Chapter Two Market Trading |
| Article 6 | The trading hours under these Rules are the same as those of the TWSE centralized securities exchange market. Trading may be suspended in the event of a material market change or where the TWSE deems necessary.
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| Article 7 | The registered trading quantity shall be in one trading unit or its integral multiples. For the Central Bonds, one trading unit is NT$ 100,000 par value and the maximum trading units for each consignment order is ten.
For Central Bonds that are serial bonds whose principals have have been paid off, their trading units shall be calculated based on the residual value after the repayment.
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| Article 8 | The trading price shall be registered by the securities firms on a basis of NT$ 100 par value. The unit of increase or decrease is always 10%.
The transaction amount shall be calculated according to the following formula:
Transaction Amount = Execution Price ÷ 100 × Trading Unit ×Execution Volume
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| Article 9 | Disclosure of the following information about trading of book-entry central government bonds is required:
- Trading quote and consigned amount; and
- Execution price and volume.
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| Article 10 | The trading price of the Central Bonds is not subject to restrictions as to price hike or drop.
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| Article 11 | The principal shall first open a consignment trading of securities account, book-entry bond account and book-entry payment account before the securities brokers may proceed with trading of book-entry central government bonds according to the consignment.
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| Article 12 | To trade the Central Bonds, the principal shall complete an order ticket and fill in the consignment price column accurately.
The form of the Central Bonds brokerage order ticket and information to be included in the order ticket shall be in compliance with the requirements of the competent authority.
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| Article 13 | Trading orders of the Central Bonds shall be keyed in by the inputter of the securities firm participating in the transaction. Such orders shall include the code of the securities firm, serial number of the brokerage order ticket, type of order ticket, account number of the principal, code of the bond, type of trade, unit price, volume, and sale/purchase for each and every transaction in sequential order according to the information contained in the brokerage order ticket delivered by the sales representative, provided the TWSE may adjust the above items depending on actual need.
With regard to the numbering of the brokerage order tickets in the preceding paragraph, the securities broker shall assign a serial number to each ticket in the order the orders are received, separately on each individual computer terminal. A securities dealer shall assign the serial number in the order of dealing trading orders.
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| Article 14 | Competitive auction is held individually for each matched trade. The matching sequence and execution prices shall be determined based on each buy or sell orders entered, according to the following principles:
- Where the buy order price entered is higher than or equal to the lowest sell order price previously entered, the trading orders will be satisfied from the lowest to the highest sell order price. In cases where sell orders are placed at the same price, the trading orders will be satisfied in the order of the offer time until all orders are satisfied or the buy order price entered is lower than the sell order price of an unexecuted trade.
- When the sell order price entered is lower than or equal to the highest buy order price previously entered, the trading orders will be satisfied from the highest to the lowest buy order price. In case where buy orders are placed at the same prices, the trading orders will be satisfied in the order of offer time until all orders are satisfied or the sell order price entered is higher than the buy order price of an unexecuted trade.
The validity of a trading order for the Central Bonds is limited to the day on which the order is received. Upon processing by the computer server at the TWSE, the results will be immediately reported back to the securities firm. All trading orders that remain unexecuted by the securities firm will be deemed invalid once the above reporting is made.
The information to be reported in the preceding paragraph should include the code of the securities firm, serial number of the brokerage order ticket, type of order ticket, account number of the principal, type of the Central Bond, type of trade, unit price, volume, sale/purchase and time of transaction, provided the TWSE may as adjust the above items based on actual need.
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| Article 15 | Any application by the securities firm for canceling an order or reducing the volume to be traded shall be made via the computer system.
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| Article 16 | Consignment orders and trading shall be suspended two business days prior to the delisting date of the Central Bonds.
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