The quotation with the fixing is a process aiming at determining the quoted price of a given listed value. It is translated into the confrontation of all orders beforehand registered in order to determine of a unique price for each value.

Criteria of price determination:

1- The maximization of the exchanged volumes;

2- If two or several prices are determined according to first criterion, the reserved price is the one who minimizes the number of securities not served;

3- If several price levels answer the previous two criteria, the price of the fixing is the price which gets closer from the last price quoted;

4- If having applied every three criteria, there is still parity between two prices levels, the higher price will be chosen.