ភាសាខ្មែរ
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Trading Rule
Highlight on Market Operation and Securities Trading
Abbreviations:
- SECC: Securities and Exchange Commission of Cambodia
- CSX: Cambodia Securities Exchange
- ACS: ACLEDA Securities Plc.
Summary of Cambodia Securities Exchange (CSX) Trading Rules
Trading Session
- Monday to Friday (Except public holidays)
- 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
- Currency in use: 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
- Price
- The lower offers have priority over higher offers
- The higher bids have priority over lower bids
- Time
- In case of the same price orders, the orders received earlier have priority over the orders received later
- Volume
- Priority is given to the higher volume order if orders are made similar in time and price
- 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.
(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.