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Amendments

Title:

Numerical Standards for and Exceptions to the Irregularity Standards in Article 4 of the Taiwan Stock Exchange Corporation's Directions for Announcement or Notice of Attention to Trading Information and Related Dispositions  CH

Amended Date: 2021.07.26 
Categories: Market Supervision > Stock Market Surveillance

Title: Detailed Numerical Standards and Exceptions to the Irregularity Standards in Point 4 of the Taiwan Stock Exchange Corporation's Directions for Announcement or Notice of Attention to Trading Information and Related Dispositions(2004.01.09)
Date:
2  An irregularity in the percentage of increase or decrease in the closing price of a security between the initial and final business days of the most recent period is defined as follows:
When for a particular security, any of the following occur on a given day:
(1) The percentage of increase or decrease in the closing price of a security between the initial and final days of the most recent period of 30 business days (inclusive of the given day) exceeds 60%, while meeting one of the two following conditions:
(i) The percentage of increase for the given security differs with the average values for both the market as a whole and for same-sector stocks by 50% or more, as calculated in accordance with this subparagraph, while the closing price for the day is also above the opening reference price.
(ii) The percentage of decrease for the given security differs with the average values for both the market as a whole and for same-sector stocks by 50% or more, as calculated in accordance with this subparagraph, while the closing price for the day is also below the opening reference price.
(2) When the percentage of increase or decrease in the closing price of a security between the initial and final days of the most recent period of 60 business days (inclusive of the given day) exceeds 90%, while conforming to one of the two following conditions:
(i) The percentage of increase for the given security differs with the average values for both the market as a whole and for same-sector stocks, as calculated in accordance with this subparagraph, by 70% or more, while the closing price for the day is also above the opening reference price.
(ii) The percentage of decrease for the given security differs with the average values for both the market as a whole and for same-sector stocks, as calculated in accordance with this subparagraph, by 70% or more, while the closing price for the day is also below the opening reference price.
(3) When the percentage of increase or decrease in the closing price of a security between the initial and final days of the most recent period of 90 business days (inclusive of the given day) exceeds 120%, while meeting one of the two following conditions:
(i) The percentage of increase for the given security differs with the average values for both the market as a whole and for same-sector stocks, as calculated in accordance with this subparagraph, by90% or more, while the closing price for the day is also above the opening reference price.
(ii) The percentage of decrease for the given security differs with the average values for both the market as a whole and for same-sector stocks, as calculated in accordance with this subparagraph, by 90% or more, while the closing price for the day is also below the opening reference price.

Exceptions:
(1) The percentages of increase or decrease in the closing prices of newly-listed stocks during the first five business days after listing shall not be included in the calculations for the standards of this paragraph.
(2) The standards of this paragraph shall not apply to government bonds, ordinary corporate bonds, foreign-issued bonds, and call (put) warrants.
(3) The standards of this paragraph shall not apply when trading information for the given security has been announced pursuant to Point 4, paragraph 1, subparagraph 1 during the most recent 30 business days (including the given day), while the cumulative percentage of increase or decrease in the closing price for the most recent six business days (including the given day) meets any of the following conditions:
(i) The cumulative percentage is below 21%.
(ii) The cumulative percentage is above 21%, while differing with the average cumulative values of both the market as a whole and of same-sector stocks for the most recent six business days (including the given day) by 50% or more.
(iii) The direction of movement of the particular security is opposite that of the standard increase or decrease under this paragraph.
(4) When fluctuations in the price of a security occur during the period of calculation for the standards under this paragraph due to non trade-related factors (ex-rights or ex-dividend factors), those factors shall be excluded when calculating the percentage of increase or decrease in the closing price.
(5) The standards under this paragraph shall not apply when the closing price of a stock is less than NT$5.
(6) The provisions of this paragraph regarding same-sector stocks shall not apply when there are fewer than ten stocks in a given sector.
(7) The provisions of this paragraph regarding same-sector stocks shall not apply when a stock has a negative price-to-earnings ratio or is trading at 80 times earnings or above.
7  A significantly high cumulative turnover rate for the most recent period is defined as follows:
When the particular security meets both of the following conditions on the given day:
(1) The cumulative total turnover rate for the most recent six business days (inclusive of the sixth) exceeds 40%, while there is a difference of 30% or more between the cumulative total turnover rate and the average value for the market as a whole, as calculated in accordance with this subparagraph.
(2) The intraday turnover rate is 10% or more, while there is a difference of 5% or more between the turnover rate and the average value for the market as a whole, as calculated in accordance with this subparagraph.

Exceptions:
(1) The percentages of increase or decrease in the closing prices of newly-listed stocks during the first five business days after listing shall not be included in the calculations for the standards under this paragraph.
(2) These standards under this paragraph shall not apply to government bonds, ordinary corporate bonds, convertible corporate bonds, corporate bonds with warrants, preferred stocks with warrants, foreign-issued bonds, bond conversion entitlement certificates, depository receipts, and call (put) warrants.
(3) The standards under this paragraph shall not apply when during the most recent six business days (inclusive of the sixth day), trading information for the given security has been announced pursuant to Point 4, paragraph 1, subparagraph 4.
(4) The standards under this paragraph shall not apply where the monetary value of confirmed transactions in the given security on the given day is less that NT$500 million.