| Title： |
Taiwan Stock Exchange Corporation Regulations Governing Odd-lot Trading of Listed Securities(2020.02.26) |
| Date： |
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Article 3
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Odd-lot trading orders shall be placed between 9:00 am and 1:30 pm, and between 1:40 pm and 2:30 pm after closing of the market. Such orders are valid within the above trading hours only.
Odd-lot trading orders are limited to limit orders and valid on the current day. To change a trading order, it shall be cancelled first and then a new trading order placed, except in the event of a reduction of the volume in the order.
Within the hours of odd-lot trading orders, the TWSE discloses on a real-time basis the computed execution prices and volumes, and the computed prices and volumes of the five highest unexecuted buy orders and five lowest unexecuted sell orders. In addition, the TWSE discloses, on a real-time basis during trading hours, the executed trade prices and volumes, and the prices and volumes of the five highest unexecuted buy orders and five lowest unexecuted sell orders.
Within the hours of after-market odd-lot trading orders, the TWSE discloses in real time the reported highest purchase and lowest sale price for unconfirmed transactions as shown in the calculation of the trade prices within the five-minute time slot before the end of the report time, and discloses the executed trade prices and volumes after matching.
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Article 3-1
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The brokerage trading, order confirmation and reporting of execution of odd-lot trades between a securities broker and a principal are governed by provisions on trading through electronic media, unless the principal is a professional institutional investor.
The professional institutional investor mentioned in the preceding paragraph denotes a domestic or foreign bank, insurance company, bills company, securities firm, fund management company, government investment institution, government fund, pension fund, mutual fund, unit trust, securities investment trust enterprise, securities investment consulting enterprise, trust enterprise, futures commission merchant, futures service enterprise and other institutions approved by the competent authority.
Paragraph 1 is not applicable to after-market odd-lot trading.
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Article 6
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(Deleted.)
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Article 8
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Matching of odd-lot trades will proceed by call auction every three minutes from 9:10 am, except securities for which extended matching intervals have been implemented under the bylaws or rules of the TWSE.
In principle, odd-lot trades are matched based on price priority and time priority, and the priority for satisfying trading orders is governed by the following principles:
- Price priority principle: higher-priced buy orders shall have priority over lower-priced buy orders. Lower-priced sell orders shall have priority over higher-priced sell orders. Where orders are placed at the same price, priority shall be based on time priority principle.
- Time priority principle: For orders placed prior to the first matched trade, priority shall be determined randomly based on computer arrangement. For orders placed after the first matched trade, priority shall be made on the order in which the orders were placed.
At the end of the time for placing after-market odd-lot trading orders, the trades will be matched by call auction. The sequence of executed trades reported shall be determined by the price priority principle. For reported trades of the same price, the sequence shall then be determined in a random order determined by computer. t.
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Article 8-1
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If, during a certain period from the first matching of an odd-lot trade to the deadline for placing odd-lot trading orders, any given computed execution price fluctuates beyond 3.5 percent from the previous execution price prior to each match, the TWSE will immediately postpone the current match for two minutes and continue to accept entries, cancellations, and changes of trading orders for that security until the end of the postponement, and then proceed with matching and execution sequentially. However, this does not apply to securities for which extended matching intervals have been implemented under the bylaws or rules of the TWSE and securities for which the opening auction reference price is lower than NT$1.
The preceding paragraph is not applicable to after-market odd-lot trading.
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