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1
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The term "malfunction" or "interruption" as used in these Measures means malfunction or interruption of trading systems or trading information transmission systems of the Taiwan Stock Exchange Corporation (hereinafter referred to as "this Corporation").
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2
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When any of the below-listed circumstances occurs as a result of malfunction or interruption of trading systems or trading information transmission systems, this Corporation shall publicly announce the system malfunction or information interruption within 20 minutes after confirmation. This Corporation shall investigate and ascertain the nature of the malfunction or interruption within 40 minutes of the public announcement and, if it is determined that the problem cannot be remedied in a short time, shall announce suspension of trading within 20 minutes of such determination.
(1) Partial suspension of trading:
There is a failure or obvious error in matching any security.
(2) Complete suspension of trading (in any of the following circumstances):
(i) All securities firms are unable to input information of orders.
(ii) All securities firms are unable to receive transaction confirmations.
(iii) All securities are unable to be matched.
(iv) Market information disclosures at securities firms' places of business and this Corporation's Market Information System are all interrupted.
If any of the conditions enumerated in the preceding paragraph arises during a malfunction or interruption of telecommunications lines of the Directorate General of Telecommunications, the trading suspension measures in the preceding paragraph shall apply.
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3
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In any of the following circumstances, this Corporation shall announce resumption of trading or discontinuation of trading:
(1) After an announcement of partial suspension of trading, if normal operations for any security that previously could not be matched can be resumed at least 20 minutes prior to closing, this Corporation shall announce resumption of trading of that security; otherwise, it shall announce discontinuation of trading of that security.
(2) After an announcement of complete suspension of trading, if normal operations for any security can be resumed at least 20 minutes prior to closing, this Corporation shall announce resumption of trading of that security. The trading of other securities shall remain suspended. If normal operations for the suspended securities cannot be resumed at least 20 minutes prior to closing, this Corporation shall announce discontinuation of trading of such securities.
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4
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Measures following resumption of trading:
(1) When this Corporation announces resumption of trading of any security during partial or complete suspension of trading, acceptance and matching of consignment orders for such security shall begin immediately after such announcement, and shall close at the normal time.
(2) After the malfunction is eliminated, if the information in the computer memory of this Corporation is fully intact, previous untransacted trading orders shall remain valid, and the order of priority shall remain unchanged. If information in the computer memory of this Corporation is lost in part or in whole, all previous untransacted trading orders shall be invalid. Securities firms shall first ascertain whether such previous untransacted trading orders have been transacted or cancelled, and shall then re-enter the untransacted trading orders.
(3) Matching of orders shall be handled in accordance with Operating Rules of this Corporation and applicable regulations.
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5
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After an announcement of complete suspension of trading, if the resumption of normal operations at least 20 minutes prior to closing is impossible for every and all securities, this Corporation shall announce closing of the market.
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6
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Public announcements by this Corporation of suspension of trading, resumption of trading, discontinuation of trading, or closing of the market, shall be issued through the Market Information System, or host computer links, or information company systems. Upon announcement of discontinuation of trading or closing of the market, the price of the final transaction prior to the malfunction shall be the closing price for the current day.
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7
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These Measures shall be submitted to the Competent Authority for approval before implementation. The same shall apply to amendments hereto.
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