Trading System (Eswatini C-Trade)
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Trading System (Eswatini C-Trade)

The Automated Trading System (ATS) is designed to match buy and sell orders placed by Stockbrokers. During trading hours, buy and sell orders are entered into a central electronic order book by a Stockbroker using terminals located at their premises. These orders are matched within the ATS under the supervision of the Exchange and execution prices are determined.

The ATS maintains an order book for each security, divided into bids and offers. Prices are determined and trades are effected according to specific rules depending on order parameters. Information regarding all executed trades are electronically communicated to all authorised dealers. If an order cannot be matched, it is registered in the order book.

The ATS can be used to trade different types of financial instruments such as equities (Ordinary & Preference Shares), corporate debentures and bonds and government securities all from the same terminal. A financial instrument admitted on the Main Board, SME Board, or on the Debt Securities Market can be traded either by continuous matching of buy and sell orders or by an auction pricing procedure following a period during which the orders have been accumulated.

The ESE trading system shall be a centralised order driven market providing a trading floor for dealing in securities. Trading in securities shall only be effected through the ESE trading system and all transactions in securities, unless otherwise stipulated by the committee, shall be effected through the system. The committee, after consultation with the Authority, shall prescribe by directives published on the ESENP and ESE website.

The trading systems for trading equity securities shall have (4) columns as illustrated in the table below, thus-

  1. column (1) shall display the names of the listed securities (“counters”) in alphabetical order.
  2. column (2) shall show the buying ADR bid price.
  3. column (3) shall depict the selling ADR’ s offer price.
  4. column (4) shall show the final price that becomes the official closing or ruling price for any trading session.

COUNTER
(1)

Securities listed alphabetically

BUYERS/BID
(2)

ADR buying price

SELLERS/OFFER
(3)

ADR selling price

SALES/RP
(4)

Price at which bargains were executed –the Ruling Price

All purchases and sales between dealing members shall be settled in cash against delivery of the scrip or other documents of title in negotiable order.

  1. Dealing members shall settle purchases and sales made for clients in cash except where other acceptable arrangements with clients obtain.
  2. Settlement shall be on individual deal terms and on a rolling T+3 basis.
  3. A dealing member may not stop payment on any cheque given to another dealing member or to ESE settlement system.

Maximum and minimum price fluctuations

A rise or fall over the opening price within any trading session shall not exceed 20% of the previous session’s ruling price, except where a new announcement of material information has been published or becomes available about the issuer.

Responsibilities of dealing members and clients

Dealing members buying or selling listed securities shall be equally responsible for the due fulfilment of all transactions entered into between them, and members shall, at all times, guarantee the fulfilment of the bargains by counterparties to such transactions.

Dealing members shall be responsible for ensuring that buyers and sellers of listed securities are aware of their material obligations in terms of these Rules.

Supervision of Trading Sessions

Trading on the ESE shall be supervised and monitored by the ATS and CSD Officer, the Monitoring and Surveillance Officer or any other ESE employee appointed by the ESE.