March 2011
Beginner
192 pages
4h 30m
English
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PRACTICAL COMMENTARY CONCERNING TRADING, CLEARING, AND CUSTODY IN ASIA
Table 5.6 Asia
Many exchanges (Hong Kong, Japan, Taiwan, China) quote stocks with numbered tickers as opposed to lettered tickers.
Taiwan has the shortest settlement cycle, T+1, as well as the harshest penalty for failed trades: The account can be shut down for three years for failure to deliver shares.
Most stocks trade on exchange in board lots (i.e., 100 shares, 1,000 shares, based on price of stock). For orders that contain odd lots, many exchanges have set up odd lot boards in order to trade such components separately, often at a discount/premium to the main market.
The TSE (Tokyo Stock Exchange), Asia's biggest by market cap, still shuts down for an hour and a half for lunch break.
Taiwan, Malaysia, and Bangladesh are passenger markets, which require, among other things, the registration of the end investor with the local regulatory body. The broker-dealer must be given the registration number each time an order is entered into the market. Certain exemptions apply.
Some Asian markets do not have daylight saving time, so trading time of their markets varies relative to New York (i.e., sometimes Tokyo is 14 hours ...
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