Block deal windows revised with defined sessions, price references, order price limits and mandatory delivery requirements. Two block deal windows are prescribed: a Morning Block Deal Window (08:45-09:00) using the previous day's closing price as reference, and an Afternoon Block Deal Window (14:05-14:20) using the VWAP of cash trades from 13:45-14:00 as reference (VWAP to be disseminated between 14:00-14:05). Orders must be within 1% of the applicable reference price, meet the prescribed minimum order size, and result in delivery. Exchanges must disseminate trade details same day after market hours and apply normal trading, settlement, surveillance and risk-containment requirements. The framework is effective January 1, 2018.
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Block deal windows revised with defined sessions, price references, order price limits and mandatory delivery requirements.
Two block deal windows are prescribed: a Morning Block Deal Window (08:45-09:00) using the previous day's closing price as reference, and an Afternoon Block Deal Window (14:05-14:20) using the VWAP of cash trades from 13:45-14:00 as reference (VWAP to be disseminated between 14:00-14:05). Orders must be within 1% of the applicable reference price, meet the prescribed minimum order size, and result in delivery. Exchanges must disseminate trade details same day after market hours and apply normal trading, settlement, surveillance and risk-containment requirements. The framework is effective January 1, 2018.
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