Chapter 2 Non-paired Trades |
| Article 5 | Trading hours for non-paired trades are 9 a.m. to 5 p.m.
Placement of quotes for non-paired trades will be temporarily suspended on all trading days on which no price fluctuation limit is imposed under Article 63, paragraph 2 of the TWSE Operating Rules.
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| Article 6 | The provisions of Article 28-1 of the TWSE Operating Rules apply to the total dollar amount of quotes for non-paired trades placed by a securities firm on a given day.
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| Article 7 | When a securities broker is engaged to provide a bid or ask quote for a non-paired trade, except where advance collection of funds or securities is otherwise required, the broker may pre-collect an appropriate portion or a fixed percentage of such funds or securities from the principal as circumstances merit.
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| Article 8 | Matching priority and execution price for individually placed bid quotes or ask quotes for non-paired block trades of a single security are handled according to the following principles:
- If the current bid quote is priced at or above the lowest previously placed ask quote, it will be matched and executed against individual asks sequentially from lowest to highest; if multiple ask prices are identical they will be matched and executed sequentially by time priority until the current bid quote is completely satisfied or the price of the current bid quote is lower than the prices of unexecuted ask quotes.
- If the current ask quote is priced at or below the lowest previously placed bid quote, it will be matched and executed against individual bids sequentially from highest to lowest; if multiple bid prices are identical they will be matched and executed sequentially by time priority until the current ask quote is completely satisfied or the price of the current ask quote is higher than the prices of unexecuted bid quotes.
The current bid (or ask) quote for a non-paired block trade of a basket of stocks will be matched and executed against previously placed ask (or bid) quotes in order of time priority, on the condition that the stock codes, unit prices, and volumes of the current bid (or ask) quote must all be identical to those of the previously placed ask (or bid) quotes;.
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| Article 9 | During the trading periods specified in Article 5, paragraph 1, the TWSE will post real-time information on unexecuted quotes for non-paired trades.
Transaction information regarding non-paired trades will be publicly announced in real time through a system for the posting of trading information.
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