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Article NO. Content

Title:

Numerical Standards for and Exceptions to the Irregularity Standards in Article 4 of the Taiwan Stock Exchange Corporation's Directions for Announcement or Notice of Attention to Trading Information and Related Dispositions  CH

Amended Date: 2021.07.26 
Categories: Market Supervision > Stock Market Surveillance
Article 5     The expression "an irregularity in the cumulative percentage of increase or decrease in the closing price of a security for the most recent period, combined with an unusually high intraday turnover rate" as used in Article 4, paragraph 1, subparagraph 4 of the Directions shall mean that the particular security meets both of the following conditions on a given day:
  1. Where the cumulative percentage of increase or decrease in the closing price of a security for the most recent 6 business days (inclusive of the given day) is greater than 25 percent, and differs with the average values for both the market as a whole and for same-sector securities, as calculated in accordance with this subparagraph, by 20 percent or more.
  2. The intraday turnover rate for the given security is 10 percent or greater, and is greater than the average value for the market as a whole, as calculated in accordance with this subparagraph, by 5 percent or more.
    Exceptions to the preceding paragraph are as follows:
  1. The percentages of increase or decrease in the closing prices of newly-listed ordinary shares during the period in which no price fluctuation limit is imposed shall not be included in the calculation of standards under the preceding paragraph.
  2. The standards of the preceding paragraph shall not apply to convertible bonds, bonds with non-detachable share options, preference shares with non-detachable share options, certificates of entitlement to new shares from convertible bond, call (put) warrants, share options, ETF beneficiary certificates, and ETNs.
  3. When non trade-related factors (such as ex-rights or ex-dividend factors) have caused fluctuations in the price of a security during the period for which standards under the preceding paragraph are calculated, those factors shall be excluded when calculating the percentage of increase or decrease in the closing price.
  4. The provisions of the preceding paragraph regarding same-sector securities shall not apply when there are fewer than five securities in the given sector.
  5. The provisions of the preceding paragraph regarding same-sector securities shall not apply when a security has a negative price-to-earnings ratio or is trading at 60 times earnings or above.
  6. The standards in the preceding paragraph shall not apply if the percentage of premium or discount of the securities announced through the MOPS for the preceding business day meets one of the following conditions:
    1. It does not exceed 10 percent.
    2. The direction of movement is opposite that of the standard increase or decrease under the preceding paragraph.