Tunis Stock Exchange Floor Regulations: Manual of Operating, Trading, and Guarantee Conditions on the Central Market (Effective September 28, 2026)

FLOOR REGULATIONS OF THE TUNIS STOCK EXCHANGE
APPLICABLE FROM SEPTEMBER 28, 2026

MANUAL OF OPERATING, TRADING AND GUARANTEE CONDITIONS ON THE CENTRAL MARKET

Article 1: Scope of Application
The central market refers to the trading market for securities admitted to Tunisie Clearing operations, listed on the electronic trading system.
These provisions detail the functional rules of the electronic listing platform. They apply within the framework of relations between brokerage firms, without prejudice to the commercial relations that these firms may establish with their clients.

Article 2: Trading Equipment
2.1 The Listing System
The Exchange provides brokerage firms with an electronic trading system.
2.2 Access to the Listing System
2.2.1 Orders can be entered into the listing system either manually or, potentially, automatically on one or more trading stations.
2.2.2 The authorization granted to a brokerage firm to enter orders on a trading station connected to the listing system is subject to an agreement between the Exchange and each brokerage firm. This agreement describes the technical and operational procedures for the operation. A copy of it is filed with the Financial Market Council.
2.2.3 Any connection of a new trading station or any new equipment whatsoever to the listing system is subject to the agreement of the Exchange.
The Exchange's technical teams are authorized to conduct unannounced checks to ensure compliance with the technical procedures set out in the aforementioned agreement.
In the event of non-compliant use of trading stations with the rules defined by the aforementioned agreement, the Exchange is authorized to temporarily close access to the listing system for the brokerage firm whose behavior is likely to jeopardize the proper functioning of the market. The suspension decision is immediately notified to the Financial Market Council.
2.2.4 When a brokerage firm is no longer able to access the listing system from its premises, it may use, to the extent of their availability, the backup equipment maintained by the Exchange. In this case, entry is manual only.
2.2.5 In the event that several brokerage firms are deprived of access to the listing system, it is up to the Exchange to maintain or suspend trading depending on the market's interest.
2.3 Negotiators
2.3.1 Order entry using a trading station can only be performed by persons acting on behalf of the brokerage firm and holding professional cards, and under the responsibility of the negotiator manager.
2.3.2 Each intermediary designates a negotiator manager within their firm. This person is the direct contact for the Exchange and other intermediaries for all transactions carried out on the listing system.
The Exchange establishes the list of negotiator managers and publishes it on its website.
The negotiator manager's mission is to:

• Ensure the avoidance of any behavior that harms the proper functioning of the listing system and market integrity;
• Supervise and guide negotiators;
• Establish and ensure the execution of verification procedures before orders are sent to the listing system;
• Continuously monitor the order filtering mechanism.

Article 3: Organization and Trading Cycles
3.1 Listing Modes
Trading on the Exchange's markets is carried out either by an electronic listing system or by outcry as provided for in the manual relating to this type of trading.
On the electronic listing system, securities are traded in two cycles.
3.2 Trading Cycles on the Electronic Listing System
Securities admitted to listing or tradable off-exchange are divided into listing groups.
The distribution of these securities by listing group takes into account the market to which the security belongs.
Securities admitted to listing with sufficient liquidity or for which a market maker has committed to improving liquidity are traded continuously. Less liquid securities are traded by fixing.
For each trading group, the listing mode, active trading phases, and associated trading hours are described in the annex. Any modification is subject to a notice published in the Exchange bulletin.
3.2.1 Conditions for Exercising Market Animation Activities
3.2.1.1 Conditions for Exercising Liquidity Provision Activities
3.2.1.1.1 Existence of a Liquidity Contract
The exercise of liquidity provision activity first requires the signing of a liquidity contract between a brokerage firm, on the one hand, and the issuer and/or its main shareholders, on the other hand. This contract must be established under the conditions of the CMF's general decision relating to liquidity contracts. There can be no more than one liquidity provider for the same security.
3.2.1.1.2 Practical Conditions for Exercising Liquidity Provision Activity
A contract signed between the Exchange and the liquidity provider sets out the latter's obligations and intervention conditions, notably:

• Produce buy and sell orders, initiated within the framework of liquidity provision activity, only in the central order book;
• Set, where applicable, the minimum quantity for each order entered (expressed in securities or in amount);
• Indicate the maximum spread, as a percentage of price or in price;
• Buy and sell orders are entered with the origin "Order under a liquidity contract".
  The Exchange publishes by notice the obligations of the liquidity provider. These may be suspended in cases provided for by the Contract. The effective date and duration of any suspension are published by notice.

3.2.1.1.3 Compliance with Liquidity Providers' Commitments

• Non-compliance with commitments gives the Exchange the right to suspend liquidity provision activity.
  3.2.1.2 Conditions for Exercising Market Making Activities
  3.2.1.2.1 Market Maker Obligations
  The market maker commits for a given period to comply with obligations of:
• Presence only in the central order book, both for buying and selling;
• Spread, maximum difference in percentage or in price between its best bid and its best offer;
• Minimum size in securities and/or in amount, for bid and offer;
• Buy and sell orders are entered with the origin "Order on behalf of a market maker".
  3.2.1.2.2 Practical Conditions for Exercising Market Making Activity
  The market maker's obligations and the conditions under which they must intervene are set out in a contract signed with the Exchange.
  For each contract, the Exchange publishes by notice the market maker's obligations.
  The Exchange determines the maximum number of market makers for each security.
  The Exchange publishes and regularly updates the list of market makers as well as relevant information relating to their activities.
  In the event of a significant event concerning an instrument or a market maker, the Exchange may temporarily suspend obligations for a given period or for the trading session. The effective date and duration of the suspension are jointly determined and published by notice.
  3.2.1.2.3 Compliance with Market Makers' Commitments
  Non-compliance with commitments gives the Exchange the right to suspend the market maker's activity. It publishes by notice the effective date of the suspension.
  3.3 Continuous Trading
  3.3.1 Pre-opening Phase
  During the pre-opening phase (order accumulation phase), orders are entered into the listing system without resulting in transactions.
  A theoretical opening price is automatically calculated by the listing system. It is updated and disseminated as the status of the order book evolves.
  3.3.2 Opening Fixing Phase
  At the opening time, for each security, orders previously entered are matched, and if this matching allows, an opening price is quoted. At this moment, it is no longer possible to enter, modify, or cancel previously entered orders.
  3.3.3 Main Continuous Trading Phase
  Once the opening fixing is completed, trading takes place continuously until the pre-closing phase.
  Orders not executed during the opening fixing are transferred to the main continuous trading phase. It is possible to enter, modify, or cancel orders.

Each new order is immediately matched against available counter-orders in the order book to check if its execution is possible. Orders already present in the order book determine the execution price.
3.3.4 Trading Phase at the Last Quoted Price
This phase is preceded by:

• A pre-closing phase, which begins at the end of the main continuous trading phase. It is identical to the pre-opening phase;
• A closing fixing phase, which is a fixing process identical to that described for the opening fixing.
  During the trading phase at the last quoted price, it is possible to enter orders for execution at the last quoted price.
  The last quoted price is that resulting from the closing fixing. In the absence of a quote during the closing fixing, the last price traded during the main continuous trading phase is considered the last quoted price. In the absence of a quoted price during the main continuous trading phase, the last quoted price will be the reference price of the day (possibly adjusted previous day's price). Only limit orders at the last quoted price are accepted during this phase. However, for securities that arrive reserved for the trading phase at the last quoted price, this phase is identical for these securities to an order accumulation phase, meaning brokerage firms can enter all types of authorized orders for a security whose quotation is reserved into the listing system. The duration of this period and the associated trading hours are set out in the annex.
  3.4 Fixing Trading
  One or more times per trading session, for each security, at the times specified in the annex, orders recorded by the listing system are matched, and if this matching allows, a price is quoted.
  3.4.1 Order Accumulation Phase
  Each fixing begins with an order accumulation period, called the pre-opening period.
  During this period, orders can be entered into the listing system without resulting in transactions. A theoretical price is automatically calculated by the listing system. It is updated and disseminated as the status of the order book evolves.
  3.4.2 Fixing and Price Determination Phase
  After the order accumulation period and at a matching time set by the Exchange, the system determines the opening price for each security. At this moment, it is no longer possible to enter, modify, or cancel previously entered orders.
  3.4.3 Trading Phase at the Last Quoted Price
  After a fixing, it is possible to produce orders for execution at the last quoted price for a certain period.
  The last price is that resulting from the fixing preceding the trading phase at the last quoted price. In the absence of a quote during a fixing, the price traded during the preceding fixing is considered the last quoted price. In the absence of a quote during all fixings of the day, the last quoted price will be the reference price of the day (possibly adjusted previous day's price).

Only limit orders at the last quoted price are accepted during this phase. However, for securities that arrive reserved for the trading phase at the last quoted price, this phase is identical for these securities to an order accumulation phase, meaning brokerage firms can enter all types of authorized orders for a security whose quotation is reserved into the listing system. The duration of this period and the associated trading hours are set out in the annex.
3.5 Random Opening or Random Fixing
The opening fixing time and the closing fixing time are set by the listing system randomly within a 30-second window after the times specified in the annex.
Random fixing applies to all groups. It is set by the system per security (the fixing time may differ from one security to another within the same group).
3.6 Incident Management
In the event of an incident, normal published schedules may be modified, and the Exchange immediately informs negotiators by disseminating a message indicating the new listing schedules.

Article 4: Reference Data and Security Statuses
4.1 Creation and Modification of Security Reference Data
4.1.1 All securities admitted to listing as well as those tradable off-exchange are entered into the listing system. In addition to the ISIN code, the Exchange defines a code identifying each security in the listing system.
4.1.2 A security can only be tradable on the listing system after obtaining the ISIN codification from the central depository.
4.1.3 Any issuer not admitted to listing, classified as a company making a public appeal for savings, that wishes to benefit from trading its issued securities on the listing system, must submit a request to the Exchange.
4.1.4 Securities entered into the listing system are divided into different listing groups as described in the annex. Any modification to said annex is published by a notice in the Exchange bulletin.
4.1.5 The Exchange may list on a special group:

• Listed companies that are affected by events likely to permanently disrupt their situation or jeopardize the proper functioning of the market.
• Companies admitted to the alternative market that hinder the listing sponsor's mission or terminate the contract binding them to the listing sponsor without designating a new listing sponsor within ten days following this termination.
  Listing and delisting are subject to a notice that sets the effective date.
  4.1.6 Unless otherwise decided by the Exchange, securities belonging to the same group of securities are subject to the same listing rules (trading process and reservation thresholds).
  4.1.7 The withdrawal of securities from the listing system results in the deletion of pending orders for these securities.

4.2 Corporate Actions
4.2.1 In general, taking into account a corporate action automatically generates the update of the reference data of the concerned security and the cancellation of remaining orders in the order book.
4.2.2 Corporate actions leading to the cancellation of orders in the order book include the division or consolidation of the nominal value, dividend payment, any distribution such as reimbursement, detachment of rights, opening of a public offer operation, change of trading code, transfer to another listing group, transfer to another market, and delisting. This list is indicative and not exhaustive.
4.3 Security Statuses
4.3.1 Suspended Security
In accordance with regulatory provisions, the Exchange may be required to suspend the listing of a security. This suspension may be requested by the Financial Market Council, either on its own initiative or at the initiative of the issuing company for the publication of a press release. It may also be decided on the initiative of the Exchange. In the latter case, the Financial Market Council is immediately seized.
4.3.1.1 During the suspension phase, and except in certain cases where order entry itself may be prohibited, orders entered by negotiators and transmitted to the system are recorded on the market sheets without causing transactions.
4.3.1.2 The resumption of listing is preceded by a notice if the suspension duration exceeds one trading day.
4.3.2 Reserved Security
4.3.2.1 The reservation of a security at the end of an order accumulation period or during the continuous session is due to the crossing of authorized thresholds.
Reservation upwards if the upper threshold is crossed or reservation downwards in the opposite case.
4.3.2.2 Brokerage firms can enter orders for a reserved security into the listing system. These orders are executable upon resumption of listings.
4.3.2.3 For continuously traded securities, at the end of the reservation period, orders in the order book are matched, and if this matching allows, a price is quoted.
4.3.2.4 The duration of reservation, set by the Exchange, depends on the group of securities. It is given in the Annex.
4.3.3 Security Prohibited from Entry
In cases of suspension of a security or to modify the listing parameters of securities, market surveillance may be led to prohibit the entry of orders for a security. During this period, it is no longer possible to enter orders, cancel, or modify previously entered orders.

4.3.4 Information on Security Status
Changes in security status such as suspension, reservation, prohibition, or authorization of entry are subject to information messages intended for all brokerage firms.

Article 5: Orders and Their Processing
5.1 System Handling
An order transmitted to the listing system is acknowledged by a timestamped acknowledgment message that transfers responsibility for execution to the Exchange. The system assigns a unique sequential order number per security to every entered order.
5.2 Minimum Order Details
5.2.1 Any order produced in the listing system must include at least the following indications:

• The direction of the order (buy or sell);
• The security code assigned by the Exchange;
• The quantity of securities;
• The order type (price conditions);
• The origin of the order;
• The validity of the order;
• The negotiator's identifier;
• The client reference.
  The client reference must correspond to the client's account number at the intermediary.
  Orders issued by order collectors (Banks and management companies) must be received by the brokerage firm according to the specified segregation. In this case, the "client reference" field must correspond to the client and collector identifier (which identifier will be determined by Tunisie Clearing). This provision will come into force from 03/01/2022. The negotiator manager may also assign a particular execution condition to an order they produce.
  5.2.2 Particular execution methods are an optional parameter.
  5.3 Identification of Order Origin
  5.3.1 Orders entered into the listing system are identified according to their origin:
• Order for free client account of Tunisian nationality;
• Order for managed client account of Tunisian nationality;
• Order for free client account of foreign nationality;
• Order for managed client account of foreign nationality;
• Order for OPCVM (collective investment undertaking) account;
• Order entered on behalf of a market maker;
• Order entered under a liquidity or buyback contract;
• Order for proprietary account.
  Priority related to order origin:
  Orders entered for free client accounts of Tunisian nationality, managed client accounts of Tunisian nationality, free client accounts of foreign nationality, managed client accounts of foreign nationality, and OPCVMs have priority over those entered for market maker accounts, under a liquidity or buyback contract, and proprietary accounts.

5.3.2 For an order to be accepted by the trading system, orders issued by order collectors are received by the intermediary according to the segregation specified above.

5.4 Duration of Order Validity

5.4.1 Orders introduced into the quotation system may receive the following validity options:

• Day Validity: The order is valid only for the current trading day.
• Specific Date: The order is valid until a specific date. The expiration date may be at most one year (i.e., at most 365 days from the date of entry).
• Revocable: The order is valid until it is executed, cancelled by the participant, or removed by the system when it reaches its validity limit (i.e., 365 days from the date of entry).
• Valid for Closing Fixing: The order valid for the closing fixing may be introduced throughout the session but remains hidden. It is only visible at the beginning of the pre-closing phase and participates in the formation of the theoretical opening price. Any remaining balance is automatically eliminated after the fixing.
  The temporal priority of VFC (Valid for Closing Fixing) orders corresponds to the time of entry. Thus, at the moment of their activation, VFC orders are positioned according to a time priority equal to the time of entry, not the time of activation.

5.4.2 Upon expiration of its validity, the order is automatically eliminated from the quotation system.

5.5 Order Typology and Execution Parameters

5.5.1 Limit Order
The limit order is accepted during order accumulation periods, continuously, and in the last traded price negotiation phase.
The limit order is one by which the buyer sets the maximum price they are willing to pay and the seller sets the minimum price at which they agree to sell their securities.
In the continuous phase, entering a limit order results in either a partial or total execution of the order, if market conditions allow, or, failing that, the positioning of the order in the order book in descending order in terms of purchase price or ascending order in terms of sale price (price priority) and at the back of the queue of orders at the same limit and same origin priority (time priority).

5.5.2 Market-to-Limit Order
The "market-to-limit" order is accepted during order accumulation periods and continuously. It is introduced into the quotation system without a price indication.
If introduced during order accumulation periods, the system automatically assigns it a limit equal to the theoretical opening price. Until the opening of quotations, the limit of this order adjusts continuously to the theoretical price. "Market-to-limit" orders have priority over limit orders. During fixing:
For securities quoted continuously or by fixing followed by the last traded price negotiation phase:

• If there is quotation, "market-to-limit" orders, partially or not executed, are converted into limit orders at the opening price.
• If there is no quotation, "market-to-limit" orders are eliminated.
• In case of reservation, "market-to-limit" orders remain "market-to-limit".

For securities quoted by fixing:

• If there is quotation, "market-to-limit" orders, partially executed, are converted into limit orders at the opening price, while unexecuted "market-to-limit" orders remain "market-to-limit".
• If there is no quotation or in case of reservation, "market-to-limit" orders remain "market-to-limit".
  In the continuous phase, its purpose is to be executed immediately upon introduction at the best limit of opposite-sense orders. Its balance is transformed into a limit order at the execution price and integrates into the central order book. The presence of an opposite-sense order is imperative; otherwise, it is rejected.

5.5.3 Market Order
The market order is accepted during order accumulation periods and continuously.
The "market" order has no price limit.
In the continuous phase, it executes at successive prices determined by the quotation system. The "market" order executes to the maximum immediately available quantity; any remaining balance stays in the order book as a "market" order. During a fixing, unexecuted or partially executed "market" orders remain in the order book as "market" orders. During order accumulation periods, "market" orders have the same priority as "market-to-limit" orders.

5.5.4 Stop Order
The stop order is accepted during order accumulation periods and continuously.
Stop orders are of two types: trigger threshold order and trigger range order.
The stop order is a buy or sell order for which the order giver wishes to intervene in the market as soon as a trigger price, previously chosen by them, is reached.
A buy stop order is triggered if the last traded price or the fixing price is greater than or equal to the trigger threshold (respectively less than or equal for a sell stop order).
In the continuous phase, the "trigger threshold" stop order, when triggered, produces a "market" order in the central order book. The "trigger range" stop order, when triggered, produces a limit order in the central order book. In the case of fixing quotation, triggered stop orders enter the central order book during the next order accumulation phase (or the pre-opening phase of the next session). During order accumulation periods, the stop order does not participate in the formation of the theoretical opening price.

5.5.5 Cross (Buy/Sell Application)
The quotation system authorizes, in the continuous phase, the execution in the order book of a buy order against a sell order from the same intermediary. Crosses are authorized at a price strictly between the best buy limit and the best sell limit. A cross is termed a counterparty operation when the intermediary buys or sells voluntarily for its own account against one of its clients.

5.6 Particular Execution Modalities of an Order
Certain orders on the exchange may be introduced with a specific mention for their execution. This mention can be: hidden quantity, minimum quantity, executed and eliminated, and executed or eliminated.

5.6.1 Hidden Quantity Order
The hidden quantity is the quantity of securities initially parameterized by the order issuer to be visible to the market. It constitutes the maximum number of securities that will be visible to the market at a given moment. The hidden quantity of an order must be greater than or equal to 100 units and represents at least 10% of the total quantity of the order. The iceberg order can be introduced with the option of random renewal of the hidden quantity. The hidden quantity will, at the time of sending the order, be equal to the entered hidden quantity, and will be renewed randomly each time within a margin of +20%. The shown quantity is the quantity of securities actually visible to the market. When the order is executed for the total of its shown quantity, it is renewed if necessary, for a quantity equal to the hidden quantity (plus the additional quantity in the case of activating the random renewal option), and the order is placed at the back of the queue of orders at the same limit.

5.6.2 Minimum Quantity Order
The requirement of a minimum quantity is valid only at the moment of order introduction. Thus, if the specified minimum quantity is immediately and totally executed, the order balance remains on the market. Otherwise, the entire order is eliminated. In the case where a balance is positioned on the market, it is treated as a normal order with no particular execution modalities. If the minimum quantity is equal to the total quantity of the order, it is considered a "executed or eliminated" order ("Fill or Kill").

5.6.3 Executed or Eliminated Order ("Fill or Kill")
The executed or eliminated order is executable only at the moment of its introduction into the quotation system. Failing total execution, it is eliminated.

5.6.4 Executed and Eliminated Orders ("Fill and Kill" or IOC)
The executed and eliminated order is executed in whole or in part, to the extent the market allows. Failing total execution, any remaining balance of the order is eliminated.

5.6.5 Order Types for Negotiation Phases / Execution Modalities / Validities
The order types, execution modalities, and validities are practiced during negotiation phases according to the table below:

5.7 Modification of an Order
Any order in the order book that is not eliminated, totally executed, or cancelled can be modified. The following characteristics of an order cannot be modified (to change them, it is only possible to cancel the order and enter a new one):

• The direction of the order: buy or sell;
• The security code;
• The order type;
• Order reference;
• Order origin;
• The hidden quantity.
  Modification of validity is not authorized if it concerns VFC validity.
  Modifying an order results in the loss of temporal priority unless it concerns only a downward modification of the quantity.
  Modifying the trigger or price of a stop order results in the loss of priority in the stop order book.
  Modifying an order results in the assignment of a new order number.
  In case of successive modifications, the Exchange may request explanations from the Exchange Intermediary and, if applicable, inform the Financial Market Council.

5.8 Cancellation of an Order
Any order that is not eliminated or totally executed can be cancelled. Its issuer receives a notification message of the cancellation from the quotation system.

5.9 Global Elimination of Orders
The Exchange may proceed to the global elimination of orders present on the order sheet of a security as soon as it is affected by a transaction on the security (OST) having a primary influence on the price or on the quantity of the orders present. Similarly, in certain cases of security suspension or for technical reasons, orders present on the order sheet may be eliminated. The elimination of orders is subject to information by notice from the Exchange, specifying whether it is necessary to obtain clients' renewal of their orders or if it falls to the Exchange Intermediaries to reintroduce the corresponding orders on their own initiative.

5.10 Filtering, Settings, and Order Controls
The provisions of this paragraph apply to all orders entered into the electronic quotation system, whether electronic orders, routed or transmitted electronically without human intervention at the Exchange Intermediary, or manually processed orders. The order filtering device must include alert and confirmation functions to detect orders whose price or size exceeds the risk level set by the Exchange Intermediary. When introducing an order, the order entry system must be able to ask the trader to confirm their entry in the following cases:

• The amount of capital is greater than an amount set by the intermediary;
• The quantity entered for the order is greater than a quantity set by the intermediary;
• The order limit causes a price variation set by the intermediary;
• The entry of a market order.
  Risk controls must be performed security by security. They must allow the Exchange Intermediary to ensure that the consolidation of multiple orders from a client split across the same security does not exceed the fixed risk threshold. The Exchange Intermediary implements price and volume validation procedures applicable to each order. The following orders must always undergo validation or, failing that, rejection, before entering the quotation system:

1. Orders whose size is manifestly disproportionate compared to the liquidity of the security evaluated against the market's normal absorption capacity;
2. Orders whose price stipulation is very far from prevailing market prices or, evidently, intended to cause an excessive price shift, or even to breach a threshold.

Article 6: Trading in the Central Order Book
For each transaction executed by a participant, they receive an execution message indicating the quantity of securities executed and the execution price. In the case of a partial execution, the remaining quantity of the order is indicated in the execution confirmation message. Transaction cancellations by the Exchange give rise to a notification message.

6.1 Trading Based on Opening Price

6.1.1 Determination of Price During Fixing
The calculated fixing price is the one that maximizes the number of securities traded. The minimization of the balance, the direction of the balance, and, if necessary, the reference price are taken into account subsidiarily to allow the establishment of a unique fixing price. To determine the price during a fixing, the system uses the following rules:

• Maximization of Traded Quantity Rule
  The price is determined based on the state of the order book at the end of the pre-opening phase. The fixing price is the price that maximizes the tradable quantity.
• Balance Minimization Rule
  If the previous process determines multiple fixing prices, the balance minimization for each limit is used as an additional criterion. The calculated price is the price that maximizes the traded quantity and minimizes the unexecuted balance.
• Market Pressure Rule
  If the previous rule determines multiple fixing prices, market pressure is used as a criterion to determine the fixing price.
• Reference Price Rule
  If the inclusion of the market balance direction does not result in the determination of a unique fixing price, the reference price is taken into account as a subsidiary criterion, the fixing price then being the one closest to the reference price or the reference price if the latter belongs to the tradable universe. In pre-opening, the reference price is the daily reference price (previous day's price, possibly adjusted). For securities quoted continuously, it is the dynamic reference price (for groups using dynamic thresholds) or the last traded price (for other groups). For securities quoted by multi-fixing, it is the last traded price (price from the previous fixing).

6.1.2 Allocation of Securities Following a Fixing
At the time of fixing, the quotation system automatically matches the orders present, and transactions will take place at the theoretical opening price.
"Market" orders and "market-to-limit" orders are served with priority. They are executed according to origin priority then time.
Buy orders with a limit strictly higher and sell orders with a limit strictly lower than the equilibrium price are executed in full, including for the hidden quantity.
Orders with a limit equal to the opening price are served, in case of imbalance between supply and demand, according to origin priority then time.

6.2 Determination of Price During the Continuous Negotiation Phase and Allocation of Securities

6.2.1 Except for stop orders, each order introduced into the quotation system is immediately matched against opposite-sense orders present in the book to determine if it can be executed.
The introduced order can be executed in one or more times, completely, partially, or not at all. Consequently, each new incoming order can generate one, several, or no transaction(s).

6.2.2 Orders in the central order book are executed according to the principle of price priority, then order origin, and then time.

6.2.3 Price determination in a continuous negotiation phase is also done, according to the following rules, which come in addition to the priority rules established:

• Rule No. 1:
  If a market or limit order enters an order book containing only opposite-sense limit orders, then the highest demand or lowest offer present in the book determines, for the corresponding volume, the first execution price of the order. For the residual volume, the next limit determines the price related to the corresponding quantity, and so on.
• Rule No. 2:
  If a market order is entered into an order book containing only opposite-sense market orders, this market order is executed at the last traded price (within the limit of available quantity).
• Rule No. 3:
• If a market order is entered into an order book containing opposite-sense market and limit orders, or
• If a limit order is entered into a book containing only opposite-sense market orders, or
• If a limit order is entered into a book containing opposite-sense market and limit orders,
  then the incoming order is executed against market orders according to the priority rule mentioned above, while taking into account, for price determination: the best limit in the order book, the last negotiated price, and the limit of the incoming order.

Article 7: Cancellations of Transactions Executed on the Central Market

7.1 Cases of Transaction Cancellation Following an Error Committed by the Exchange

7.1.1 The Exchange may be led to cancel one or more transactions executed on the quotation system in the following cases:

• triggering of a quotation under conditions different from those announced;
• more generally, an error committed by the Exchange related to the quotation of one or more securities and/or the dissemination of erroneous information to Exchange Intermediaries.

7.1.2 In the case of a market opening or a fixing realized at a time different from the announced time, the decision to cancel the price and therefore all corresponding transactions is immediately taken by market surveillance.

7.1.3 In the case of an error committed by the Exchange other than that referred to in 7.1.2, the latter may cancel one or more transactions after having informed the stakeholders.

7.1.4 All global cancellations, of an opening or a fixing, give rise to the publication of a statement by the Exchange.

7.2 Cases of Transaction Cancellation Following an Entry Error Committed by the Trader

7.2.1 Given the existence of order filtering mechanisms by the trader responsible and settings and controls of orders by the system, cancellation requests following an entry error do not, in principle, constitute a ground for cancelling transactions. In any case, the Exchange must obtain the agreement of counterparties to proceed with this type of cancellation.

7.2.2 The party requesting the cancellation must formulate a cancellation request by any means leaving a written trace. The request must reach market surveillance at the latest 5 minutes after the negotiation, signed by the head of traders. Any request must be motivated.

7.2.3 In the case of cancellation of a transaction deemed important by the Exchange, on a security quoted by fixing, the Exchange is authorized, subject to disseminating a message to Exchange Intermediaries, to schedule a new fixing on the concerned security.

7.2.4 When seized with a cancellation request, market surveillance contacts all counterparties itself to obtain their agreement. Besides the Exchange, the two parties must necessarily agree for a transaction to be cancelled; this rule admits no exception.

7.2.5 The Exchange informs Intermediaries by message of the cancellation of transactions following an entry error. Intermediaries parties to cancelled transactions receive a cancellation message.

7.3 For securities quoted continuously, no cancellation request can be accepted when transactions are realized during an opening fixing, during a scheduled opening, or during the closing fixing.

7.4 Cancelled transactions are identified by a specific indicator.

7.5 In the event of cancellation of one or more transactions during the session, the Exchange may, when it deems necessary, suspend the concerned security or securities to avoid further trading.
In this case, once the cancellations are realized, the Exchange decides on the time for the resumption of quotation.

Article 8: Allocation of Securities by Group and Reservation Threshold

8.1 Guarantee and Quotation Conditions

8.1.1 Securities whose prices are established by confrontation of offers and demands in a central order book are mandatorily admitted to the operations of the market guarantee fund.

8.1.2 The quotation currency is fixed by the Exchange.
Securities traded on the quotation system are currently quoted in Tunisian dinars.

8.1.3 Quotation of Debt Securities, Funds, and Sukuk

• Sukuk are quoted in dinars.
• Debt securities and funds are quoted in percentage and at the foot of the coupon or in dinars.
  Except for zero-coupon bonds, the amount of the accrued coupon fraction is calculated, on the day of negotiation, based on the theoretical settlement date. The number of accrued days used for the calculation of said amount is that between the included date of the last payment and the excluded settlement date. This amount will serve to fix the full price for the settlement against delivery operation. It is published in the daily price statement.

8.1.4 The quotation step (quotation tick) is unique for all securities. It is equal to:

• Ten (10) millimes for securities traded in dinars, i.e., 0.010 dinar.
• One (1) basis point for securities traded in percentage, i.e., 0.01%.
• One (1) millime for securities traded in dinars, i.e., 0.001 dinar for block transactions.

8.2 Allocation by Listing Group
The allocation of equity securities by value group is carried out based on the number of transactions assessed over one year.
Only securities whose number of transactions reaches or exceeds 1200 over the period from 01/12/N-1 to 30/11/N, with a minimum of 300 transactions for at least two quarters during this period (the 1st quarter starting on 01/12/N-1), can be retained for continuous listing during year N+1. By derogation from the preceding paragraph, if, during a 3-month observation period for a newly introduced security, starting 10 trading days after the first listing, the number of transactions reaches or exceeds 500, the said security is automatically transferred to continuous mode. Each modification to each list forming each group is subject to a notice published in the Bourse bulletin. This notice indicates the added and/or transferred securities and provides the new list for the group concerned. The Bourse may use other criteria, such as the existence of a mechanism to improve liquidity, to assign a security to continuous listing. For the proper functioning of the market and by derogation from the rule described above, the Bourse may assign a single listing mode to a given category of securities.
8.3 The Reference Price
8.3.1 The reference price is either the last quoted price recorded during the previous session, possibly adjusted for a corporate action, or the last indicative price.
8.3.2 The last indicative price is determined by the Bourse; it can be:

• The last static reservation threshold observed at the close of the previous session;

• any other price taking into account relevant information, such as a public offer price, an introduction price.
  8.4 The Authorized Session Range
  8.4.1 At market opening, the authorized range (Upper Threshold; Lower Threshold) is established by applying a fluctuation percentage to the reference price. This authorized fluctuation percentage per group is provided in the annex.
  8.4.2 Trading rules applied to newly introduced securities
  For securities newly introduced to the main market listing and during the first two trading sessions of the security, the authorized range is established by applying a fluctuation percentage of ±30% relative to the day's reference price; no additional fluctuation percentage is authorized. During these two sessions, only one fixing per session is scheduled. However, as soon as a price is established during the first session, these particular rules cease to apply.
  8.5 Reservation Thresholds

• Static thresholds
  Static thresholds are calculated and disseminated relative to the day's reference price. Static fluctuation percentages are defined by listing group in the annex.

• Dynamic thresholds
  Dynamic thresholds are defined on either side of a dynamic reference price. For each security, they define the maximum percentage variation relative to the dynamic reference price.
  Dynamic thresholds are themselves limited by static thresholds.
  During order accumulation phases (pre-opening, pre-closing, or reserved security), the applied dynamic thresholds are widened by applying an expansion coefficient (expansion coefficient multiplied by the dynamic threshold used in continuous trading). Dynamic thresholds as well as widened dynamic thresholds are defined by listing group in the annex.

• The dynamic reference price
  The opening price constitutes the first dynamic reference price. In the absence of an opening price, the dynamic reference price is defined as the price of the first execution. When this occurs through several transactions, the price of the last of these transactions constitutes the dynamic reference price. The dynamic reference price is continuously adjusted relative to the last quoted price.
  8.5.1 Reservation Mechanism
  At the end of fixings, if the theoretical opening price is established outside the authorized thresholds, the security reserves.
  8.5.1.1 For continuously quoted securities
  The order whose execution is likely to cause a reservation is partially executed at prices within the thresholds. Subsequently, the aggressive order is automatically introduced for its balance into the central order book.

The Bourse is authorized to schedule, for a reserved security, one or more openings, while respecting the maximum authorized fluctuation margin.
The duration of the reservation period is specified in the annex.
During a reservation, dynamic thresholds are automatically widened by the trading system.
Then, in the event of a dynamic reservation during the scheduled opening, the dynamic reference price is updated relative to the crossed dynamic threshold, and the widened thresholds will be recalculated relative to the new dynamic reference price. If the state of supply and demand does not allow a price to be recorded for a reserved security within the static thresholds, the Bourse decides to reserve the security's listing until the next trading session. In this case, the Bourse displays an indicative closing price corresponding to the static reservation threshold. During the closing fixing, for securities reserved following the crossing of dynamic thresholds, the Bourse is authorized to schedule, if necessary, several successive openings. The duration of the reservation period is specified in the annex. If the state of supply and demand does not allow a price to be recorded within the dynamic thresholds, the Bourse displays a closing price corresponding to the last quoted price. Depending on market conditions, the Bourse may modify the duration of the reservation period.

8.5.1.2 For fixing-quoted securities
During fixing, if the theoretical opening price is established outside the authorized thresholds, the security reserves until the next fixing or until the next trading session. In the latter case, the Bourse displays an indicative price corresponding to the reservation threshold.
8.6 Specific Rules for Secondary Lines Groups
8.6.1 For the organization of their trading, the following securities are notably considered as secondary lines:

• Subscription rights;
• Allocation rights;
• New shares until their assimilation;
• Participating securities;
• Investment certificates;
• Priority dividend shares;
  However, when the issuing entity is not represented on the listing or on the over-the-counter market by ordinary securities, the securities listed above constitute the main line.
  8.6.2 For each secondary line, the Bourse defines another security as a reference security; as a general rule, the main line constitutes the reference security.
  For each security, the Bourse determines a theoretical price. This price is determined, on the one hand, by the price of the reference security and, on the other hand, and with exceptions, by the differential usually observed between the security and its reference.
  8.6.3 When trading on the main line is interrupted (in case of reservation or suspension), the Bourse is authorized, if it deems it necessary, to suspend the listing of the secondary line.
  Article 9: Block Transactions
  9.1 Principle
  The execution of an order outside the central order book requires the explicit agreement of the client. The resulting transaction must be declared to the Bourse.
  9.2 Declaration Support
  Block transactions are declared to the Bourse using the means established by the Bourse, or any other tool developed by stock market intermediaries.
  The declaration times for transactions are specified in the annex.
  9.3 Modalities for executing block transactions
  9.3.1 Securities eligible for block trading are indicated in the annex.
  9.3.2 Block transactions are accepted under the volume and price conditions specified in the annex.
  The authorized margin for executing block transactions is calculated relative to the last quoted price of the session or the day's reference price in the absence of a quotation.
  Transactions authorized in application of Article 6 of Law 94-117 of November 14, 1994, on the reorganization of the financial market, are executed on the Bourse notwithstanding the rules governing block transactions.

9.3.3 Transaction Declaration
Once entered, a declaration with a counterparty can be accepted or refused by the counterparty.
If it is not confirmed by the counterparty within 15 minutes, it automatically expires.
A declaration can be canceled by the declarant before its confirmation by the counterparty.
9.3.4 Every declaration must include the following information:

• The security code;
• The transaction price;
• The number of securities in the transaction;
• The Selling Intermediary;
• The Buying Intermediary;
• The order identifier.
• The origin of the order
  9.3.5 The Bourse controls the regularity of block operations and decides on the matching of buyer and seller declarations.
  9.3.6 The Bourse informs the market of block transactions no later than before the opening of the next trading session.
  9.4 Cancellation of Block Transactions
  A declared transaction can be canceled by one of the parties to the transaction until the close of the session.
  No other type of cancellation is accepted by the Bourse, except for cases provided for by the General Regulations in the event of a settlement-delivery default.

Article 9. Bis
The settlement of capital and the delivery of securities between stock market intermediaries, for securities traded on the central market, occurs within a period set at two (2) trading days after the transaction date.

Article 10: Dissemination of Central Market Data to Intermediaries
The information disseminated to stock market intermediaries primarily includes: the summary market, the market by limits, the market by orders, and exchanges.
10.1 Summary Market
The summary market for a given security consists of the best bid and the best offer, as well as the corresponding quantities.
10.2 Market by Limits
The market by limits consists, for each security, of buy limits, classified in descending order of price, and sell limits, classified in ascending order of price.
For each limit, the number of orders and the total quantity of securities displayed at that price are shown.
10.3 Market by Orders
The disseminated market by orders consists, for each security, of all buy orders, classified in descending order of price, and all sell orders, classified in ascending order of price.
For each order, the quantity of securities displayed and the entered price are shown.

10.4 Exchanges
The disseminated exchanges consist, for each security, of all individual transactions including the quantity of securities exchanged, the price, and the time of the transaction.
Article 11: On the Guarantee of Good Execution of Transactions Carried Out on the Central Market.
The mechanisms relating to the guarantee of good execution of transactions carried out on the trading market using the electronic quotation platform are subject to a specification (Fund Regulations). Only transactions carried out on the central market and covered by the Market Guarantee Fund are concerned by these regulations. Block transactions are excluded.
11.1 Resolution of Securities Defaults between Intermediaries on the Central Market
11.1.1 Notification
On the settlement-delivery day, if Tunisie Clearing has been unable to settle one or more movements due to a securities default, it informs the intermediary who could not deliver the securities they sold on the market, their counterparty or counterparties, the Bourse, and the Financial Market Council.
11.1.2 Assignment of the Defaulting Intermediary
As soon as the Bourse is informed of the securities default, it will immediately serve notice on the defaulting intermediary to regularize their situation and immediately inform the Financial Market Council. The intermediary concerned must make every effort to find the securities. If they succeed, they must immediately inform the Bourse. If, at the end of the third trading day following the standardized settlement date, the default is still not resolved, the Bourse initiates the buy-back procedure on behalf of the defaulting intermediary.
11.1.3 Implementation of the Buy-Back Procedure.
If the default is still not resolved on the third trading day following the standardized settlement date, the Bourse informs all intermediaries that the next day it will seek to buy back, on behalf of the defaulting intermediary, the missing securities under the following price conditions:

• last quoted price or known indicative price + 20% for equity securities;
• last quoted price or known indicative price + 4% for other securities.
  The price proposed for buying back the securities is at least equal to the trading price of the missing securities.
  Stock market intermediaries transmit to the Bourse the sell orders for which they are custodians, under the technical conditions and within the deadlines set by it. Only orders at the price indicated by the Bourse are accepted. The Bourse buys back the securities from intermediaries who communicate their offer, according to the first-come, first-served rule.
  11.1.4 Application of the Termination Clause
  If, following the buy-back attempt, the securities have not been acquired, the Bourse declares that the original transaction is limited to the delivery of available securities and declares that the remainder of the original transaction is resolved by a cash payment instead of a securities delivery. It informs the Financial Market Council and Tunisie Clearing.

The defaulting stock market intermediary must pay their buyer counterparty or counterparties a cash amount equal to:

• 60% of the original transaction amount for equity securities;
• 13% of the original transaction amount for other securities.
  The stock market intermediary or intermediaries who have not received delivery of the securities acquired on the market apply the termination clause to their clients and reimburse them, as compensation, the sum provided for in the preceding article.
  11.1.5 Fees, Penalties, Damages, and Sanctions.
  In the event that a buy-back procedure is implemented, the difference between the price paid by the Bourse to buy back the securities and resolve the outstanding issue and the price of the original transaction is borne by the defaulting intermediary. The fees and costs related to the buy-back operation are also borne by the defaulting intermediary. Except in cases where the termination clause applies, the defaulting intermediary pays their buyer counterparty or counterparties, as damages, a sum equal to twice the last money market rate published by the Central Bank of Tunisia, calculated pro rata temporis based on the transaction amount. As a penalty, the defaulting stock market intermediary pays the Bourse a lump sum of 100 dinars to cover the administrative costs incurred by the outstanding issue. In the event that the defaulting selling intermediary cannot settle the amounts provided for in this article, the Market Guarantee Fund substitutes for them.
  11.1.6 Case of a Corporate Action (CA)
  As soon as the FGM administration is informed of a CA that coincided with an outstanding issue, a risk estimation procedure is put in place due to the defaulting intermediary not being able to deliver securities equivalent to those of the original transaction (securities before the CA). The technical administration of the fund is responsible for valuing the risk related to the impact of the triggered CA on the outstanding securities. Two scenarios arise:
• The securities could be delivered during the default resolution period (3 days after settlement): this leads to an intervention by the FGM, and the technical administration proceeds with a call to the defaulting party and a payment to the counterparty of the theoretical amount (the number of securities multiplied by the coupon value). The coupon value is the amount per share of dividends paid or the theoretical value of the allocation right or subscription right on the day of the call. In this case, delivery will be made on securities acquired after the CA, and settlement will concern the amount of the original transaction.
  The same procedure applies to other CA cases such as capital repayment, reduction or increase of nominal value, etc. The technical administration proceeds with the risk assessment, its valuation, and decides on the action to be taken to cover the risk related to the impact of the CA on the outstanding securities.
• The securities could not be delivered during the default resolution period: the FGM administration takes into account the impact of the CA on the securities to be delivered during the intervention to resolve the outstanding issue.
  The practical modalities of intervention are set by the FGM regulations.

11.2

Article 2: Conduct of Auction Operations
2.1 The sale of securities, for auction operations, is conducted by open outcry.
2.2 Bids are made on the Exchange floor by stockbrokers. They are held on a fixed day, every Friday. If this day corresponds to a public holiday, the auction is postponed to the next trading day. By derogation from this rule, judicial sales are held on dates announced in advance by notice from the Exchange. In this case, bids can only be made in the presence of the bailiff-notary responsible for the execution.
2.3 The award is pronounced by the Exchange as soon as the bids are exhausted. The award price is published by the Exchange in its bulletin.
2.4 Unless otherwise decided by the Exchange, transactions for the acquisition of a control block authorized by the Financial Market Council are excluded from auctions.
Article 3: Guarantee of Completion for Off-Exchange Transactions.
3.1 Settlement-Delivery Deadlines
For securities traded off the central market, the buying intermediary is liable for the capital and the selling intermediary is liable for the securities upon the completion of the negotiation between them during trading sessions. Instructions for the settlement of capital and delivery of securities resulting from negotiations related to a given day are communicated, on the same day, by the Exchange to the concerned stockbrokers. The settlement of capital and delivery of securities between stockbrokers, for securities traded off the central market, occurs within a period fixed at two (2) trading days after the negotiation date.
3.2 Conditions for Clearing Sessions.
The Exchange provides intermediaries with a venue for clearing sessions.
Clearing sessions are organized and directed by the Exchange on days and at times fixed by notice from the Exchange. A floor supervisor attends and provides secretarial services for the clearing sessions. At each session, minutes are drawn up and signed by the counterparties to the transactions. Settlement operations related to securities traded off the central market are executed under the aegis of the Exchange acting as a clearing house. The settlement of capital and delivery of securities between intermediaries are carried out transaction by transaction. On the clearing day, the Exchange issues to the concerned intermediaries certificates related to the negotiation day (D). In the case of a judicial sale, the Exchange issues a negotiation certificate related to said sale.

3.3 Procedure for Resolving Securities Defaults.
3.3.1 Notification of Default
3.3.1.1 On the scheduled settlement-delivery day, if the clearing house secretariat could not settle one or more movements due to a securities default, it informs the intermediary who could not deliver the securities they sold on the market and their buying counterparty that the movement is suspended for a maximum of two days.
3.3.1.2 Suspended positions are communicated by the Exchange to the Financial Market Council.
3.3.1.3 If, at the end of the second trading day following the settlement-delivery date, the default is still not resolved, the clearing house secretariat draws up a notice of delivery default against the defaulting intermediary. The Exchange formally notifies the defaulting intermediary and informs them that failing to deliver the due securities within the next two days, the buying intermediary will be authorized to repurchase the securities on the market starting from the third day.
3.3.1.4 If the defaulting intermediary manages to find the missing securities during these two days, they must immediately inform the Exchange.
3.3.1.5 If the default is still not resolved on the fourth trading day following the scheduled settlement-delivery day, the Exchange informs the Association of Stockbrokers and authorizes the buying intermediary to repurchase the securities on the market starting from the next trading session.
3.3.2 Termination Clause
3.3.2.1 If, after two trading days, the buying intermediary has not been able to find the securities on the market, the Exchange cancels the transaction(s) and declares that the original transaction(s) "resolves" into a cash payment instead of a securities delivery. It informs the Financial Market Council.
3.3.2.2 The defaulting stockbroker must pay their buying counterparty(ies) a cash amount equal to:

• 10% of the original negotiation amount for equity securities;
• 5% of the original negotiation amount for debt securities.
  3.3.2.3 The stockbroker(s) who have not received delivery of the securities acquired on the market apply the termination clause to their clients and pay them, as compensation, the sum provided for in the preceding article.
  3.3.3 Penalties and Access Closure.
  3.3.3.1 In the event that the buying intermediary repurchases the securities following the implementation of the repurchase procedure, the difference between the price paid by the buying intermediary to repurchase the securities and resolve the suspension, and the price of the original negotiation is borne by the defaulting intermediary. Fees and costs related to the repurchase operation are also borne by the defaulting intermediary.
  3.3.3.2 In the event that the defaulting seller cannot settle the amounts provided for in the preceding articles, the Exchange closes their access to the trading floor and quotation systems and immediately informs the Financial Market Council.
  3.3.3.3 As a penalty, the defaulting stockbroker pays the Exchange a lump sum of 100 dinars to cover administrative costs incurred by the suspension.

3.3.3.4 The defaulting intermediary pays their counterparty(ies), as damages, a sum equal to twice the last money market rate published by the Central Bank of Tunisia, calculated pro rata temporis based on the negotiation amount. If they cannot pay, the Market Guarantee Fund substitutes for them.
3.4 Resolution of Cash Defaults.
3.4.1 Notification of Default
3.4.1.1 On the scheduled settlement-delivery day, if the clearing house secretariat could not settle one or more movements due to a cash default, it informs the intermediary who could not pay for the securities they acquired on the market and their counterparty that the settlement is suspended for a maximum of two days.
3.4.1.2 Suspended positions are communicated by the Exchange to the Financial Market Council.
3.4.1.3 If, at the end of the second trading day following the settlement-delivery date, the default is still not resolved, the clearing house secretariat draws up a notice of payment default against the defaulting intermediary. The Exchange formally notifies the defaulting intermediary and informs them that failing to settle the due amount the next day, the selling intermediary will be authorized to resell the securities on the market starting from the next trading session.
3.4.1.4 If the defaulting intermediary manages to find the cash, they must immediately inform the Exchange.
3.4.1.5 If the default is still not resolved on the third trading day following the date of the payment default notice, the Exchange informs the Association of Stockbrokers and authorizes the selling intermediary to resell the securities on the market starting from the next trading session.
3.4.1.6 The Exchange cancels the original transaction(s) and publishes a notice in the bulletin.
3.4.1.7 The Exchange prohibits the defaulting intermediary from accessing the trading floor and quotation system in accordance with its general regulations. It immediately informs the Financial Market Council.
3.4.2 Penalties, Damages, and Closure of Access to Trading Systems.
3.4.2.1 The defaulting intermediary pays their counterparty(ies), as damages, a sum equal to twice the last money market rate published by the Central Bank of Tunisia, calculated pro rata temporis based on the negotiation amount. If they cannot pay, the Market Guarantee Fund substitutes for them.
3.4.2.2 If another cash default is noted during the sessions following the day of the default notice, the Exchange prohibits the defaulting intermediary from accessing the trading floor and trading systems in accordance with its general regulations. It immediately informs the Financial Market Council.

APPENDIX TO THE TRADING MANUAL

WINTER TRADING HOURS

BLOCK MARKET

SUMMER AND RAMADAN MONTH TRADING HOURS

BLOCK MARKET