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泰国证券交易所修订做空和高频交易规则Thai Bourse Revises Short-Selling, High-Frequency Trading Rules

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据文件显示,泰国证券交易所将于11月16日起推出修订规则,包括对做空和高频交易的变更,旨在提升市场稳定性、流动性和投资者信心。

Thailand’s stock exchange will roll out revised rules from Nov. 16, including changes to short-selling and high-frequency trading, as it seeks to improve market stability, liquidity and investor confidence, according to a filing.

根据声明,泰国证券交易所将允许价格在5泰铢(约合15美分)至50泰铢之间的股票以更小的价格增量交易,此举旨在缩小买卖价差并降低交易成本。

The Stock Exchange of Thailand will allow stocks priced between 5 baht (15 US cents) and 50 baht to trade in smaller price increments, a move aimed at narrowing bid-ask spreads and reducing trading costs, according to the statement.

该交易所还将把做空限制在流动性更强的证券上,包括SET100成分股、单一股票期货标的证券、存托凭证和交易所交易基金(ETF)。

The bourse will also limit short selling to more liquid securities, including SET100 shares, underlying securities of single-stock futures, depositary receipts and exchange-traded funds.

根据新规则,投资者将被允许以等于或高于其最新成交价的价格做空某只证券。

Under the new rules, investors will be allowed to short-sell a security at a value equal to or higher than its latest traded price.

泰国证交所还将对提交大量订单但成交相对较少的账户征收额外费用。

The SET will also impose additional fees on accounts that submit large numbers of orders but execute relatively few trades.

该交易所还将取消个股的动态价格限制(即限制个股在一定时段内的涨跌幅),以减少交易障碍;削减高频交易者可买卖标的的限制;并取消最小挂单时间要求,以提高订单管理效率。

The exchange will also scrap dynamic price bands, which limit how far individual securities can move within a certain period, for individual securities to reduce trading barriers; cut restrictions on what high-frequency traders can buy and sell; and get rid of minimum resting-time requirements to improve order-management efficiency.

泰国证交所还将从11月16日起延长与外国证券挂钩的衍生权证和ETF的早盘交易时间。

The SET will also extend morning hours for transactions in derivative warrants and ETFs linked to foreign securities from Nov. 16.

根据另一份文件,交易将从上午8点开始,比现在早两小时,收盘时间保持不变。

Trading will start at 8 a.m., two hours earlier than at present, and closing times will remain unchanged, according to a separate filing.

泰国证交所表示,这些新措施在经过公众咨询后,已获泰国证券交易委员会批准。

The new measures were approved by Thailand’s Securities and Exchange Commission following a public consultation, the SET said.