| Article 5 |
Trading periods for non-paired trades, and the times for posting of permissible price ranges for bid and ask quotes, are as follows:
1. At 9:30 a.m. the TSEC will post the ranges of permissible price ranges for bid and ask quotes for any given security; from the time of that posting until 9:50 a.m. it will accept quotes from securities firms, and match and execute them one-by-one.
2. At 11:30 a.m. the TSEC will post the ranges of permissible price ranges for bid and ask quotes for any given security; from the time of that posting until 11:50 a.m. it will accept quotes from securities firms, and match and execute them one-by-one.
3. At 1:35 p.m. the TSEC will post the ranges of permissible price ranges for bid and ask quotes for any given security; from the time of that posting until 1:50 p.m. it will accept quotes from securities firms, and match and execute them one-by-one; provided, that the TSEC may postpone the posting time for the trading period of this subparagraph or declare a halt in the acceptance of trading orders from securities firms, based on the circumstances at the close of that day's market trading hours (i.e. the market trading hours 9 a.m. to 1:30 p.m. as provided under Article 3 of the TSEC Operating Rules).
The permissible price range for bid and ask quotes placed under the preceding paragraph is limited to 3.5 percent around the reference price; provided, that during the trading periods specified in subparagraphs 1 and 2 of the preceding paragraph, the price ranges obtained by the aforementioned method may not exceed the daily fluctuation limits, as specified in Article 63 of the TSEC Operating Rules, for market trading hours on the current day.
The reference price referred to in the preceding paragraph is determined by the following principles:
1. During the trading periods specified in subparagraphs 1 and 2 of paragraph 1, the reference price is the average of the prices for the highest unexecuted bid quote and lowest unexecuted ask quote for the latest trading during current trading day as of the time of announcement, as posted under Article 58 of the TSEC Operating Rules; provided, that when the prices posted are exclusively bids or asks, the reference price is the highest posted bid or lowest posted ask; when there is no posted bid or ask, the reference price is the latest transaction price during the current trading session; if there has not yet been a transaction during the current trading session, then the reference price is the auction reference price at market opening of the current trading session.
2. During the trading period set forth in paragraph 1, subparagraph 3, the reference price is the closing price for the market trading hours of the current day. If there is no closing price for the current trading session, the reference price is the auction reference price at market opening of the current trading session.
The "auction reference price at market opening of the current trading session" of the preceding paragraph is set either through subject mutatis mutandis application of the provisions of Article 58-3, paragraph 1, subparagraph 3 of the TSEC Operating Rules, or in accordance with the provisions of Article 59-1 and Article 67-1 of those same Operating Rules.
A quote for a non-paired trade is valid only for the trading period in which it is placed, and may be cancelled at any time prior to execution.
Placement of quotes for non-paired trades will be temporarily suspended on an ex-dividend or ex-rights date and the next business day thereafter, and on trading days on which no price fluctuation limit is imposed under Article 63, paragraph 2 of the TSEC Operating Rules. |
| Article 6 |
The provisions of Article 28-1 of the TSEC Operating Rules apply to the total dollar amount of quotes for non-paired trades placed by a securities firm on a given day for settlement on the second business day after the transaction date; provided, that this restriction does not apply to the total dollar amount of quotes for non-paired trades placed by a securities firm for settlement on the transaction date.
Where a securities firm quotes non-paired trades for settlement on the transaction date, the TSEC may, as it deems necessary, notify the securities firm to post a deposit with the TSEC equal to 50 percent of the combined dollar amount of all bid and ask quotes for block trades to be settled on the transaction date, and accept the quotes only after such deposit is collected in full. |
| Article 7 |
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| Article 8 |
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| Article 9 |
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