Кыргызская Фондовая Биржа

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The list of measures aimed at prevention price manipulation on CJSC "Kyrgyz Stock Exchange"



1. Manipulation by prices are actions of the trade participant (s), including the announcement of orders for transactions in securities, transactions in securities, the parties which is the same person who led or could lead to destabilization of the securities markets in including unconditioned objective events affecting securities markets, changes in the prices of demand (supply) of the securities or the number of orders (transactions).
2. The Exchange sets the following measures aimed at preventing price manipulation:
2.1. For direct transactions:
2.1.1. Mediation of a broker (availability, one broker contracts - instructions from the seller and the buyer of securities);
2.1.2. The presence of the broker material terms and conditions for direct trade.
2.1.3. Broker must notify the client about the possibility to make the transaction through open exchange trading;
2.1.4. Broker in the contract must notify the client of the market price of such securities prevailing at the time of the contract;
2.2. For market transactions:
2.2.1.The transaction sides are different bidders;
2.2.2.Measures of liability applicable to the Bidder in determining whether the last price manipulation.
2.2.3.Control sistem to applications exhibiting to Bidders include the following: control over the compliance of securities and funds held in trading accounts of the Bidder specified in the application, with full, exhibiting control over applications that may lead to the conclusion of the transaction, the seller and the buyer for which acts the same bidder..
3. If you have suggestions about making the actions by Bidder aimed to the manipulation of prices, the Exchange has the right to formally request the bidder of the reasons for his actions. Bidder within 5 days of receipt of the request must provide an explanation for the existing query.
4. Upon review of response to the request of the Exchange Management Board may decide to apply a measure of responsibility to the bidder with the mandatory approval of the decision by the Board of the Exchange.
5. By the bidders may be applied one of the following types of liability: if the fact of price manipulation in relation to the Bidder is installed for the first time - a penalty of 10 MMW. For each repeated violation the fine is increased by 50% but not more than 5 000 soms. suspension of admission to trading of the Bidder for up to 3 months. termination of accreditation of the Bidder on the Exchange.
6. The fines, suspension time of admission to trading of Bidders are set with the administration of the Exchange to approval by the Board of Directors.
8. To establish the fact of price manipulation Exchange reports to the state supervisory authority.