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Report on Trading Halts and Market Closures

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Report on Trading Halts and Market Closures Report on Trading Halts and Market Closures Report of the Technical Committee of the International Organization of Securities Commissions October 2002 Report on Trading Halts and Market Closures Table of Contents Executive Summary............................................................................................................ 1 I. Introduction............................................................................................................. 5 II. Types of Trading Interruptions ............................................................................... 7 A. Discretionary Trading Interruptions ....................................................................... 7 1. Dissemination of Information.............................................................................. 8 2. Fraud and Manipulation....................................................................................... 8 3. Issuer’s Failure to Comply With Listing Standards and Disclosure Requirements ....................................................................................................... 9 4. Market Closures................................................................................................... 9 B. Automatic Trading Interruptions .......................................................................... 11 1. Price Limits........................................................................................................ 11 2. Circuit Breakers................................................................................................. 12 III. Entities Authorized to Initiate a Trading Interruption .......................................... 13 A. General.................................................................................................................. 13 B. Markets ................................................................................................................. 13 C. Regulators ............................................................................................................. 14 IV. Issues Related to Multi-Listed Securities and Derivative Products...................... 14 A. Introduction........................................................................................................... 14 B. Multi-Listed Securities Within A Single Jurisdiction........................................... 15 1. General............................................................................................................... 15 2. Derivatives......................................................................................................... 16 C. Cross-Border......................................................................................................... 16 V. Literature Survey.................................................................................................. 17 A. Theoretical Studies................................................................................................18 1. Benefits of Trading Halts................................................................................... 18 2. Costs of Trading Halts ....................................................................................... 18 3. Conclusions of the Theoretical Studies ............................................................. 19 B. Empirical Studies.................................................................................................. 19 1. Statistical Issues:................................................................................................ 19 2. Coordinated Trading Halts: ............................................................................... 19 3. Trading Halts for Individual Securities: ............................................................ 20 4. Price Limits:....................................................................................................... 20 C. Conclusion ............................................................................................................ 21 VI. Trading Halt Data ................................................................................................. 21 VII. Information Sharing and Contact Information...................................................... 23 VIII. Conclusions and Recommendations ..................................................................... 24 A. Evaluating the Risks of Differing Regulatory Approaches .................................. 25 B. Efficient Communication Processes ..................................................................... 26 Report on Trading Halts and Market Closures Table of Contents C. Market Closure...................................................................................................... 28 APPENDIX A - References to Literature Survey............................................................. 29 APPENDIX B - Statistics on number of listed companies and trading volume............... 31 APPENDIX C - Compilation Of The Responses From TCSC-2 Members To The Initial Survey......................................................................................................... 39 APPENDIX D - Compilation of the Responses from TCSC-2 Members to the Supplemental Survey .......................................................................................... 198 ii Report on Trading Halts and Market Closures Executive Summary With the globalization of the world’s securities markets, the number of securities listed on more than one exchange (“multi-listed securities”) has grown substantially, both within individual jurisdictions and cross-border, as has the number of derivative products tied to such securities. One of IOSCO’s core objectives is to ensure “that markets are fair, efficient and transparent.”1 Trading interruptions are tools used to address both potential and actual market disorder. By creating a break in trading, they aim to avert the risk of a disorderly market or, where disorderly conditions are already emerging, to facilitate the restoration of orderly trading. Trading interruptions are utilized in all jurisdictions, most commonly in one of two sets of circumstances. In the first, the trading interruption is designed (principally) to facilitate the orderly absorption by market users of new information material to the valuation placed on an issuer’s securities. The second main set of circumstances in which trading interruptions are used occurs when there is an order imbalance, excessive volatility or when there is some other indication of disorderly trading. In these cases, the trading halt generally provides time for supply and demand to rebalance at a new trading price. The effect of trading interruptions on multi-listed securities and derivative products raises regulatory issues for markets, regulators, and market participants. In order to examine the role and effectiveness of trading halts in the cross-border context, the IOSCO Technical Committee directed its Standing Committee on Regulation of Secondary Markets (TCSC-2) to conduct a survey of practices and procedures in TCSC-2 member countries and to explore, in light of IOSCO’s core objectives, the operation of trading interruptions, the issues raised in respect of multi-listed securities,2 and the implications for interactions among national regulators and markets.3 This report, based on work carried out since early 2001, basically describes: 1 See Objectives and Principles of Securities Regulation, IOSCO (September 1998). In particular, Section 13.3 of the IOSCO Principle states: “Trading Disruptions – Details of procedures for trading halts, other trading limitations and assistance available to the regulator in circumstances of potential trading disruption on the system should be provided to the regulator.” 2 The Standing Committee consulted the IOSCO Consultative Committee and benefited from the experience of market operators, which in many jurisdictions share regulatory responsibilities with the statutory authorities on matters concerning trading halts. 3 This report also updates certain information contained in the report on “Coordination between Cash and Derivative Markets,” IOSCO Technical Committee (October 1992). That report contains information, now out of date, about the operation of various types of trading halts. 1 • The types of trading interruptions (divided into two categories: “discretionary trading interruptions” and “automatic trading interruptions”); • The entities authorized to initiate a trading interruption; • The issues related to multi-listed securities and derivative products; and • The issues of information sharing and contact information procedures between market authorities and between market authorities and regulators in order to ensure an orderly market. On the basis of the analysis carried out, it has been recognized that the application of trading halts in circumstances in which a security (or derivative on that security) is traded in more than one venue raises a number of issues for market regulators, market operators and issuers. These include, in particular: • The efficiency of the processes by which information relating to a trading halt imposed in one market centre/jurisdiction may be transmitted to, or accessed by, other relevant trading venues and their users; and • The need to evaluate carefully the potential risks to investors and/or markets arising from different approaches to trading halts. The potential significance of these issues is different in the following two cases: a) Multi-Listed
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