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Taiwan Stock Exchange Corporation Rules Governing Trading of Call (Put) Warrants
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Taiwan Stock Exchange Corporation Rules Governing Trading of Call (Put) Warrants(2011.09.28)
The matching methods for trading orders for call (put) warrants shall be divided into two categories: call auction and continuous trading.
Transaction prices in call auction trading shall be determined in accordance with the following principles:
1. All buy orders higher than the clearing price and sell orders lower than the clearing price must be met in full.
2. All orders equal to the clearing price must be met in full.
3. Where two or more prices conform to the principles in the preceding two subparagraphs, the price closest to the most recent transaction price in the current trading session shall adopted; if there is not yet a transaction price for the current trading session, the price closest to the auction reference price at market opening for the given day shall be adopted.
Transaction prices in continuous trading for successively placed bid quotes or ask quotes shall be determined in accordance with the following principles:
1. 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 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.
2. 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 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 first matching of call (put) warrants in any given trading session shall be done by call auction, and subsequent matching shall be done by continuous trading, until a period of time before market closing, during which all the trading quotes shall be accumulated and matched by call auction.
The “period of time” in the preceding paragraph is determined by the mutatis mutandis application of Article 58-7 of the TWSE Operating Rules.
The provisions of Article 58-3, paragraphs 4 and 5 of the TWSE Operating Rules shall not apply to the matching and execution of call (put) warrant trading orders.
Resolution：1024 x 768
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English version of regulations are translated by Baker McKenzie Taipei Office.