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Article 13
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The expression "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" as used in Article 4, paragraph 1, subparagraph 12 of the Directions shall mean that the particular security meets both of the following conditions on the business day prior to a given day:
- The trading volume of the sales of borrowed securities for the most recent 6 business days (from the business day prior to the given day) accounts for 12% or more of the total volume of trade for the most recent 6 business days (from the business day prior to the given day).
- The trading volume of the sales of borrowed securities on the business day prior to the given day shows an increase of five times or more over the daily average trading volume of the sales of borrowed securities for the most recent 60 business days (from the business day prior to the given day).
Exceptions to the preceding paragraph are as follows:
- The daily transaction volumes of newly-listed ordinary shares during the period in which no price fluctuation limit is imposed shall not be included in the calculation of the standards under the preceding paragraph.
- The standards under the preceding paragraph shall not apply to ETF beneficiary certificates.
- The standards under the preceding paragraph shall not apply when a security meets any of the following conditions on the business day prior to a given day:
- The turnover does not exceed 0.3 percent.
- The trading volume does not exceed 500 trading units.
- The trading volume of the sales of borrowed securities does not exceed 100 trading units.
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