With odd-lot intraday trading scheduled to start on Monday next week, the Taiwan Stock Exchange (TWSE) urged investors to be cautious and not to confuse it with regular trading.
Odd-lot trading means that investors can purchase any number of shares between 1 and 999, lower than the standard unit of trading, or 1,000 shares, thus lowering the threshold at which investors can buy high-priced stocks.
The TWSE has asked securities brokerages to provide new online trading platforms that are exclusively for odd-lot intraday trading to differentiate it from current platforms for regular stock trading, TWSE trading division director Ben Chen (陳正斌) told the Taipei Times by telephone.
“Investors need to be careful about which platform they are using when placing orders,” Chen said.
“If you plan to purchase two shares of Largan Precision Co (大立光), that would cost you NT$6,170 [US$213] based on the stock’s closing price of NT$3,085 today,” Chen said. “However, if you mistakenly placed the order through the platform for regular trading and end up buying two units, you would have to pay NT$6.17 million if the order is matched.”
As most brokerages allow investors to buy stocks on margin, they usually set limits on how much money investors could borrow, and if an investor’s credit limit is lower than the amount of an accidental buy order, the order would be canceled automatically, Chen said.
“That would be the lucky case. If your credit limit is higher than the amount of your misplaced order, the order would take effect and be matched. You might suffer huge losses if the stock goes down,” Chen said.
The exchange has asked securities companies to show the total amount of order twice at their trading platforms for investors to double check, but investors still need to be cautious, he said.
Individual odd-lot traders will have to place their orders on online platforms themselves, and not by asking a broker to fill their orders over the telephone, as brokerages are also worried about employees making a mistake when filling orders, Chen said.
While the TWSE has adopted a continuous trading mechanism for its regular stock trading, it would adopt a call auction mechanism for the odd-lot intraday trading, in a bid to help investors differentiate the two platforms, it said.
Orders can be placed from 9am to 1:30pm, with the first match starting at 9:10am, after which orders would be matched every three minutes by call auction, with trades being executed according to the principles of price and time priority, it said.
Unexecuted orders will not be carried forward to after-hours trading.
The existing after-hours odd-lot trading will remain unchanged, with trading from 1:40pm to 2:30pm and matching orders taking place only once at 2:30pm, it said.
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