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証券取引における諸規則
証券取引における諸規則

略語解説

  • SECC: カンボジア証券取引委員会
  • CSX: カンボジア証券取引所
  • ACS: アクレダ証券

カンボジア証券取引所規則の要約

取引条件

  • 月曜日~金曜日 (除くカンボジア祝日)
  • Trading Session starts from 8:00AM to 3:00PM as detail below:
    • Trading from 8:00AM – 9:00AM is using Single price auction method that execution will be at 9:00AM
    • Trading from 9:00AM – 2:50PM is using Multiple price auction method that execution will be match immediately when the highest bid price could matches the lowest offer price (Continuous Auction Session)
    • Trading from 2:50PM – 3:00PM is using Single price auction method that execution will be at 3:00PM
  • 使用通貨: Khmer Riel (KHR)

Equity Securities Trading

  • Single Price Auction and Multiple Price Auction as method for matching
  • Trading volume starts from 1(one) share
  • Settlement day: 2(two) working days after the trading day. (Ex. Trading on Monday, the securities and cash are settled on Wednesday morning)

Trading Before settlement

Trading before settlement could able investors to use:

  • Securities from buying order of trading execution to sell out immediately
  • Cash from selling order of trading execution to buy more securities immediately

Example 1: Investor A sold XYZ Stock (1,000 Share) successful and settlement will be next two day (T+2) but investor could use cash from sold to buy more securities without waiting two days more.

Example 2: Investor B bought ABC Stock (2,000 Share) successful and settlement will be next two day (T+2) but investor could use securities from bought to sell securities without waiting two days more.

Matching Priority (in Secondary Market)

Principle of Auction

Trading by single price auction

  • Priority of Bid/Offer Orders
    1. Price
      • The lower offers have priority over higher offers
      • The higher bids have priority over lower bids
    2. Time
      • In case of the same price orders, the orders received earlier have priority over the orders received later
    3. Volume
      • Priority is given to the higher volume order if orders are made similar in time and price
    4. Simultaneous order
      • Order from customer account shall have priority over the order from Securities firm's own account
  • An order shall be valid from the time it is received by the CSX trading system to the time it is executed during the trading session of the same day

Example:

Trading by Multiple price auction

When high price of buying order shall executed low price of selling order so which order that place in system first will determine as match price.

Example 1:

Example 2:

Price Change Limit

  • The first trading price of initial public offering (IPO) shall be within 90% to 150% of IPO price (determined in the disclosure documents registered at the SECC)
  • ±10% of the daily base price, in case where the base price is less than KHR 200 the daily price change shall be KHR 10
  • Base price should be the previous day's closing price
  • In case there is a corporate action such as capital increase/decrease, stock dividend, ex-right, split off, etc., the base price will be automatically calculated by the CSX's system using certain formula
  • The prices calculated, when they are less than the price unit (tick size), should be rounded up to the price unit

Trading Unit and Tick Size

The minimum trading unit starts from one (1) share. Minimum price movements are as followings (all amounts are in KHR).

Price (P) Tick Size Example of Right Quotes Example of Wrong Quotes
P<4,000 10 2,010; 3,500; 3,650; 3,990 2,015; 3,522; 3,655
4,000≤P≤20,000 20 5,220; 17,500; 19,740 10,210; 17,525; 19,950
20,000≤P≤40,000 50 30,050; 35,200 30,430; 784,258
40,000≤P≤100,000 100 50,100; 70,200 50,150; 70,280
100,000≤P≤200,000 200 110,200; 155,600 110,300; 155,250
200,000≤P≤400,000 500 300,500; 335,000 300,700; 335,800
400,000≤P 1,000 401,000; 505,000 401,500; 505,850

Date of Action for Ex-entitlement

The date of action for ex-dividends or ex-rights shall be one (1) trading day prior to the record date on which a person who exercised the right is determined.

Settlement

Calculating the quantity of securities and the amount of cash to be settled by netting the securities and cash of each member (securities firm) to be settled in the same day.

Depository

The Securities Depository Operator (SDO) is the one who deposits and transfers of securities traded in the CSX.

Note: (1) Article 5 of Anukret N.70 on Tax Incentive in Securities Sector and Article 25 & 26 (new) of law on Amendment of law on Taxation.


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