2.5 Operation and Trading Mechanism of Stock Exchange

Nepal's mechanism (the current architecture): the TMS (the Trade Management System) — the screen-based order-driven market (the buy-and-sell orders' automatic matching by price-time priority; the 2018–19 migration from the floor's open outcry); the order types (the limit-and- market orders; the odd-lot faces); the price bands-and-circuit breakers (the daily movement's limits — the cooling-off discipline); the sessions (the pre-open, the continuous, the closing); the scrip groups-and-sectors (the A/B/Z classifications-and-the sectoral indices); the margin-and-exposure rules (the brokers' credit discipline); and the indices (2.7's detail). The exam's frame: from the crowded floor to the phone-and-screen — the mechanism's digitisation without the market's fundamental change (still an order-driven secondary market with the state's settlement guarantee).