肯尼亚媒体
BURSA MALAYSIA TO INTRODUCE A PILOT MARKET MAKING PROGRAM AIMED AT IMPROVING LIQUIDITY AND PRICE EFFICIENCY OF ELIGIBLE STOCKS
吉隆坡,2021年5月27日- 马来西亚Bersa Berhad(“ Bursa Malaysia”或“交易所”)将于2021年6月1日启动一项试点市场制造计划(“ PMMP”)。PMMP旨在提高选定中期至大型股票的流动性和价格效率速度低(“合格股票”)。
PMMP is a sandbox initiative that will be undertaken over a two year period. The Exchange will assess the program’s effectiveness based on various quantitative and qualitative factors and other relevant considerations before deciding to make this a longer-term initiative of the equity capital market. These factors include analysis of improvement in velocity, bid-ask spread, as well as the traded value of the Eligible Stocks.
该计划将允许合格的做市商在交易所注册,并在符合条件的股票上进行市场制作活动,同时遵守规定的交易义务的预设清单。根据以下标准选择合格的股票:
·股票被送入官方名单;
· The stock has a daily market capitalisation of RM500 million and above, and a stock velocity of 35% and below; and
·股票至少有15%的免费浮点[1].
Further to the criteria mentioned above, qualitative factors were also considered, including but not limited to the availability of research coverage in determining the Eligible Stocks. The list of Eligible Stocks will be reviewed and updated every six months from the launch of the PMMP. To enable the operationalisation and efficiency of market making, eligible market makers will be allowed to carry out Permitted Short Selling on the Eligible Stocks according to the Rules and Directives, similar to how other market makers operate on Exchange Traded Funds, Structured Warrants and Single Stock Futures.
Commenting on the launch, Datuk Muhamad Umar Swift, Chief Executive Officer of Bursa Malaysia said, “The Pilot Market Making Program is the first market making framework for stocks in Malaysia. It recognises the important role of market makers as an integral part of the ecosystem. The program offers incentives to attract more market makers, both local and foreign, in providing greater liquidity for less traded and illiquid stocks.”
PMMP是通过鼓励流动性并帮助吸引新的投资者和市场参与者来支持交易增长的发展,从而进一步增强了我们市场的活力。该计划还将为经纪人提供建立其股票市场专业知识的机会,并为客户提供专业知识的登机客户。
[1]The criterion of “free float” is as determined by the Exchange using international benchmarks such as the Bloomberg Terminal