NO 227 – JANUARY 2012

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WFE Focus January 2012

Korea Exchange to amend market rules and regulations in 2012
The Korea Exchange plans to introduce the following market rule amendments in 2012: 1) to provide equal accessibility to all investors, the KRX members will be required to make public the order entrustment method in advance and not to provide differential services to their customers without justifiable reason (to become effective on 2 April 2012); 2) to reinforce the fairness of price, liquidity providers will be allowed to submit the liquidity providing quotation only in the case where the market spread ratio exceed 15% (to become effective on 12 March 2012); 3) market regulations concerning internal accounting standards, role and responsibility of listing sponsor and delisting criteria for listed foreign companies will be amended, thus reinforcing the measures for investor protection (to become effective on 1 March 2012); 4) to ensure the settlement reliability and risk management systems, when members request the KRX a relief for transaction error that meets certain requirements, the KRX will be allowed to offer it (to become effective in June 2012).

Shenzhen Stock Exchange revises independent director record filing procedures
In order to further complete the governance structure of listed companies and underline the positive role of independent directors in company governance, the Shenzhen Stock Exchange revised the Independent Director Record Filing Procedures to further clarify the standards and procedures for the qualification and independence of director candidates of listed companies.

Singapore Exchange proposes removal of iceberg order functionality
The Singapore Exchange is consulting the public on its proposal to remove the iceberg order functionality in the securities and derivatives markets. It facilitates the execution of large orders in a manner that minimizes adverse market impact by releasing the order gradually into the market. This allows only part of the order to be displayed and available for execution at any one time. This functionality is little used by the marketplace, as similar execution functionalities are offered in the order management systems of brokers and automated execution desks to execute block trades.

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