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Article 3
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To ensure security of settlement for securities trades, when TWSE analysis discovers any of the following circumstances in day trading at a securities firm involving the securities listed in the preceding article, it will, promptly after market closing, issue written notice to the internal auditing or operations department of the aforesaid securities firm, with a copy to the general manager of its head office; in the case of the Taiwan branch office of a foreign securities firm, it will bring the matter to the attention of the branch office manager:
- Where the difference between an investors' purchase/sale orders for the given security at the given securities firm exceeds NT$300 million and also exceeds one time the net worth of the given securities firm, and where the volume it purchased (or sold) on consignment accounts for 20 percent or more of the total monetary volume of consigned purchases (or sales) of the given security.
- Where the difference between orders accepted by a securities firm for purchase/sale of the given security exceeds NT$500 million and also exceeds 1.5 times the net worth of the given securities firm, and where the volume it accepted in consignments for purchases (or sales) accounts for 40 percent or more of the total monetary volume of all consignments for purchases (or sales) of the given security.
- Where the difference between an investor's confirmed purchases/sales of the given security through the given securities firm exceeds NT$100 million and also exceeds 0.3 times the net worth of the given securities firm, and where the volume of its confirmed purchases (or sales) accounts for 10 percent or more of the total monetary volume of all confirmed trades in the given security.
- Where the difference between confirmed purchases/sales of the given security by a securities firm exceeds NT$200 million and also exceeds one time the net worth of the given securities firm, and where the volume of the confirmed purchases (or sales) thereby accounts for 20 percent or more of the total monetary volume of confirmed trades in the given security.
When the circumstances under subparagraphs 1 or 2 of the preceding paragraph apply to a securities firm, the TWSE may inform the persons referred to in paragraph 1 by telephone within the period when the trading order is consigned or the trade is made.
During a period of trading without price limits of an initial listing of ordinary shares, the provisions of paragraphs 1 and 2 regarding notice to the securities firm shall apply mutatis mutandis under any of the circumstances listed below:
- 1Where any of the following circumstances applies to the price of an investor's purchase/sale orders for the given security with the given securities firm, and the cumulative volume of those orders reaches 1,000 trading units (or the cumulative value of the orders reaches NT$50 million) or more:
- Before market opening, a buy order is placed at a price higher than that day's opening reference price by 25 percent or more, or a sell order is placed at a price lower than that day's opening reference price by 25 percent or more.
- After market opening, a buy order is placed at a price higher than the posted price for orders currently being transacted by 25 percent or more, or a sell order is placed at a price lower than the posted price for orders currently being transacted by 25 percent or more.
- Where any of the following circumstances applies to the prices of orders accepted by a securities firm for purchase/sale of the given security, and the cumulative volume of those orders reaches 5,000 trading units or more or the cumulative value of those orders reaches either NT$200 million or 0.5 times or more of the given securities firm's net worth:
- Prior to market opening, a buy order is placed at a price higher than that day's opening reference price by 25 percent or more, or a sell order is placed at a price lower than that day's opening reference price by 25 percent or more.
- After market opening, a buy order is placed at a price higher than the posted price for orders currently being transacted by 25 percent or more, or a sell order is placed at a price lower than the posted price for orders currently being transacted by 25 percent or more.
If trading of any securities listed in the preceding article under an omnibus trading account of a securities firm reaches a level referred to in paragraph 1 or paragraph 3, the TWSE may bring the matter to the attention of the management of the securities firm, to ensure the security of settlement for securities trades.
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.
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