the trading phase at that time. Theoretical opening rates are set separately for each financial instrument listed on a given stock exchange. The calculation is made after each submission, modification or cancellation of the broker's order. At the moment of transition to the continuous trading or fixing phase, the theoretical open price becomes the price for a given stock trading phase.
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