Implementation of New Trading Halt Rules - 3/8/2009

Transcription

1 Implementation of New Trading Halt Rules - 3/8/2009

2 1. Introduction of New Trading Halt Rules: Shorter trading halt period to disseminate material announcements (MA). Current Proposed Rationale 1 trading session 1 hour Prolonged trading halts may impede the efficient functioning of the market Deprive investors of the opportunity to trade during the halt state To minimize market disruption arising from the prolonged trading halts New ruling on the trading halt/suspension effective 3 August

3 TRADING HALT FOR NORMAL AND ODD LOT MARKETS NO. TIME OF RELEASE OF MATERIAL ANNOUNCEMENT 1. Before the commencement of trading at 9:00am TRADING HALT PERIOD 9:00am to 10:00am 2. 9:00am until 11:00am 1 hour from the time of trading halt 3. After 11:00am and before 12:30pm 4. After 1:30pm until before the commencement of trading at 2:30pm From the time of trading halt until 12:30pm 2:30pm to 3:30pm WINSCORE SCREEN VIEW ORDER STATUS SELL COLUMN ORDER ENTRY REMARKS Halt - - Order entry and modification will be allowed TOP will be calculated. Halt - Order entry and modification will be allowed TOP will be calculated. Halt Forbid X Order entry will be forbid TOP will not be calculated during the trading halt Halt - - Order entry and modification will be allowed 2 TOP will be calculated.

4 TRADING HALT FOR NORMAL AND ODD LOT MARKETS (CONT D) NO. TIME OF RELEASE OF MATERIAL ANNOUNCEMENT TRADING HALT PERIOD 5. 2:30pm until 3:30pm 1 hour from the time of trading halt 6. After 3:30pm and before 5:00pm From the time of trading halt until 5:00pm WINSCORE SCREEN VIEW REMARKS Halt - - Order entry and modification will be allowed TOP will be calculated. Halt Forbid X Order entry will be forbid TOP will not be calculated during the trading halt Note: The stock will be in reserve status for at least for 5 minutes before b commencement of trading (e.g. if trading halt is from 10:00 am to 11:00 am, the status will change e to reserve at 10:55 am and followed by opening at 11:00 am). The reserve status after trading halt indicates cates that the stock will open for trading by the next 5 minutes. 3

5 TRADING SUSPENSION FOR NORMAL AND ODD LOT MARKETS NO. TIME OF RELEASE OF MATERIAL ANNOUNCEMENT 1. Anytime before, during or after trading TRADING HALT PERIOD Prolonged suspension WINSCORE SCREEN VIEW REMARKS Forbid Forbid X Order entry will be forbidden TOP will not be calculated during this period 4

6 No. TRADING HALT FOR DIRECT BUSINESS TRANSACTION Time of Release of Material Announcement 1. Before the commencement of trading at 9:00am 2. 9:00am until 10:30am 3. 10:31am until 11:00am 4. After 11:00am and before 12:30pm 5. 12:30pm until 1:30pm 6. 1:31pm until before the commencement of trading at 2:30pm 9:00am to 10:00am Trading Halt Period 1 hour from the time the material announcement is released 1 hour from the time the material announcement is released From the time the material announcement is released until 12:30pm No trading halt will be imposed When DBT can be reported under Rule After 11:00am 1 hour after OMT session commences After 3:30pm VWAP to be used to discharge the obligations under Rule 903.1(4) VWAP of On-Market Trading ( OMT ) session from 10:00am to 11.00am VWAP of 1 hour OMT session VWAP of OMT session from 2:30pm to 3:30pm 2:30pm to 3:30pm After 4:30pm VWAP of OMT session from 3:30pm to 4:30pm 5

7 TRADING HALT FOR DIRECT BUSINESS TRANSACTION(CONT D) No. Time of Release of Material Announcement Trading Halt Period When Direct Business Transactions can be reported under Rule VWAP to be used to discharge the obligations under Rule 903.1(4) 7. 2:30pm until 3:00pm 1 hour from the time the material announcement is released 1 hour after OMT session commences VWAP 1 hour OMT session 8. 3:01pm until 3:30pm 9. 3:31pm and before 5:00pm 1 hour from the time the material announcement is released From the time the material announcement is released until 5:00pm Next market day 1 hour after OMT session commences Next market day VWAP of OMT session from 9.00am to 10:00am 6

8 SAMPLE SCREEN SHOTS OF THE TRADING HALTS Trading Halt During 8:30 am 11:00 am / 2:00 pm - 3:30 pm (Before trading halt) (Upon trading halt) 7

9 Trading Halt During 8:30 am 11:00 am / 2:00 pm - 3:30 pm(cont) (Order can be entered & modified) (TOP is calculated) 8

10 Trading Halt During 8:30 am 11:00 am / 2:00 pm - 3:30 pm(cont) (Before trading resume, stock will be reserved for 5 minutes) (Trading Resumed) 9

11 Halt and Forbid After 11:00 am/3:30 pm (Before Trading Halt & Forbid Order Entry) (After Trading Halt & Forbid Order Entry) 10

12 Prolonged Suspension (Before Forbid) (After Forbid) 11

13 Order Entry during Continuous Trading Phase (CTP) Stock Before order entry view no orders at B/Qty and S/Qty 12

14 Order Entry during Continuous Trading Phase (CTP)- cont d.. Stock 2224 Orders are entered with B/Qty =5 & S/Qty = 3 13

15 Order Entry during Continuous Trading Phase (CTP)- cont d.. Stock 2224 Stock is HALTED. HALT is displayed at the STATUS column Both the B/Qty & S/Qty remains in the order book 14

16 Order Entry during Continuous Trading Phase (CTP)- cont d.. Stock 2224 Stock is HALTED. Order entry is allowed TOP is calculated 15

17 Order Reduction during Stock HALT Stock 2224 Stock is HALTED. Orders in the order book remain B/Qty = 8 & S/Qty = 1 16

18 Order Reduction during Stock HALT cont d Stock 2224 Stock is HALTED. B/Qty is reduced from 8 to 7 S/Qty remains the same 17

19 Order Reduction during Stock HALT cont d Stock 2224 Stock is HALTED B/Qty is reduced 18

20 Order Cancellation during Stock HALT Stock 2224 Stock is HALTED Cancel S/Qty = 1 19

21 Order Cancellation during Stock HALT cont d Stock 2224 Stock is HALTED Order is cancelled 20

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