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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(2007.04.25)
Date:
2 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 preceding 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 preceding period of 30 business days (inclusive of the given day) exceeds 90%, 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 75% 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 75% 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 preceding period of 60 business days (inclusive of the given day) exceeds 120%, 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 100% 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 100% 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 preceding period of 90 business days (inclusive of the given day) exceeds 150%, 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, by 120% 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 120% 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 common stocks for which there is a period of no restrictions on price fluctuations 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 preceding 30 business days (inclusive of the given day), while the cumulative percentage of increase or decrease in the closing price for the preceding six business days (inclusive of the given day) meets any of the following conditions:
(i) The cumulative percentage is below 25%.
(ii) The cumulative percentage is above 25%, while differing with the average cumulative values of both the market as a whole and of same-sector stocks for the preceding six business days (inclusive of the given day) by 20% 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 provisions of this paragraph regarding same-sector stocks shall not apply when there are fewer than ten stocks in a given sector.
(6) 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.