Decision No. 50/2003/QD-BTC amends and supplements certain provisions of the Membership, Listing, Information Disclosure, and Securities Trading Regulations. The main contents include adding the limit order at the matching price (ATO), specifying the trading unit, adjusting the price fluctuation range for newly listed securities, and requiring a minimum margin when placing buy or sell orders.
适用范围
Membership, listing, information disclosure, and securities trading
要点
- Members → are permitted to use the limit order at the matching price (ATO) → without needing to specify the price in advance.
- The trading representative of members → may not cancel orders entered into the system during the same matching period, but can cancel the remaining portion of the original order or unexecuted orders from previous matches → the order remains effective until the end of the trading day.
- Trading unit → 10 shares, 10 bonds, and 10 investment fund certificates → applicable to shares, bonds, and investment fund certificates.
- In the case of newly listed securities → on the first day of trading, only limit orders will be accepted, no price fluctuation range will be applied, and only one match will occur → if there is no matching price, additional orders can be accepted in subsequent matching periods, with the price of this match serving as the reference price for the next trading day.
- Customers placing sell orders for securities → must have sufficient quantities of securities on their securities account opened at the member → customers placing buy orders for securities → the balance in their cash account must meet the minimum margin requirement of 70% of the value of the securities being purchased.
🌐 本文件的社会影响
- Positive impact: Creates opportunities for members to list, disclose information, and trade securities according to new regulations.
- Negative impact: The requirement for a minimum margin when placing buy or sell orders may increase costs for customers.
❓ 常见问题
What is the limit order at the matching price (ATO)?
The limit order at the matching price (ATO) is an order to buy or sell securities without specifying a price beforehand, which investors provide to brokers for execution at the matching price.
What is the minimum margin required when placing a buy order for securities?
The minimum margin required when placing a buy order for securities is 70% of the value of the securities being purchased.
When does the price fluctuation range apply to newly listed securities?
The price fluctuation range applies from the trading day following the first matching period of newly listed securities.
Can orders entered into the system be canceled within the same matching period?
No, orders entered into the system cannot be canceled within the same matching period. Only the remaining portion of the original order or unexecuted orders from previous matches can be canceled.
What is the trading unit?
The trading unit is 10 shares, 10 bonds, and 10 investment fund certificates.
全文
Pursuant to …;
Regarding amendments and supplements to certain provisions of the membership regulations, listing,
disclosure of information, and securities trading regime issued pursuant to Decision No. 79/2000/QĐ-UBCK dated December 29, 2000
of the Chairman of the State Securities Commission
Pursuant to Decree No. 48/1998/NĐ-CP dated July 11, 1998 of the Government on securities and the securities market;
______________
THE MINISTER OF FINANCE
Pursuant to the Law on Organization of the Government dated December 25, 2001;
Pursuant to Decision No. 127/1998/QĐ-TTg dated July 11, 1998 of the Prime Minister on the establishment of the Securities Trading Center;
Pursuant to Circular No. 1046/VPCP-KTTH dated March 10, 2003 of the Office of the Government regarding amendments to Decision No. 79/2000/QĐ-UBCK and Decision No. 05/2000/QĐ-UBCK;
Amending and supplementing certain provisions of the Membership Regulations, Listing, Disclosure of Information, and Securities Trading Regime issued pursuant to Decision No. 79/2000/QĐ-UBCK dated December 29, 2000 of the Chairman of the State Securities Commission as follows:
AMENDMENTS AND SUPPLEMENTS TO CERTAIN ARTICLES OF THE REGULATIONS ON SECURITIES REGISTRATION, SAFEKEEPING, NETTING, AND SETTLEMENT ISSUED TOGETHER WITH DECISION NO. 60/2004/QD-BTC DATED JULY 15, 2004 OF THE MINISTER OF FINANCE ARE AS FOLLOWS:
DECIDES:
Article 1. 1. Supplement Clause 20 of Article 2 as follows:
20. An auction price order is an order to buy or sell securities without specifying a price beforehand, submitted by an investor to a broker for execution at the auction price.
2. Article 46 is amended as follows:
1. Auction orders include limit orders and auction price orders entered into the trading system by the trading representative of a member at the Securities Trading Center.
2. Orders entered into the trading system may not be canceled during the same auction round.
3. It is permissible to cancel the remaining portion of the original order or the unexecuted portion of the original order from the previous auction round.
4. Orders entered into the system remain effective until the end of the trading day.
5. The trading representative may correct an order if it was incorrectly entered, provided that the original order is presented and approved by the Securities Trading Center. The correction of the order is only effective when the original order has not been executed or the remaining portion of the original order has not been executed.
3. Clause 1 of Article 48 is amended as follows:
Trading units shall execute according to the auction method as follows:
Shares: 10 shares
Bonds: 10 bonds
Investment fund certificates: 10 certificates.
4. Subparagraph b, Clause 3 of Article 49 is amended as follows:
In the case of newly listed securities, on the first day of trading, the Securities Trading Center will only accept limit orders, without applying price fluctuation limits, and will only conduct one auction. If there is no auction price in the first auction round, additional orders may be accepted in subsequent auction rounds. The price from this auction will serve as the reference price for the next trading day. Price fluctuation limits will be applied from the next trading day onward.
5. Clause 1 of Article 57 is amended as follows:
When placing a sell order for securities, the customer must have sufficient quantity of the securities being sold in their securities account opened with the member. When placing a buy order for securities, the balance in the customer's cash account opened with the member must meet the minimum margin requirement of 70% of the value of the securities being purchased.
This Decision takes effect fifteen days after its publication in the Official Gazette. Any previous provisions contrary to this Decision are no longer in effect.
Article 2. The Chairman of the State Securities Commission, the Director of the Securities Trading Center, and the Heads of related units are responsible for implementing this Decision.
Article 3. The Chairman of the State Securities Commission, the Director of the Securities Trading Center, and the Heads of relevant units are responsible for implementing this Decision.
DEPUTY MINISTER
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