Phase 1 effective on 4 August 2025; Phase 2 to be implemented on 3 August 2026 upon successful completion of the PRT.
The reduction of minimum spreads aims to lower trading costs, improve price discovery and execution efficiency, and enhance global competitiveness.
Final implementation model:
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Phase 1
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Phase 2
|
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Launch date
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4 August 2025
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Upon Successful Completion of PRT
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|
Applicable securities
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Equities, Real Estate Investment Trusts (REITs), equity warrants and other Applicable Securities
(excluding Exchange Traded Products (ETPs), debt securities, Exchange Traded Options (ETOs) and Structured Products)
|
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Spread table changes
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Price band
|
Original min. spread
|
New min. spread
|
Price band
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Original min. spread
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New min. spread
|
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$10 - $20
|
$0.02
|
$0.01
(-50%)
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$0.5 - $10
|
$0.01
|
$0.005
(-50%)
|
|
$20 - $50
|
$0.05
|
$0.02
(-60%)
|
|
Reference Materials and Frequently Asked Questions