In floor trading, the first variable price serves as the opening price. It is determined by an exchange broker, usually shortly after the trading session has begun, on the basis of all orders received hitherto and in keeping with the principle of highest volume transacted.

In the electronic trading system Xetra®, designated sponsors ensure liquidity in the securities assigned to them, which means that opening prices can nearly always be determined in the opening auction prior to the commencement of trading. As with floor trading, the price determination procedure is based on the principle of highest volume transacted. If the opening auction does not generate any turnover in a stock, and thus does not yield a price for that stock, the first variable price serves as the opening price.