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Amended Article

Title:

Taiwan Stock Exchange Corporation Directions for Announcement or Notice of Attention to Trading Information and Dispositions  CH

Amended Date: 2019.04.02 
Categories: Market Supervision > Stock Market Surveillance
Article 2     When the TWSE discovers any of the following circumstances during daily trading hours ("the intraday session") through analyzing transactions of exchange-listed securities (excluding foreign bonds, government bonds, and straight corporate bonds), it will take measures pursuant to the provisions of Article 3 herein:
  1. Where, on trading volume of 3,000 trading units or more, the amplitude of change in the intraday transaction price exceeds 9 percent, while also exceeding the amplitude of change in the TWSE Capitalization-Weighted Stock Index by 5 percent or more.
  2. Where, on trading volume of 3,000 trading units or more, the percentage of increase or decrease in the intraday transaction price exceeds 6 percent, while also exceeding the percentage of increase or decrease in the TWSE Capitalization Weighted Stock Index by 4 percent or more.
  3. Where, on trading volume of 3,000 trading units or more, intraday turnover exceeds 10 percent, provided that this shall not apply to convertible corporate bonds, corporate bonds with non-detachable warrants, preferred shares with non-detachable warrants, bond conversion entitlement certificates, call (put) warrants, exchange-traded fund beneficial certificates and exchange-traded notes.
  4. Where trading information is announced or disposition measures adopted pursuant to these Directions.
  5. Where market rumors, media reporting, or TWSE computer analysis finds an irregularity, and signed approval is granted pursuant to a report of the incident.
  6. Other circumstances designated by the competent authority.
    When calculating the price fluctuation limit of a security, if the formula includes factors such as the given underlying security or underlying index, the calculation is based on the intraday amplitude of price change, the difference between the percentage of increase or decrease in the price and the amplitude of the given underlying security or underlying index, and the percentage of increase or decrease in the price (for a basket of securities, the averages are calculated of the amplitudes of the underlying securities or underlying indexes of the basket of securities and of the percentages of increase or decrease in the price).
    The provisions of subparagraphs 1, 2, and 3 of paragraph 1 concerning "on trading volume of 3,000 trading units or more" do not apply during a period of trading without price limits of an initial listing of common stock.
    When the trading volume of a security is below 1,000 units ("units" hereinafter collectively referring to shares, beneficial units, depositary receipt units, or other types of units), the numerical standards for the unit of the trading (or order) volume shall be adjusted according to the following formula:the adjusted numerical standards for the unit of trading (or order) volume = the pre-adjustment numerical standards for the unit of trading (or order) volume × (1000 ÷ the trading units of the given security).
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Article 4     At the close of trading each day, the TWSE will analyze the trading of exchange-listed securities (excluding foreign bonds, government bonds, and straight corporate bonds). Upon discovery of any of the following circumstances, the TWSE will announce related trading information (such as the degree of upward or downward movement in prices, trading volume, turnover rate, degree of concentration, price-to-earnings ratio, price to book ratio, long/short ratio, and premium/discount percentage, sales quantity of borrowed securities):
  1. An irregularity in the cumulative percentage of increase or decrease in the closing price during the most recent period.
  2. An irregularity in the percentage of increase or decrease in the closing price between the initial and final business days of the most recent period.
  3. An irregularity in the cumulative percentage of increase or decrease in the closing price during the most recent period, combined with an unusually large increase in the intraday volume of trade relative to the daily average in the most recent period.
  4. An irregularity in the cumulative percentage of increase or decrease in the closing price during the most recent period, combined with an unusually high intraday turnover rate.
  5. An irregularity in the cumulative percentage of increase or decrease in the closing price during the most recent period, combined with intraday consigned trading of the given security at a securities firm in which confirmed purchases or sales account for an unusually high percentage of the intraday volume of trade in the given security.
  6. An irregular price-to-earnings rate or price-to-book ratio, or an usually high intraday turnover, combined with any of the following three circumstances: a relatively high price-to-book ratio for stocks of the given industry; an intraday value for confirmed purchases or sales of the given security at any single securities firm that accounts for an unusually high proportion of the total intraday value of confirmed trades in the given security; or an intraday value for confirmed purchases or sales of the given security by any single investor that accounts for an unusually high proportion of the total intraday value of confirmed trades in the given security.
  7. An irregularity in the cumulative percentage of increase or decrease in the closing price and a significant increase in the long/short ratio during the most recent period.
  8. An irregularity in the percentage of premium or discount calculated from the closing price of Taiwan Depository Receipts and the closing price, on the exchange market of their home country, of the shares they represent.
  9. A significant increase in the daily volume of trading for a given day or several recent days relative to the daily average volume of trade for the most recent period.
  10. A significantly high cumulative turnover rate for the most recent period.
  11. An irregularity in the difference between the closing prices on the initial and final business days of the most recent period.
  12. The trading volume of the sales of borrowed securities accounting for a significantly high percentage of the total volume of trade of the most recent period.
  13. Other trading irregularities as determined by resolution of the Surveillance Operations Oversight Committee.
    If there is no closing price for a security on a given day to serve as the basis for calculation of any irregularity listed under the preceding paragraph, the price determined pursuant to Article 58-3, paragraph 2, subparagraph 2 of the TWSE Operating Rules shall be used instead.
    When calculating the price fluctuation limit of a security, if the formula includes factors such as the given underlying security or underlying index, the provisions of Article 2, paragraph 2 shall apply mutatis mutandis to the calculation of the cumulative percentage of increase or decrease in the price within a certain period.
    When the trading volume of a security is below 1,000 units, the provisions of Article 2, paragraph 4 shall apply mutatis mutandis to the numerical standards for the unit of the trading (or order) volume.
    Numerical standards for the irregularities listed under each of the subparagraphs of paragraph 1, and any exceptions to those conditions, shall be separately adopted by the TWSE.
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