|
Article 42
|
The trading of security tokens shall be conducted through proprietary trading by the securities firm on its trading platform, by means of price negotiation.
The term "proprietary trading" in the preceding paragraph refers to the securities firm, on its trading platform, making price quotes and engaging in negotiated trading with customers for security tokens issued on that platform.
The customers under the preceding paragraph are limited to professional investors meeting the conditions set out in Article 3, subparagraph 5.
A securities firm engaging in negotiated trading of security tokens with customers on its trading platform shall collect in advance from a customer the full amount of the purchase price or the security tokens to be sold, provided that the securities firm may refrain from collecting the purchase price or security tokens in advance after the securities firm has evaluated the credit status of a customer.
The securities firm shall adopt rules for the negotiated trading of security tokens and know-your-customer procedures, and publish them on its trading platform and incorporate them into its internal control system.
The negotiated trading rules under the preceding paragraph shall include the trading platform's business days and trading hours, price quote method, trade execution principles, price stabilization mechanism, trading procedures, method for the advance collection of purchase prices and security tokens to be sold, and the handling of settlement and default.
|