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Amendments

Title:

Taiwan Stock Exchange Corporation Operation Guidelines Governing Liquidity Providers of Beneficial Certificates  CH

Amended Date: 2021.04.29 (Articles 6, 6-1 amended,English version coming soon)
Current English version amended on 2018.12.24 
Categories: Securities Exchange Market > Trading > Beneficial Certificates

Title: Taiwan Stock Exchange Corporation Operation Guidelines Governing Liquidity Providers of Beneficial Certificates(2009.08.04)
Date:
6     The liquidity contract shall at least prescribe the following matters with respect to the responsibilities and obligations of a liquidity provider:
  1. The calculation formula for the best bid/ask spread of the ETF as disclosed in the TWSE centralized securities exchange market is as follows:
    (the best bid/ask spread) = [(lowest unexecuted ask quote) - (highest unexecuted bid quote)]/( lowest unexecuted ask quote)
  2. The minimum number of participations by a liquidity provider in matching of the ETF. The number of participations in matching means the designated minimum number of participations in matches in the TWSE's trading system in a buy or sell order in which the price is within a specified range above the previous lowest unexecuted ask quote, within a specified range below the previous highest unexecuted bid quote, or within a specified range above and below the execution price. Minimum numbers shall be set for participations in matches of bid and ask quotes calculated as specified above.
  3. The minimum amount of buy/sell quotes that a liquidity provider shall make during a suspension of matching when there occurs a circumstance specified in paragraph 4 of Article 58-3 of the TWSE Operating Rules with respect to the ETF during the trading session.
  4. Except when the price of the ETF goes limit-up or limit-down, the disclosure of market trading prices is limited only by the duration of time of bid or ask prices; however, the aforesaid calculation of time may be excluded when matching time must be postponed due to a circumstance specified in paragraph 4 of Article 58-3 of the TWSE Operating Rules.
  5. Agreement that the TWSE provide to the SITE or the general agent for offshore funds all the buy/sell quotes and itemized statements of trading of the ETF done through the liquidity provider's segregated ETF account.