| Article 1 |
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| Article 2 |
A securities dealer (hereinafter, "securities firm") participating in bond trading and when-issued trading of central government bonds through the GTSM Electronic Bond Trading System (EBTS) shall do so in uniform compliance with these Rules. Matters on which these Rules are silent shall be subject to other relevant provisions of the GTSM.
The EBTS comprises a Computerized Negotiation System and a Comparison System.
The Computerized Negotiation System is a system whereby securities firms enter quotes for outright transactions and repo-style transactions and negotiate prices for and execute such trades on-line.
The Comparison System is a system whereby securities firms enter information on price negotiations in outright transactions conducted at their business premises and confirm the contents of such transactions.
The term "when-issued trading of central government bonds" in paragraph 1 refers to outright transactions of underlying government bonds during the period beginning from the eighth and concluding on the first business day prior to the date of issue, following the announcement of the tender notice by the Ministry of Finance. Provided, if EBTS trading is suspended under applicable regulations on the business day prior to the originally scheduled date of issue of the government bonds because of a natural disaster or force majeure, the when-issued trading period will be extended to the date of issue of the bonds.
The repo-style transactions referred to in paragraph 3 include the following transactions:
1. Designated-bond repo-style transactions. (Bond borrowing and lending is the main purpose. A particular series of bonds must be designated as the underlying securities at the time of a quote.)
2. Ordinary-collateral repo-style transactions. (Cash financing is the main purpose. It is not necessary to designate a particular series of bonds as the underlying securities at the time of a quote.) |
| Article 3 |
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| Article 4 |
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| Article 4-1 |
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