A continuous trading simulation platform for Taiwan’s stock market is to open today to give investors a chance to familiarize themselves with the new mechanism, the Taiwan Stock Exchange (TWSE) said.
Buy and sell orders are to be immediately executed by traders without any time lag under the new system.
The current call auction mechanism first collects buy and sell orders over five seconds and matches the orders at the end of the period, the TWSE said, adding that it could affect the outcomes of trading strategies.
With the new system also allowing different kinds of orders to be placed, such as market orders, immediate or cancel orders and fill or kill orders, a simulation was needed to give investors a preview of how the new system works, the TWSE said.
The simulation would operate between 2:30pm and 5pm after the market closes at 1:30pm to prevent any interruptions to real trading activity, it said.
It said it would also hold a series of investment forums from April 24 to June 29 to give investors a better understanding of the new system.
The continuous trading system would formally launch on March 23 next year, and all trades, with the exception of those at the opening and closing of the market, would be executed via the new system, the TWSE said.
The new system would also provide pre-trade and post-trade information, compared with only post-trade information being available in the call auction system, making the local market more transparent, it said.
Stock markets in New York, London, Tokyo, Hong Kong, Singapore, Shanghai, Shenzhen, Seoul, Bangkok and Kuala Lumpur all use continuous trading mechanisms, and the new system would facilitate aligning operations in Taiwan with international standards, the TWSE said.
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