| Article 9 |
Trading of OTC call (put) warrants on OTC markets shall be carried out via the GTSM automated trade matching system by either brokerage or proprietary trading.
Transactions in call (put) warrants shall be executed by either of two methods: matching and execution of accumulated buy/sell orders and continuous trading.
The execution prices for matching and execution of accumulated buy/sell orders shall be determined based on the following principles:
1. All buy orders higher than the determined price and all sell orders lower than the determined price shall be satisfied in full.
2. One side of the buy orders or sell orders at the determined price shall be satisfied in full.
3. If two or more prices conform to the principles described in the preceding two subparagraphs, the price closest to the most recent execution price in the current trading session shall be selected, or if no execution price is yet available in the current trading session, the price closest to the previous day's closing price as set out in Article 7 shall be selected.
The execution prices for continuous trading shall be determined for each placed buy or sell order based on the following principles:
1. When a bid quote placed for a buy order is higher than or equal to the lowest ask quote from all previously placed sell orders, the bid quote shall be executed sequentially against one or more of the ask quotes, in ascending order of ask price, until satisfaction of the buy order in full or the currently placed bid quote is lower than any ask quote from the unexecuted sell orders.
2. When an ask quote placed for a sell order is lower than or equal to the highest bid quote from all previously placed buy orders, the ask quote shall be executed sequentially against one or more of the bid quotes, in descending order of bid price, until satisfaction of the sell order in full or the currently placed ask quote is higher than any bid quote from the unexecuted buy orders.
For the first matching for call (put) warrants in a given trading session, the method of matching and execution of accumulated buy/sell orders shall be used, and for subsequent matching, continuous trading shall be used; during a certain period of time before closing of market, the method of matching and execution of accumulated buy/sell orders shall be used.
Article 35, paragraph 4 of the Rules shall apply mutatis mutandis to the expression "a certain period of time" used in the preceding paragraph.
Except as otherwise prescribed by the GTSM, the provisions regarding OTC stock trading shall apply mutatis mutandis to OTC call (put) warrants trading via the GTSM automated trade matching system with regard to trading method, trading session, disclosure of trading information, and restrictions on trading orders. |
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