Compliance with trading rules
The trading rules of Wiener Börse AG are designed among other things, to counteract and prevent potential market abuse. The supervision of trading in listed securities is intended to ensure that all transactions comply with the rules of fair and proper trading. In this context compliance with the trading rules of Wiener Börse AG pursuant to Article 33 para. 1 of the Stock Exchange Act 2018 (BörseG 2018; Börsegesetz 2018) is also monitored.
Example of trading rules
As an example, two particular trading rules are described below:
An exchange member is not allowed to enter opposing trades that refer to the same security and could lead to the execution of an order in the electronic trading system (cross trade) if they knowingly act as an agent, or when deploying Algorithmic Trading Engines negligently, on both the buy and the sell side for their own account or for the account of one and the same customer. Sentence 1 applies accordingly to any other behaviour that bypasses this rule.
(1) Exchange members may enter the following types of orders into the trading system:
- Limit orders: buy and sell orders entered with a price limit to be executed at that price limit or better.
- Market orders (or best orders): buy and sell orders that are entered without defining a price limit and which are intended to be executed at the next price determined by the trading system.
(2) When they are entered, agent orders must be marked as agent orders (agent), nostro orders must be marked as nostro orders (proprietary) and market maker orders as market maker orders (designated sponsors), while orders of a liquidity provider trading in participation certificates and warrants in a continuous auction must be marked as orders of the liquidity provider (issuer), and include the following information:
- buy/sell price (bid/ask);
- class of securities;
- nominal value/number;
The penal provisions for the breaching of trading rules are set out in Article 106 para. 1 no. 2 BörseG 2018. A breach of trading rules shall be punished as an administrative offence shall be punished with a fine of up to EUR 5 000 000 or up to double the amount of the gain arising from the breach, where this amount is able to be determined.