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Date: |
29/07/2009 |
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Title: |
Amendments to the New Version of the Electronic Trading System Applied at the Amman Stock Exchange |
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Details: |
The Amman Stock Exchange (ASE) started as of Sunday, August 2nd , 2009, introducing some amendments to the new version of the electronic trading system (NSC V900) by virtue of the ASE Board of Directors resolution, which was taken in light of following up and monitoring the technical and functional performance of the new version, and as a result of the observations of the capital market institutions, the Stock Exchange members and securities dealers.
The CEO of the ASE, Mr. Jalil Tarif, said that launching the new version of the electronic trading system (NSC V900), the surveillance and other systems and putting them into action since the end of last March, aimed at enhancing surveillance, developing the trading operations and increasing the capacity of the trading system. The new systems are characterized by high speed and efficiency in receiving and processing Buy and Sell orders, by developed functions of the program responsible for running the trading session so as to provide full control over the trading session, as well as being linked to the clearing and settlement system of the SDC through the control module, in addition to being linked to surveillance systems and other ones relevant to information dissemination.
Tarif stressed that these amendments have been made to foster the role of pre-closing stage to provide an opportunity for all dealers to participate in determining the closing prices of securities through calculating an indicative equilibrium price depending on the quantities and prices of Buy and Sell orders, so as to ensure that the trading process is not interrupted neither in this stage nor in the one that follows, as well as to ensure that the closing prices are not manipulated at the closing stage.
The amendments include adjusting the features of the pre-closing stage, so as to prohibit entering orders with an Open price, and prohibit entering any Buy order with a price that exceeds the maximum threshold of the security and any Sell order with a price lower than the minimum threshold of the security. It also includes adjusting the time of the trading session stages by reducing the duration of the pre-closing stage to become (10) minutes instead of (15) minutes, and to increase the duration of the trading at last stage to become (15) minutes instead of (10) minutes.
The implementation of the new systems offered by the New York Stock Exchange/ Euronext (NYS/Euronext) and utilizing the modern technology applied at the Capital Market Institutions in regard to the servers, networks and programs has contributed to achieving a direct link between trading systems and depository systems and addressing all the defects in the old version of the electronic trading system that stood behind the suspension of some trading contracts, including the short selling and the errors related to the clients identification numbers. |
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