The Stock Exchange of Thailand (SET) is adjusting its ceiling and floor prices, improving the calculation of opening and closing prices and increasing categories of market orders.
Details of the adjustments are as follows:
1 Ceiling and floor prices: To increase convenience for investors and broker members in coping with international standards, on their first trading day, the ceilings and floors of IPO prices and warrants, derivative warrants (DWs) and transferable subscription rights (TSRs) have to move in symmetric price bands.
For equities and investment units, the ceiling will be set at 300 per cent of IPO price, while the ceiling for warrants, DWs and TSRs must be no more than double the previous closing price of their underlying security multiplied by the exercise ratio. Floors of all mentioned securities must be no lower than Bt0.01.
2 Opening and closing prices: The opening and closing prices will be those which yield the highest volume of trading. But if there is more than one price, the new system features a more precise searching mechanism to seek the price that more accurately reflects supply and demand.
3 Market orders: Market orders will be divided into categories in order to meet various demands from investors, such as special market orders, market orders and market-to-limit orders. For instance, in market orders, bids and offers are matched by the trading system at market prices, and any unmatched orders left will be automatically cancelled.
4 Order amendments: the bid amount can be reduced before the trading system matches the bid with an offer without losing the bid's place in the queue. Previously, an investor had to cancel and resubmit the bid. However, this amendment doesn't apply to increasing the bid amount.
Click on the SET website www.set.or.th for more details.
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