2015-08-31 16:13:26

Resolution No. 866/2015

Resolution No. 866/2015
of the Warsaw Stock Exchange Management Board
dated 27 August 2015

amending the Detailed Exchange Trading Rules in UTP

§ 1

Pursuant to § 190(1)-(2) of the Exchange Rules, the Exchange Management Board resolves to amend the Detailed Exchange Trading Rules in UTP adopted in Resolution No. 1038/2012 of the Exchange Management Board dated 17 October 2012 (as amended) as follows:

1) in the table in § 99 of Division IV ("Detailed Rules of Trading on the Cash and Derivatives Market"):

a) the line defining the static collars shall be replaced by the following:

Static collars The opening price, the trading price and the closing price may exceed (the upper collar) or fall below (the bottom collar) the reference price by no more than:

a) 25 index points - for a reference price from 0.01 point to 2.49 points,
b) 50 index points - for a reference price from 2.50 points to 4.99 points,
c) 100 index points - for a reference price from 5 points to 24.99 points,
d) 150 index points - for a reference price from 25 points to 99.95 points,
e) 200 index points - for a reference price of 100 points or more.


b) the line defining the dynamic collars shall be replaced by the following:

Dynamic collars a) 12.5 index points off the reference price - for a reference price from 0.01 point to 2.49 points,
b) 25 index points off the reference price - for a reference price from 2.50 points to 4.99 points,
c) 50 index points off the reference price - for a reference price from 5 points to 24.99 points,
d) 75 index points off the reference price - for a reference price from 25 points to 99.95 points,
e) 100 index points off the reference price - for a reference price of 100 points or more..


2) § 15 of Division VI ("Special Trades") shall be replaced by the following:

" §15

1. Subject to sub-paragraphs 2 and 3, the difference between the price determined in the order and the reference price may not exceed: 


a) for futures contracts - the last static collars applicable to the futures contracts at the trading session on the day on which the block trade is to be made,

b) for WIG20 index options - 200 index points.

2. The reference price referred to in sub-paragraph 1 is the reference price for static collars applicable to the futures contracts or options at the trading session on the day on which the block trade is to be made. 


3. If, subject to the condition referred to in sub-paragraph 1, the price of a block trade:
a) exceeds the static collars applicable at the opening of a trading session to the futures contracts,
b) exceeds 200 index points calculated on the reference price for the opening price of options
the exchange member submits broker's orders to buy or sell such instruments to the exchange by electronic mail over the internet (on terms set out by the Exchange) and by facsimile, no later than 16.50 on the day on which the block trade is to be made.".

§ 2

This Resolution shall enter into force on 14 September 2015.

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