Short Selling

1- Support of short sell orders has been added as part of phase 1 of market development. Short sell orders can have Immediate, Session and Day duration.

2- A Zero + tick rule has been set to control price volatility. Zero + Tick rule, depends on LTP movement. If LTP is up, then Zero Tick rule applies. Otherwise, Up Tick rule applies.

3- If LTP is not available, then Reference Price is used. If there is no reference price, then short sell orders will be rejected.

 

Trading at Last (TAL) session

Quantity amendments for TAL orders will be allowed during TAL session, but only if price is amended to the closing price too.

1- Limit orders for TAL session are rejected if their prices are not at the closing price.

2- Short selling is NOT allowed for TAL orders.

3- Priority of orders are on a price-time basis.

4- TAL session prices will be based on the closing auction session. If a closing price is not discovered, the LTP will be used. If LTP is not available, the previous day’s closing/reference price of the day will be used. If the previous day’s closing/reference price of the day is not available, then order will be rejected.

5- The participation of market makers in TAL session will be optional given that they will not be able to offer spreads on the security they represent. Additionally, their presence in this session will not count towards their obligation, as this obligation only covers the continuous regular trading session.

6- Trades executed in TAL session will impact the volume weighted average price of the security.

7- Market statistics will be updated for trades executed in TAL session.

8- All open orders at the end of the previous session will make their way into the trading at last session, unless they are session orders, in which case they will be withdrawn. The price of the imported orders from the previous sessions can be amended to the closing price only.

 

FUNDS Board

Following two new instruments have been added under the new “FUNDS” board

1- REIT

2- FUND

Listed REITs will behave like a security. Characteristics of the REITs Board are:

- Similar settlement cycle to equities (T+3)

- Frequent dividend distributions

- Lower transaction and listing fees to boost trading activity.

The REITS board will not be related to market segmentation. It will be a standalone board to trade

listed REITS and mutual funds.

Both funds will be treated like a security in terms of tick size, price limits, and them

presence on the BUY-IN board.

Stock Lending and Borrowing (SLB)

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