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Article 16
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Competitive auction is held individually for each trade ordered in Foreign Bonds. The matching sequence and execution prices shall be determined based on each buy or sell orders entered, according to the following principles:
- Where the buy order price entered is higher than or equal to the lowest sell order price previously entered, the trading orders will be satisfied from the lowest to the highest sell order price. In cases where sell orders are placed at the same price, the trading orders will be satisfied in the order of the offer time until all orders are satisfied or the buy order price entered is lower than the sell order price of an unexecuted trade.
- When the sell order price entered is lower than or equal to the highest buy order price previously entered, the trading orders will be satisfied from the highest to the lowest buy order price. In case where buy orders are placed at the same prices, the trading orders will be satisfied in the order of offer time until all orders are satisfied or the sell order price entered is higher than the buy order price of an unexecuted trade.
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