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Amendments

Title：

Taiwan Stock Exchange Corporation Operation Directions Governing Liquidity Providers of Call (Put) Warrants  CH

Amended Date： 2018.12.24 
Categories： Securities Exchange Market > Trading > Call (Put) Warrants
Article Content Content Search Article No. Search Legal Basis Amended Article Legislative History Chinese

Title： Taiwan Stock Exchange Corporation Operation Directions Governing Liquidity Providers of Call (Put) Warrants(2009.09.21)
Date：
6 6. A liquidity provider shall, starting from 5 minutes after the TWSE centralized exchange market opens until the market closes, perform its quoting obligations by means of "responding to quote requests" or "voluntary quoting"; the operational guidelines are as follows:
(1) Responding to quote requests
1. A liquidity provider shall, within 5 minutes after receiving an investor's price inquiry, respond with a quote, and this quote shall remain posted for at least 1 minute.
2. If the order price per unit of warrants is less than NT$10, each single quote may not be for less than 10 trading units; if the order price per unit of warrants is from NT$10 to NT$20, each single quote may not be for less than 5 trading units; if the order price per unit of warrants is more than NT$20, each single quote may not be for less than 1 trading unit.
3. A liquidity provider shall make a synchronous recording of the phone call with which an investor requests a quote, and the recording shall be preserved for at least 2 months.
(2) Voluntary quoting:
1. The price quote by a liquidity provider shall include a bid price and an ask price.
2. A liquidity provider shall on its own initiative provide quotes at least once every 5 minutes, and such quotes shall remain posted for at least 30 seconds, provided that this 30-second restriction shall not apply when quotes are updated due to price fluctuations of the underlying securities.
3. A liquidity provider shall prescribe a maximum price fluctuation between the highest bid price and the lowest ask price.
4. If the order price per unit of warrants is less than NT$10, each single quote may not be for less than 10 trading units; if the order price per unit of warrants is from NT$10 to NT$20, each single quote may not be for less than 5 trading units; if the order price per unit of warrants is more than NT$20, each single quote may not be for less than 1 trading unit.