Trading (Part II) Flashcards
Define “JSE equities trading system”
The computer system or systems and associated network or networks operated or used by the JSE for the purpose of providing a market for the trading of equity securities.
Define “market controller”
The person appointed by the JSE to supervise, administer and control the daily operations of the JSE equities trading system.
Define “market order”
An order submitted to the central order book during an auction call period with no price limit, which is held on the central order book and may execute either in full or in part against eligible orders, at the price of a new order entered into the central order book or at the reference price.
Define “market order extension session”
An extension to an auction call session which occurs when there would be unexecuted market orders on the central order book following auction matching.
Define “member trading application”
Any system, software or program operated by a member which submits data to and receives data from the JSE equities trading system.
Define “Agricultural Derivatives”
Means those commodity securities which are derivative instruments and the financial terms of which are determined by an underlying agricultural product, which is physically settled in terms of the derivatives rules
Define “order”
An instruction from a client to buy or sell equity securities or an instruction to amend or cancel a prior instruction to buy or sell equity securities.
Define “order entry application
Any system, software or program operated by a member which facilitates electronic submission of orders to a member trading application, and which complies with such requirements as the JSE may from time to time prescribe in
the directives.
Define “on-book trade”
Means a transaction in equity securities executed by a member on the central order book of the JSE equities trading system.
Define “pre-issued trading”
Transactions effected in pre-issued securities in accordance with the rules.
