Is it possible to place buy/sell orders during a volatility auction?

Yes. Market participants may place buy/sell orders during a volatility auction and the Exchange will disseminate a theoretical price and theoretical volume. A volatility auction lasts for 5 minutes and mimics the behavior of the opening and closing auctions. At the end of the 5-minute volatility auction, securities concerned will be opened with an updated price (static price), which is the last theoretical price.