Changes include increasing minimum bid size for stocks and
changing trading hours.
Singapore Exchange (SGX) is planning to consult the public
on its proposed adjustments to the equities market, which seek to address
market conditions and balance the diverse objectives across varying segments of
market participants.
SGX is proposing to increase the minimum bid size for stocks
and relevant securities trading to the $1.00 – $1.99 price range from the
current 0.005 to $0.01, based on the decline in traded value in the $1.00 –
$1.99 price range in recent years and lower retail participation in that price
range compared to other price ranges.
SGX also wants to widen the forced order range for stocks
and relevant securities from the current +/-20 bids to +/-30 bids in response
to market feedback to improve order entry efficiency.
Responding to feedback that market participants prefer shorter
trading hours, SGX is also proposing a one-hour mid-day break from 12:00 pm to
1:00 pm, re-timed from the earlier mid-day break from 12:30 pm to 2:00 pm that
was in place before continuous all-day trading (CAT) was implemented in 2011.
The mid-day break allows SGX to retain significant overlap
in trading hours with key markets in Asia, and coincides with lower trading
activity of the day. During the break, market participants can enter and manage
their orders and SGX will publish an indicative equilibrium price (IEP) based
on orders received to facilitate price discovery and enable investors to better
manage risks.
“We recognise that the three proposed changes will affect
segments of the market differently, and we will continue to calibrate and
implement initiatives we believe are for the long-term interests of a vibrant
and resilient market,” said Loh Boon Chye, chief executive officer of SGX.
Those wishing to give feedback may send correspondence to
Rules@sgx.com until 29 March 2017.
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