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INTRODUCTION TO THE MALAYSIAN STOCK MARKET

The stock market is where the shares in companies are bought and sold, providing companies

options to access capital, and investors opportunities to own a share of the company and enjoy

potential gains from the company's future performance.

The stock market offers people the ability to generate a separate income stream apart from their

daily jobs, or income streams which are superior to those from traditional savings deposits. But

before you even think about buying and selling shares, you must know the fundamentals of the

stock market and of trading.

First time investors can become confused because of the terminology that is used to describe

various market functions. These don't take long to learn. Incidentally, one common confusion is

over the terms 'stocks' and 'shares'. Actually, they both mean the same thing and can be used

interchangeably.

The Role of Bursa Malaysia

You can only invest in stocks through a stock exchange, an organized marketplace where stocks

are bought and sold under strict rules, regulations and guidelines. The Malaysian stock exchange

is called Bursa Malaysia. Bursa Malaysia has over 900 listed companies offering a wide range of

investment choices to local and global investors. Companies are either listed on Bursa Malaysia

Securities Main Market or ACE Market.

Although the history of KLSE can be traced to the 1930s, the Exchange, as we know it today,

was established in 1973 to provide a central market place for buyers and sellers to transact

business in the shares, bonds and various other securities of Malaysian listed companies. A

strong link existed between the KLSE and Stock Exchange of Singapore (SES) at that time as

Malaysian incorporated companies were also listed and traded through the SES, and vice-versa

for Singapore incorporated companies. A significant milestone for the KLSE was achieved in

1990 with the delisting of Singapore incorporated companies from the KLSE and vice-versa for

Malaysian companies listed on the SES. This move heralded the growth of the KLSE as a stock

exchange with a truly Malaysian identity.

Raising Capital on the Stock Market

The Stock Market was created by companies wishing to raise capital for their business. When

someone says they have a listed company they mean listed on Bursa Malaysia. All companies

need cash to take advantage of growth opportunities. Many start-up companies however find

themselves short of capital to fund expansion. One way to acquire this cash is to publicly float

the company. This involves selling part of the company to private individual and institutional

investors who are then able to freely exchange these stocks on an open market. Purchasing stocks

in a company that is listed on the stock market is done through an Initial Public Offering or IPO.

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Once an IPO has been issued, you can contact the company (phone, fax or email) for a copy of

the Prospectus and complete the application to apply for an allocation of shares. Or you can wait

until the company is floated and buy shares on the open market. Besides Bursa Malaysia, stock

brokers will also have information regarding Initial Public Offerings.

Companies that are already listed can also raise additional money on the stock market by

offering existing stockholders the opportunity to buy more stocks in the company. For example,

a listed company wanting to raise additional capital might issue one new share at 5sen each for

every three shares an existing investor owns.

When you buy shares, you are buying a share in that company and so you own a percentage of

that company. When the company makes a profit, you share in that profit in the form of a

dividend. Typically, the number of shares that have been issued multiplied by the share price

gives us how much a company is worth.

The Role of a Broker

To buy or sell shares on Bursa Malaysia, you need to use a registered broker who is a member of

Bursa Malaysia. You cannot deal directly with Bursa Malaysia as only brokers have direct access

to the market.

A broker acts as your agent - much like a real estate agent that sells your house.

He/she earns a commission on the value of shares you trade - just like a real estate agent

earns commission on buying and selling houses for people.

A broker can also be involved in the listing of a new company by underwriting the float and

marketing the float to their group of clients.

Understanding Indices

A stock market index is a single number calculated from the prices of many different stocks.

Index is also called indices when you talk about more than one of them. Indices are used as

benchmarks of stock performance for portfolios like mutual funds.

Some investment funds (index funds) manage their portfolio so that their performance mirrors

(tracking) the performance of a stock market index or a sector of the stock market.

For example, when you hear that the Consumer Price Index (CPI) for say, January to December

2005 increased by 3.0% to 109.1 compared with that of 105.9 in the same period last year. This

tells you that the change in retail prices paid by households for goods and services increased in

that period. CPI is designed to provide a broad measure of changes in retail prices.

An index is a tool which enables investors to measure the performance of a group of stocks from

a defined market. It can form a benchmark for active or passively managed portfolios covering

the particular market. Being part of an index is also a status symbol for the constituent

companies and trading of constituent shares obviously supports the share price. Indices also

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allow the creation of investment products that give investors exposure to markets or groups of

stocks which can help in markets where there are barriers to investment.

Stock market indices may be classed in many ways. A broad-base index represents the

performance of a whole stock market— and reflects how investors feel about the economy. The

most regularly quoted market indices are broad-base indices comprised of the stocks of large

companies listed on a nation's largest stock exchanges, such as the American Dow Jones

Industrial Average and S&P 500 Index, the British FTSE 100, the French CAC 40, the German

DAX and the Japanese Nikkei 225.

The Use of Indices

Stock indices have developed in the last twenty years to become much more than economic

indicators (market barometer) and with growing developments in financial markets, more

technical functions of indices have been brought to the forefront.

Stock indices are used by investors and fund managers as one of the many tools to evaluate the

performance of a stock market The application of indices is now much wider including the use of

indices as benchmarks for investor portfolio comparisons and as underlying components of

financial products, for example Exchange Traded Funds (ETFs) and derivatives.

BURSA MALAYSIA INDICES

The existing Bursa Malaysia indices are calculated using the market capitalisation weighted

method.

Market capitalisation means the total value of a listed companies shares based on the current

market price. Therefore the bigger companies are given higher weightage compared to the

smaller companies.

The FTSE Bursa Malaysia Index Series

Bursa Malaysia Bhd and FTSE Group joined forces in 2005 to launch the FTSE Bursa Malaysia

Index Series, a suite of tradable and benchmark indices. The FTSE Bursa Malaysia Index Series

is designed to represent the performance of companies, providing investors with a

comprehensive and complementary set of indices, which measure the performance of the major

capital and industry segments of the Malaysian and regional market.

FTSE adopts international index construction standards which are transparent. Stocks will have

to pass FTSE's basic requirements to be included into the index. The index design basics are as

follows:-

i. Investable

All stocks are free float weighted to accurately represent the stocks available for

investment. Strategic shareholdings such as by Directors and Founding Families,

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Government, Cross Holdings by related companies and Holdings subject to lock-in

clauses will be excluded from free float screening.

ii. Tradable

All stocks are liquidity screened to ensure stock availability and ease of trading.

iii. Transparent

A clear and predictable set of Ground Rules provides transparency and enables easy

understanding and anticipation of the management of the index series.

Today, the family tree comprises of:

1. FTSE Bursa Malaysia KLCI Index

2. FTSE Bursa Malaysia EMAS Index

3. FTSE Bursa Malaysia Mid 70 Index

4. FTSE Bursa Malaysia Top 100 Index

5. FTSE Bursa Malaysia Small Cap Index

6. FTSE Bursa Malaysia Fledgling Index

7. FTSE Bursa Malaysia EMAS Shariah Index

8. FTSE Bursa Malaysia Hijrah Shariah Index

9. FTSE Bursa Malaysia ACE Index

10. FTSE Bursa Malaysia Palm Oil Plantation Index

11. FTSE Bursa Malaysia Asian Palm Oil Plantation Index (USD)

12. FTSE Bursa Malaysia Asian Palm Oil Plantation Index (MYR)

18 Feb 2015 04:59PM

Name Last +/-

FBMKLCI 1,807.870 -2.220

FBMT100 12,126.620 -17.080

FBM70 13,418.450 -27.550

FBMSCAP 16,566.711 +111.870

FBMEMAS 12,452.500 -9.740

FBMFLG 14,998.940 +57.470

FA40 10,710.960 -4.620

FBMSHA 12,950.960 -1.930

FBMHIJRAH 14,896.770 -30.980

FBMACE 6,608.780 +27.060

FBMAPMYR 19,026.381 -79.250

FBMAPUSD 15,127.810 -211.400

FBMPALMOIL 17,666.170 -60.880

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Name Last +/-

F4GBM 989.920 +0.800

CONSTRUCTN 298.590 +0.580

CONSUMER 588.860 +0.460

IND-PROD 133.060 +0.220

TRAD/SERV 237.740 +0.190

TECHNOLOGY 19.720 +0.020

FINANCE 15,910.770 -87.150

PROPERTIES 1,320.160 +3.310

PLANTATION 8,084.700 -27.330

MINING 555.240 -16.210

INDUSTRIAL 3,252.150 -28.700

TYPES OF STOCKS

Ordinary Stocks

When purchasing an ordinary stock, you own a share of the company. This entitles you to

receive profits from the operations of the company in the form of dividends. At the annual

general meeting (also referred to as an AGM), you have voting rights. Ordinary stocks are what

you will start to trade in and most traders never venture beyond this.

There are, however, other types of securities and these are:

Preferential Stocks

A preference stock is different from an ordinary stock. Preference stockholders receive dividends

before dividends on ordinary stocks are announced. If the company is wound up, preference

stockholders rank above ordinary stockholders in the distribution of assets. Preference stocks can

often have a fixed dividend rate.

Bonus Issue

This is a free issue of stocks to the stockholders based on the number of stocks already owned.

Rights Issue

A rights issue can be granted to stockholders to buy stocks in the company, often below market

price.

Derivatives

There are also securities you can trade on the market that derive their price from the parent

stocks. There are two types - Options and Warrants - and these are collectively known as

Derivatives.

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There are two parties involved in an options contract, the writer or seller and the taker or buyer.

The writer writes the option and has the obligation of accepting or delivering the stocks. The

takers have the right, but not the obligation, to buy or sell the stocks.

There are many advantages of options trading, the least of which is leverage. An option can be

bought and sold for a fraction of the stock price, giving an effective higher return (or loss) on

investment for a stock price move.

Warrants

Warrants, like options, derive their price from the parent security. Warrants though are issued by

banks and other financial institutions and are classified based on whether they have an

investment or trading purpose.

Warrants may be issued over securities, a portfolio of securities, a stock price index, currency or

commodities.

BUYING AND SELLING STOCKS

The thought of buying and selling stocks can seem daunting for a beginner but it is quite simple

and will grow on you quite quickly once you have some practice. One essential thing to know is

that you must go through a broker to buy and sell stocks, only a licensed broker can deal directly

with the stock market.

Engaging a Broker

Aside from making the purchases, a broker can also advise you on your purchases. However, you

should not depend on them for market knowledge, you must do your own research to succeed in

the market. Alternatively, you could look around for recommendations from friends.

Buying and Selling Online

Online brokers generally take less commission than other brokers, making online trading a more

profitable alternative. Online trading does not come with expert advice but does normally come

with live market updates so you can keep track of your purchases online and become an expert

yourself.

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APPLICATION FOR AN INITIAL PUBLIC OFFERING (IPO)

Before investing, ensure that:

• You know your risk profile.

• You have sufficient additional funds.

• The necessity of the additional funds has been considered.

There are two methods which you can apply for an IPO:

• Through application forms at issuing houses, stockbroking companies and financial

institutions.

• And sometimes through an Electronic Share Application (ESA) that allows applications via

ATMs.

Refer to the chart below for a further understanding on how to apply for shares.

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PRODUCTS

Equities

Equities offer considerable potential for capital growth and are long term risk investments.

Ownership of equities will often entitle the investor to a portion of the company's profits through

dividends.

Shares

A share is a security which represents a portion of the owner's capital in a business. Shareholders

are the owners of the business and share the success or failure of the business. The performance

of the business can often be measured by the amount of dividends shareholders receive and by

the price of the share, quoted on the stock market. (Shares are also commonly referred to as

stock).

The different types of shares which are traded on Bursa Malaysia include:

Ordinary Shares

Also called equity shares, this is the risk capital of a company. Ordinary shares give holders the

rights of ownership in the company, such as the right to share in the profits, the right to vote in

general meetings and to elect and dismiss directors. Obligations of ownership are also conferred

and this may result in the loss of an investor's money if the company is unsuccessful. Ordinary

shares usually form the bulk of a company's capital and have no special rights over other shares.

In the event of liquidation, ordinary shares rank after all other liabilities of the company.

Preference Shares

These are shares which carry the right to dividend (normally fixed) which ranks for payment

before that of ordinary shareholders. Preference shares may be preferred also as regards to

distribution of assets upon dissolution of the company.

Preference shares generally carry no voting rights, but voting rights may be made contingent

upon failure to pay dividends on preference shares for a certain period of time.

Company Warrants

Company warrants are issued by the company and give the holders the right, but not an

obligation, to subscribe for new ordinary shares at a specified price during a specified period of

time. Warrants have a maturity date (up to 10 years) after which they expire are worthless unless

the holder had exercised to subscribe for the new shares before the maturity date.

Structured Warrants

Structured warrants are proprietary instruments issued by a third-party issuer, namely an eligible

broker or financial institution that give holders the right, but not the obligation, to buy or sell the

underlying instrument in the future for a fixed price. Essentially, you are making a 'reservation'

to buy or sell a pre-determined number of the underlying instrument at a certain price in the

future when you invest in a structured warrant.

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Structured warrants can be issued over an underlying asset such as share, Exchange Traded

Funds (ETF), index or a basket of shares.

Types of Structured Warrants

Call Warrants

Gives holder right to buy the underlying share at a specified price within a limited period of time.

Put Warrants

Gives holder right to sell the underlying share at a specified price within a limited period of time.

Callable Bull/Bear Certificates (CBBC)

CBBC tracks the performance of an underlying stock without requiring investors to pay the full

price required to own the actual stock. They are issued either as Bull or Bear certificates with a

fixed expiry date, allowing investors to take bullish or bearish positions on the underlying stock

with the possibility of an early termination before the expiry date when the underlying moves in

contrary direction to investors' expectations.

Information for Issuers

For rules on Structured Warrants, please click into Chapter 5 of the Main Market Listing

Requirements.

For listing procedures on Structured Warrants, please see Practice Note 27 of the Main

Market Listing Requirements.

Issuers Websites

For further information on structured warrants, you may wish to access the websites of

Malaysian issuers as follows:-

AMBANK BHD

CIMB BANK BHD

KENANGA INVESTMENT BANK BHD

MAYBANK INVESTMENT BANK BHD

MACQUARIE CAPITAL SECURITIES (MALAYSIA) SDN BHD

RHB INVESTMENT BANK BHD

Exchange Traded Funds (ETFs)

ETF is the acronym for an innovative financial product known as Exchange Traded Fund. It is an

open-ended investment fund listed and traded on a stock exchange. ETF combines the features of

an Index fund and a stock. The liquidity of an ETF reflects the liquidity of the underlying basket

of shares.

Generally, there are three types of ETFs: equity ETFs, fixed income ETFs and commodity ETFs.

These ETFs consists of baskets of stocks, bonds or commodities based on an index which

instantly offers broad diversification and avert the risk involved in owning stock of a single

company.

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ETFs are listed and traded on a stock exchange. With units in an ETF, investors can gain

exposure to a geographical region, market, industry or sector, commodity such as gold or oil or

even a specific investment style such as growth or value. To determine the exposure, investors

will need to look at its underlying benchmark or the assets held in the ETF. For example, Asia’s

first Syariah-compliant ETF, MyETF- Dow Jones Islamic Market Malaysia Titans 25 (myETF-

DJIM25) trades on Bursa Malaysia and tracks the Dow Jones Islamic Market Malaysia Titans 25

Index. This indicates that MyETF-DJIM25 holds shares of the 25 leading syariah-compliant

listed companies in the country.

Why do investors choose ETFs?

Diversified Exposure

Unlike individual shares, ETFs hold a basket of securities with the objective of mimicking the

performance of an index. This basket can be made up of shares, bonds or commodities,

depending on the index that the ETF is based on.

Instead of holding a few stocks or bonds, investors can use ETFs for exposure to a diversified

basket of investment products.

Cost Effectiveness

Lower annual management fees for ETFs compared to unit trusts makes ETFs economical to buy

and to maintain in the long run.

Simplicity

ETFs are listed on the Main Market of Bursa Malaysia. Similar to stocks, the buying and selling

of ETF units are done based on its current market price in a single transaction. Trades can be

done online or through stock brokers.

Transparency

Investors know exactly which stocks or underlying assets is held in the ETF by visiting the

ETF’s website, provided by its manager. Here, the list of ETF constituents is updated on a daily

basis.

List of ETFs

Equity ETF

FBMKLCI-ETF (0820EA)

FTSE Bursa Malaysia KLCI ETF (FBMKLCI-EA) is the first equity ETF in Malaysia. This

ETF was initially known as the FBM30etf and renamed as FBM KLCI etf when its

underlying index, the FBM KLCI was launched on 6 July 2009.

FBM KLCI etf tracks Malaysia's benchmark index. This ETF gives investors exposure to the

30 biggest listed companies that collectively represent the Malaysian stock market.

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ETF FTSE Bursa Malaysia KLCI ETF

Date of Listing 19 July 2007

Stock Name FBMKLCI-EA

Stock Code 0820EA

Underlying Index FTSE Bursa Malaysia KLCI Index

Fund Manager AmInvestment Services Berhad

Market Maker o AmInvestment Bank Berhad

o JF Apex Securities Bhd

o Malacca Securities Sdn Bhd

List of Market Maker

Board Lot 100 units

Website www.fbmklcietf.com.my

CIMB FTSE ASEAN 40 MALAYSIA (0822EA)

CIMB FTSE Xinhua China 25 (0823EA)

Equity ETF (Shariah Compliant)

MyETF-DJIM25 (0821EA)

MyETF MSCI Malaysia Islamic Dividend (0824EA)

Fixed Income ETF

ABFMY1 (0800EA)

Real Estate Investment Trusts (REITs)

Real estate or property is a key asset class in an investment portfolio. Typically, before REITs

were introduced, an investor may invest in property stocks and/or physical (landed) property to

get exposure in the real estate sector.

Investors now have an option to invest in REITs by paying only a fraction of the real estate

prices. In other words, REITs provide a way to invest in quality large-scale commercial real

estate without having to buy the properties directly. REITs typically offer you a stable income

stream and attractive distribution yields.

What are the benefits of investing in listed REITs?

Affordability:

Investments in REITs cost a fraction of the cost of direct investment in real estate. You can

start off with minimal investment outlay.

Liquidity:

REITs are more liquid compared to physical properties. Units of listed REITs are readily

converted to cash as they are traded on the stock exchange.

Stable income stream:

REITs tend to pay out steady incomes (similar to dividends), which are derived from existing

rents paid by tenants who occupy the REITs’ properties.

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Exposure to large-scale real estate:

You can derive the benefits of the real estate on a pro-rated basis through a REIT, a quality

investment which is affordable

Professional management:

You benefit from having the REIT and its underlying assets managed by professionals who

will add value for a higher yield.

REITs must comply with the requirements of the Guidelines on Real Estate Investment Trusts

(REITs) by the Securities Commission Act 1993, for listing on Bursa Malaysia.

All REITs seeking listing on Bursa Malaysia will require Securities Commission's approval,

under Section 212 of the Capital Market Services Act 2007.

Close-end Funds

A closed-end fund involves a listed company which invests in shares of other companies. A

closed-end fund company has a fixed number of shares in issue at any point of time, the price of

which will fluctuate according to net asset value and market forces.

Business Trust

Business Trust is a new asset class introduced in the Malaysian capital market following the

release of the Securities Commission Malaysia’s Business Trust Guidelines which came into

force on 28 December 2012.

Business trusts are business enterprises set up as trusts, instead of companies. They are hybrid

structures with elements of both companies and trusts.

Like a company, a business trust operates and runs a business enterprise. But unlike a company,

it is created by a trust deed under which the trustee has legal ownership of the trust assets and

manages the assets for the benefit of the beneficiaries of the trust.

Unit holders of a business trust can participate in the profits or income arising from the

management of the assets in the business trust through receipt of distributions declared by the

trustee-manager.

Business trusts are suitable for businesses which are capital intensive with stable cash flow

wishing to pay distributions out of cash flow without being constrained by accounting profits.

The flexibility in the payment of distributions is an advantage especially for businesses which

may be affected by high depreciation charges.

Stapled Securities

Stapled securities refer to an arrangement under which different classes of securities are listed

and traded as one security. Stapled securities may involve different classes of securities issued by

an issuer or different issuers.

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In general, stapled securities have the following characteristics:

Different classes of securities are stapled together, listed and traded as one security.

Issuers of stapled securities remain as separate legal entities even though their securities are

stapled, listed and traded as one security.

A stapling deed would be entered into by both issuers of stapled securities.

The main advantage of stapled securities is that the stapling arrangement enhances the value and

attractiveness of these securities in their stapled form as investors could enjoy the

complementary benefits brought about by both securities, through different legal, tax structures

and returns.

Bonds

Exchange Traded Bonds and Sukuk (ETBS)

ETBS are fixed income securities, also known as bonds or sukuk, that are listed and traded

on the stock market. ETBS are issued either by companies or governments (the issuer) to

raise funds for their needs. ETBS have varying structures such as fixed rate, floating rate and

hybrids.

Exempt Regime

Under the "Exempt Regime", sukuk or debt securities are listed on the Main Market but will

not be quoted and traded on the Exchange. It is a shelf-lifting platform for visibility and

profiling purposes. The trading shall occur on Over-the-Counter (OTC) basis.

Loan Stocks

A loan stock is a security issued by a company in respect of a loan made by investors. Loan

stocks may be secured, unsecured, convertible or non-convertible, but are often unsecured,

unlike debentures.

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TRADING PROCEDURES

Below are the trading procedures:

1. Open a trading account and a Central Depository System (CDS) account with a

Participating Organisation (PO).

You will then be engaged with a licensed dealer or a remisier.

2. Engage Remisier

Give an order to your remisier to buy or sell a specified number of shares of a company at

a specified price.

This is when you will need to provide the CDS account number for order entry.

3. Placing an Order

Your orders are keyed into the Automated Trading System (ATS) at the PO.

Orders can also be keyed-in via the PO’s internet trading system.

The order will then be relayed to Bursa Malaysia's trading engine.

The order confirmation is immediately routed back to the PO, and onward to your

internet trading system (if any).

4. Match Order

Orders are matched automatically by the system.

All prices which orders are matched are determined by market forces of supply and

demand through a process of bids and offers.

In every transaction, a security is sold to the highest bidder and purchased at the lowest

offer.

The price transacted for a buy order will either be at the same price keyed in, or lower if

the seller's price is below the buyer's price.

For a sale transaction, the price will be the same or higher if the buyer's order is higher.

5. Trade Confirmation

Once the order is matched, a trade confirmation is printed out, providing details such as

the original order number, stock number, price and quantity matched and the counter-

party PO.

The remisier in turn confirms with his client that he has bought/sold the specified number

of shares and the price at which it was bought/sold.

To facilitate differentiation and to avoid confusion, the PO has different coloured slips for

'sell' and 'buy' orders.

6. Contract Notes

The broking house will then send out contract notes to you, giving details of the

transaction such as brokerage, stamp duty and clearing fees payable as well as the cost of

purchase or proceeds of the sale.

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7. Delivery and Settlement (T + 3)

The delivery and settlement for all normal transactions is 3 trading days after the

transaction date (T), hence, the term T+3.

There is no physical delivery of shares under the CDS. Instead, the CDS uses a simple

book entry system to keep track of the movement of shares which arise from trades

affected on Bursa Malaysia.

For example, if you are a buyer of share A, your CDS account will be credited with Share

A and the seller's account will show a debit of Share A.

Sellers must have adequate shares in their CDS accounts by 12.30 pm on day 2 after the

transaction (T+2) and buyer's account will be credited on T+3 with the shares.

DIRECT BUSINESS TRANSACTIONS

T Brokers executing a direct business trade will input the trade details (stock number, quantity,

prices, counter party code, client number) via WinSCORE Terminals.

If the trade details accurately reflect the order, SCANS will match the order and a confirmation

will be sent to the parties concerned.

If any of the trade details do not match, the order will not be executed and an unmatched

confirmation will be forwarded to the parties concerned.

T+2 The selling client should ensure that he has sufficient "tradeable balance" in his securities

account or has made arrangements for transfer of securities by the second (2nd) market day

following the date of transaction for "delivery" of securities.

T+3 By 9.00am, MCD debits seller's CDS account and credits SCANS Direct Business Account.

Buying broker to inform SCANS of any trades that they do not want to settle due to default in

payment by 9.00am. SCANS to mark these trades as not good for settlement.

Buying broker to pay SCANS by 10.00am.

SCANS pays selling broker by 12.00pm.

SCANS initiates credit of securities into buyer's CDS account upon receipt of payment, by

3.00pm.

In the event of non-payment, SCANS to revert securities to seller's CDS account by 3.00 pm.

T+4 Trades not settled will be automatically dropped from the system and no further processing

occurs. These failed trades will be passed to Market Supervision Division (MSD) for further

action.

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TRADING SESSIONS

Trading at Bursa Malaysia from Monday to Friday, except on public holidays and other market

holidays (when the Exchange is declared closed by the Bursa Malaysia Committee).

EQUITIES MARKET TIMING

Trading Phases Normal Market and Odd Lot Market

1st Session Pre-Opening 8:30 am

Opening and Continuous Trading 9:00 am

Closing 12:30 pm

Lunch

2nd Session Pre-Opening 2:00 pm

Opening and Continuous Trading 2:30 pm

Pre-Closing 4:45 pm

Closing 4:50 pm

Trading at Last 4:50 pm - 5:00 pm

Note: All unmatched orders during the first session will be automatically carried forward to the

second session and shall be considered as valid for the whole trading day. For more

information, see Day Order

TRANSACTION COSTS

In addition to the cost of the shares bought or sold, the client will have to pay the following

charges:

Brokerage Rates

Brokerage is payable by both buyer and seller.

a. Stocks, ordinary shares, preference shares and other listed securities executed in board

lots.

The brokerage payable for all trades in stocks, ordinary shares, preference shares and other

securities listed and traded on the stock market of Bursa Malaysia [but excluding the

instruments described in paragraphs (b), (c) and (d) and (e) below] the brokerage payable

shall be the minimum prescribed or shall be on a fully negotiated basis between its client,

subject to a maximum of 0.70% of the contract value, whichever is higher.

b. Government bonds, Municipal Debentures and Asian Dollar Bonds

c. Other debentures (non-convertible)

d. Overseas options

For all trades in these instruments [(b), (c) and (d)] regardless of contract value or nominal

value, the brokerage is fully negotiable.

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e. Such other instruments as the Exchange may prescribe by way of any circulars,

directives or guidelines issued by the Exchange from time to time

f. Minimum brokerage

The minimum brokerage rate is as follows:

Category of Trade Minimum Brokerage

Rate*

Inter-broker Fully negotiable

Institutional Fully negotiable

Retail trades valued above RM100,000 0.3% of contract value

Retail trades valued below RM100,000 0.6% of contract value

Online routed retail trades (via ECOS)** & *** Fully negotiable

Trades executed less than a board lot*** Fully negotiable

Trades where cash upfront has been given prior to the execution of

the trades***

Fully negotiable

Same day buy and sell trades 0.15% of contract value

* Fixed brokerage - Always subjected to the fixed brokerage of RM2.00 on transaction of loan

instruments and RM40.00 on any other transaction.

** Participating Organisation's Electronic Client-Ordering System approved by Bursa

Malaysia.

*** The minimum fixed brokerage of RM40.00 is not applicable for these transactions

Clearing Fees

a. Novated contract

0.03% of transaction value (payable by both buyer and seller) with a maximum of

RM1000.00 per contract. There is no minimum fee imposed.

b. Direct business contract

0.03% of transaction value (payable by both buyer and seller) with a maximum of

RM1000.00 per contract and a minimum of RM10.00.

Stamp Duty

The stamp duty chargeable on transactions on the stock market of Bursa Malaysia is:

a. RM1.00 for RM1000.00 or fractional part of value of securities (payable by both buyer and

seller). The stamp duty shall be remitted to the maximum of RM200.

b. An instrument relating to the sale and purchase of retail* debenture and retail* sukuk as

approved by the Securities Commission under the Capital Markets and Services Act 2007

[Act 671] are exempted from stamp duty. This exemption order applies to a retail investor

who is an individual* for instruments executed on or after 1 Oct 2012 and not later than 31

Dec 2015.

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Registration Fees

RM3.00 fee is charged per share certificate which is payable to the company registrar for

issuance of new certificates.

Contra Transactions

The procedures in giving orders to buy and sell in a contra transaction are the same. The only

difference is that the client pays the broker or the broker pays the client for the difference in price

between his buy and sell transaction.

If the buy cost is higher than the sell proceeds, it results in a contra loss which the client pays to

the broker.

If the sell proceeds are higher, it results in a contra profit which the broker pays to the client.

Contra dealing is not a right of the client but rather a privilege accorded by the stockbroking

company to its clients. This means that the stockbroking company is not obliged to allow contra

dealing facilities for all its clients.

Board Lot

Shares are normally traded in specific amounts called Board Lots of 100 units. Any amount less

than board lots are calledspecial lots or odd lots.

Order Types

Order types and validity types allowed under Bursa Trade Securities effective 2 July 2012 are:

Limit Order

Market Order

Market To Limit Order (MTL) - NEW

Market FAK (MO FAK) - NEW

Fill And Kill (FAK) - NEW

Minimum Quantity - NEW

Limit Order

A limit order is an order which has a price limit specified at the time of entry. A limit order is

executed at the specified price or a better price. Buy limit orders can match at prices less than or

equal to the limit price. Sell limit orders can match at prices greater than or equal to the limit

price. An incoming limit order can match with multiple orders in the book at prices up to the

limit price specified.

Market Order (An order with no limit price)

A market order is an order that shall be executed at the best available price(s) as quickly as

possible. Only the order quantity needs to be specified when a market order is entered into the

system. Unmatched quantity will remain in order book with highest priority status.

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Market To Limit (MTL) orders - NEW

A Market to Limit (MTL) order is an order that is executed at the best opposite order price limit

on the market when it is introduced in the system. If it is not completely executed, the Market To

Limit order is put in the book for the remaining quantity at the execution limit.

This type of order is available in continuous trading phase only.

Order price is not required for MTL order type.

Only quantity needs to be specified during order entry.

MTL order is not acceptable if there is no opposite side order.

MTL order can be entered with a minimum quantity specified.

Fill and Kill Market order (FAK MO) - NEW

This is an order which is immediately executed for all possible quantity on the opposite side, and

the remaining quantity if any, will be automatically eliminated by the trading system.

This type of order is available in continuous trading phase only.

Order price is not required for FILL and Kill Market order type.

Only quantity needs to be specified during order entry.

Fill and Kill Market order can be entered with a minimum quantity specified

Fill And Kill (FAK) - NEW

Orders used in combination with Fill & Kill (FAK) type validity is an order requiring that all or

part of the order to be executed immediately after it has been put to the market. Any portions not

executed are automatically cancelled by the trading system.

Minimum Quantity - NEW

Orders used in combination with minimum quantity type will be immediately executed at the

minimum quantity the least otherwise the order is eliminated. Minimum quantity is used in order

to control the minimum size to be traded.

MINIMUM BIDS

The tick size is the minimum price variation between the buy and sell price for a stock. The tick

size is reduced in line with the current practice by global developed markets and more

importantly, to create market depth, enable price discovery and boost liquidity in the local

equities market.

The tables below describe the new tick size structure.

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Table I - Tick Sizes for Securities Traded and Quoted On Bursa Malaysia

Price Range Tick Size (Sen)

Below RM1.00 0.5

RM1.00 up to RM9.99 1

RM10.00 up to RM99.98 2

RM100.00 above 10

Table II - Tick Sizes for ETF

Securities Market Price Tick Size (Sen)

ABFMY1 At any price 0.1 (no change)

Equity-based ETFs Less than RM1.00 0.1

Between RM1.00 to RM2.995 0.5

RM3.00 and above 1

For bonds, debentures, loan securities, warrants and call warrants, the minimum bid structure has

the same minimum trading spreads as for shares.

Buying-In Price for Undelivered Securities

In respect to the bidding price for buying-in, the Exchange will retain the ten (10) ticks. Arising

from this, the buying-in price will be based on the current tick structure (Table III) and tick sizes

rather than the new tick size structure and to ensure that the buying-in price is attractive to

potential sellers.

Table III - Current Tick Size Structure

Price Range Tick Size (Sen)

Below RM1.00 0.5

RM1.00 to RM2.99 1

RM3.00 to RM4.98 2

RM5.00 to RM9.95 5

RM10.00 to RM24.90 10

RM25.00 to RM99.75 25

RM100.00 above 50

In computing the buying-in price, the buying-in price will be rounded up to the next tick size if

the closing price falls between two tick sizes. For example if the closing price is between

RM10.02 and RM10.08, the buying in price will be rounded up to RM11.10 as illustrated below:

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Table IV - Buying-In Price Computation

Closing Price

(Based on new tick size)

Buying-in Computation

(Based on the current tick size)

Buying-in Price

RM10.00 10.00 + 1.00 (10 x 0.10 = 1.00) = RM11.00 RM11.00

RM10.02 10.02 + 1.00 (10 x 0.10 = 1.00) = RM11.02 RM11.10 (rounded up to RM11.10)

RM10.04 10.04 + 1.00 (10 x 0.10 = 1.00) = RM11.04 RM11.10 (rounded up to RM11.10)

RM10.06 10.06 + 1.00 (10 x 0.10 = 1.00) = RM11.06 RM11.10 (rounded up to RM11.10)

RM10.08 10.08 + 1.00 (10 x 0.10 = 1.00) = RM11.08 RM11.10 (rounded up to RM11.10)

RM10.10 10.10 + 1.00 (10 x 0.10 = 1.00) = RM11.10 RM11.10

In the case of ETFs, currently the buying-in price is based on (10) ticks of the tick sizes of the

ETF. As the tick size is small, in the event of failed trade the buying in price is not attractive for

potential sellers to sell. For example in the case of ABFMY1 the minimum tick size is 0.1sen.

Applying 10 ticks to the minimum tick size (0.1x10) would be 1 sen. This would not be enough

to cover the transaction cost of the potential seller. For the purpose of buying-in of ETFs, the

same buying-in structure for stocks to be applied for ETFs as follows:

Table V - Buying-in Price for ETF will be based on the following tick sizes

Price Range Tick Size (Sen)

Below RM1.00 0.5

RM1.00 to RM2.99 1

RM3.00 to RM4.98 2

RM5.00 to RM9.95 5

RM10.00 to RM24.90 10

RM25.00 to RM99.75 25

RM100.00 above 50

For example in the case of FB30ETF if its traded in the range of RM5.77, the buying-in tick will

be under the range of RM5.00 to RM9.95 which is 0.05.Therefore the buying-in price premium

will be (10 ticks X 5sen) 50sen.

Theoretical Opening Price

Theoretical Opening Price (TOP) allows investors to have a half hour ‘viewing period’ before

the market opens in the morning and afternoon session. For example, trades and the theoretical

opening price for each counter can be seen from 8.30am until 9am before the market starts to

trade. This half hour viewing ability is also applicable for the afternoon trading session. This

feature allows investors to better gauge the market sentiment and share performance due to the

transparent pre-opening period.

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CENTRAL DEPOSITORY SYSTEM (CDS)

CDS is an acronym for "Central Depository System". The Central Depository System is a system

that is fully owned and operated by Bursa Malaysia Depository Sdn Bhd (formerly known as

Malaysian Central Depository Sdn Bhd), a wholly owned subsidiary of Bursa Malaysia Berhad.

Investors who wish to trade in securities listed on Bursa Malaysia must open CDS accounts with

Authorised Depository Agents (ADAs), i.e. stockbroking companies. Securities bought will be

credited into CDS accounts that the investors have opened. Likewise for securities sold, these

securities will be debited from the CDS accounts.

Investors can use the Central Depository System to transfer securities from one CDS account to

another, provided the transfers are within the reasons approved by Bursa Malaysia Depository

Sdn Bhd. Other transactions that depositors can perform via the Central Depository System are

registering of bank account information, updating of account particulars, reactivation of dormant

CDS account, reactivation of inactive CDS account, deposit of share certificate, withdrawal of

shares of delisted company and closing of CDS account.

Depositors must complete the relevant form(s) by entering the required information before

printing. The forms will automatically be printed in three (3) copies, except for the Application

for Reactivation of CDS Account form, which will be printed in two (2) copies. The forms,

including copies, must be signed.

For new accounts, the Application for Opening of Account form must be submitted to the

stockbroking company where the depositor intends to open the CDS account. For other

transactions, depositors are required to submit the forms to the stockbroking company where the

CDS account is maintained.

REGULATED SHORT SELLING (RSS)

Bursa RSS Approved Securities

List of Bursa RSS Approved Securities

CIRCUIT BREAKER

Bursa Malaysia introduced the Circuit Breaker with an aim to stabile market volatility and to

decide whether trading is to be put on hold temporarily or to be stopped entirely. This indirectly

enhances investor confidence.

The main benefit of the Circuit Breaker is to provide the opportunity for greater information

dissemination for all market participants, including investors, to make well-considered

investment decisions.

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What is a Circuit Breaker?

A Circuit Breaker is a market-wide approach to managing downward movement of the

barometer index by halting trading temporarily in the entire market during normal trading

hours, during which time information is disseminated to all market participants.

When will the Circuit Breaker be triggered?

The circuit breaker will be triggered when the FTSE based Composite Index (FBMKLCI)

declines 10%, 15% and 20% below its closing index of the previous market day and also

under these following conditions

Bursa Malaysia Circuit Breaker Trigger Levels/ Conditions And Trading Halt Duration

Trigger

Level

FBMKLCI Decline From 9:00

am– before

11:15 am

From 11:15

am to 12:30

pm

From 2:30

pm – before

3:30 pm

From 3:30

pm to 5:00

pm

1 FBMKLCI falls by an aggregate

of 10% or more but less than

15% of the previous market

day's closing index.

1 Hour Rest of

Trading

Session

1 Hour Rest of

Trading

Session

2 FBMKLCI falls by an aggregate

of or to more than 15% but less

than 20% of the previous

market day's closing index.

1 Hour Rest of

Trading

Session

1 Hour Rest of

Trading

Session

3 FBMKLCI falls by an aggregate

of or to more than 20% of the

previous market day's closing

index

9.00 a.m. - 12.30 p.m. 2.30 p.m. - 5.00 p.m.

Rest of Trading Day Rest of Trading Day

Note:

Trading on Bursa Malaysia is done in two (2) trading sessions from 9.00 a.m. to 12.30 p.m.

(morning session) and from 2.30 p.m. to 5.00 p.m. (afternoon session).

This finding is supported by a study of FBMKLCI movements over a period of time that

included instances of a sudden and sustained decline in the FBMKLCI and a comparative

study of international best practices in effecting circuit breakers in other exchanges.

Why was it decided to fix the trigger levels at 10%, 15% and 20% decline of the FBMKLCI

from the previous market day's closing index?

The trigger levels decided for the Circuit Breaker have been found to be the most

effective in meeting the objective of addressing excessive market volatility.

This finding is supported by a study of FBMKLCI movements over a period of time that

included instances of a sudden and sustained decline in the FBMKLCI and a comparative

study of international best practices in effecting Circuit Breakers in other exchanges.

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How do you calculate the trigger levels for the Circuit Breaker?

There are three (3) trigger levels for the Circuit Breaker which are based on a 10%, 15%

and 20% decline of the FBMKLCI from the previous market day's closing index. The

following example illustrates how the trigger levels are calculated.

Scenario:

Assuming the closing index of the FBMKLCI on 30 July is 600 points. The Circuit Breaker

trigger levels for 31 July will then be calculated based on the 30 July closing index using the

predetermined percentage levels of 10%, 15% and 20% for each trigger level. The resulting

index levels derived from the calculation will then be the effective trigger levels for the day

(31 July).

Once the FBMKLCI declines by the respective trigger levels, trading on the stock market

will be halted temporarily.

Table 1: Assuming the previous market day's closing index is 600 points.

Trigger Level and

Percentage

Index Points

Decline

FBMKLCI Circuit Breaker

Threshold

Trading Halt

Duration

Level 1 - 10% 60 540 points 1 hour

Level 2 - 15% 90 510 points 1 hour

Level 3 - 20% 120 480 points Rest of the day

In this example, the first level Circuit Breaker will be triggered at a 10% decline of 60 points

in the FBMKLCI closing index of 600 points. For the second level Circuit Breaker (15%),

the decline will be 90 points while for the third level Circuit Breaker (20%) the decline will

be 120 points.

Therefore, if the FBMKLCI declines below the previous market day's closing index to or

below:

540 points - trading is halted for one (1) hour if triggered at or before 11.15 a.m. or 3.30

p.m. or for the rest of the trading session if triggered at or after 11.15 a.m. or 3.30 p.m.

510 points - trading is halted for one (1) hour if triggered at or before 11.15 a.m. or 3.30

p.m. or for the rest of the trading session if triggered at or after 11.15 a.m. or 3.30 p.m.

480 points - trading is halted for the rest of the day.

How many times can the Circuit Breaker be triggered during the day?

There may be four (4) situations where the Circuit Breaker could be triggered during the day

based on the FBMKLCI's previous market day's closing index, i.e. a decline of:

a. 10%, 15% and 20%

b. 10% and 20%

c. 15% and 20%

d. 20%

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Thus, the situations show that the FBMKLCI could decline in:

i. a staggered manner as in (a); or

ii. abruptly as in (b) from the 10% to 20% level bypassing the 15% level, (c) 15% to 20%

bypassing the 10% level and (d) straight to 20% bypassing the 10% and 15% levels

In addition to the above, there are two (2) more conditions for the Circuit Breaker

framework:

a. Trading halts for each trigger level will occur only once during the trading day.

For instance, if the previous day's FBMKLCI is at 1000 points and it drops to 855 points

(breaching the 10% trigger level), trading will halt for one (1) hour.

Subsequently, if the FBMKLCI goes up again during the day to 1020 points and then

drops to 870, the first level trading halt (i.e. at 10%) will not be triggered as it had already

been triggered. This condition applies to all the four (4) situations mentioned above.

b. If FBMKLCI breaches a higher trigger level (e.g. 15%) by bypassing a lower one (e.g.

10%), the lower trigger level (e.g. 10%) will not be triggered during the trading day.

This condition describes the example in (ii) above where the FBMKLCI falls abruptly to

15% bypassing the 10% trigger level. In this event, the trading halt in respect of the 10%

level decline will not be triggered at all during the day.

What aspect of trading will the Circuit Breaker take affect?

The Circuit Breaker mechanism will only halt trading temporarily when it is triggered. All

clearing, settlement and depository operations will function as normal.

For example, if the Circuit Breaker is triggered at 10:00 a.m., all trades matched as at 10:00

a.m. will be cleared and settled as normal according to the T+3 settlement system. All

unmatched orders keyed in prior to 10:00 a.m. will continue to be matched upon resumption

of the trading.

During a halt in trading, the following are permitted in accordance with the Rules of Bursa

Malaysia:

Entry of limit orders

Amendments to contracts but limited to the client codes only

Reduction in quantity of orders; and

Cancellation or withdrawal of orders

In the event of the Circuit Breaker being triggered, what would happen to the investor's

orders?

All matched orders will remain valid while unmatched ones entered into the trading

system will continue to be in the order queue when the Circuit Breaker is triggered at the

10% and 15% levels.

Unmatched orders will only be removed when the Circuit Breaker is triggered at the 20%

level or when trading halts for the rest of the trading session.

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New market orders are not allowed during a halt in trading, however, the market orders

prior to a halt in trading in a particular trading session shall remain valid for the whole

day. New market orders are allowed upon resumption of the trading.

How would investors know that the Circuit Breaker has been triggered?

Investors will be informed upon the trigger of the Circuit Breaker through immediate

dissemination of public announcements by Bursa Malaysia through various sources - the

media, the internet at www.bursamalaysia.com and Participating Organisations.

Upon the trigger of the Circuit Breaker and the commencement of the trading halt,

investors will also be informed on the appropriate date and time for the resumption of

trading.

What should investor do when the Circuit Breaker is triggered?

When the Circuit Breaker is triggered, investors should continue to keep themselves

updated and informed by continuing to access all possible sources of information

available.

In this manner, investors will be able to assess and review prevailing conditions based

more on information, and less on market trends and speculation, in order to make well-

considered investment decisions once trading resumes.

Compensation Fund

In the interest of protecting investors, three (3) separate compensation funds have been

established and maintained by the subsidiaries of Bursa Malaysia Berhad ("Bursa Malaysia")

with the main objective to compensate investors who have suffered monetary losses or damage

under certain circumstances, as prescribed under the relevant securities laws and regulations.

Pursuant to the Capital Markets and Services (Amendment) Act 2012 (CMSA Amendment Act

2012), the establishment of the Capital Market Compensation Fund came into effect from 28

December 2012 under Part IV of the Capital Markets and Services Act 2007 (CMSA). For

details of the new framework of the Capital Market Compensation Fund, kindly refer

to Securities Commission’s official website.

Consequently, the Compensation Fund of Bursa Malaysia Securities Berhad ("Bursa Securities")

and Fidelity Fund of Bursa Malaysia Derivatives Berhad ("Bursa Derivatives") established by

Bursa Securities and Bursa Derivatives respectively as required under the CMSA prior to 28

December 2012 (“old CMSA”) will no longer in existence with effect from 28 December 2012.

However, all claims made in relation to the Compensation Fund of Bursa Securities and Fidelity

Fund of Bursa Derivatives prior to 28 December 2012 will continue to be considered and

decided by Bursa Malaysia. (For more information, kindly refer to Participating Organisations’

Circular No. R/R 13 of 2012 and Trading Participant Circular No. 36/2012).

In addition, under the Capital Markets and Services (Dispute Resolution) Regulations 2010, the

Securities Industry Dispute Resolution Center (SIDREC) is established as an alternative to

existing dispute resolution bodies. SIDREC is established to resolve monetary disputes between

investors and capital market intermediaries registered as its members, such as stockbrokers,

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futures brokers, unit trust management companies, and fund managers. For more details of the

dispute resolution framework maintained by SIDREC, kindly refer to SIDREC’s website.

What are the compensation funds established and maintained by Bursa Malaysia?

The compensation funds established and maintained by Bursa Malaysia are as follows:

the Compensation Fund of Bursa Securities, pursuant to the old CMSA and is applied for

the purpose of compensating persons suffering monetary loss in the circumstances as

provided under the old Section 152 of the CMSA (in regard to the claims made prior to

28 December 2012);

the Fidelity Fund of Bursa Derivatives, pursuant to the old CMSA and is applied for the

purpose of compensating persons suffering monetary loss in the circumstances as

provided under the old Section 167 of the CMSA (in regard to the claims made prior to

28 December 2012); and

the Compensation Fund of Bursa Malaysia Depository Sdn Bhd ("Bursa Depository"),

pursuant to Section 5(1)(b)(vii) of the Securities Industry (Central Depositories) Act 1991

("SICDA") for the purpose of compensating persons suffering loss or damage arising

from the circumstances provided under Rule 34.01 of the Rules of Bursa Depository.

Who is eligible for claim under the Compensation Fund of Bursa Depository?

Persons (holders of securities account) who have suffered loss or damage ("Claimant") as

envisaged under Rule 34.01 of the Rules of Bursa Depository in respect of any transaction

pertaining to his securities account arising from:

computer crimes involving theft or criminal damage to the computer system

theft, damage, falsification or alteration of any record or data kept within the computer

system

stolen or missing scrips which are under the physical control of Bursa Depository

whether such scrips are kept in its premises or are in transit

fire or theft of any records in any vault, premise or warehouse of Bursa Depository where

such records are to be kept pursuant to Section 59 of SICDA

professional negligence of Bursa Depository's employees or servants

public liability

infidelity of employees through their dishonest or fraudulent acts committed by such

employees with intent to cause or sustain loss or to obtain financial gain for themselves,

wherever committed and whether committed alone or in collusion with others.

How are claims processed?

Claimant submits claim in writing and complete the Claim Form (for claim against

Compensation Fund of Bursa Depository).

The Compensation Committee of Bursa Malaysia deliberates on the claim.

Claimant receives notification from Bursa Malaysia on status of claim.

If dissatisfied, in relation to the claims made prior to 28 December 2012 to the

Compensation Fund of Bursa Securities and Fidelity Fund of Bursa Derivatives the

Claimant may appeal within one (1) month to the Securities Commission.

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For the appeal in regard to the claim against the Compensation Fund of Bursa

Depository, the appeal is within 14 days to the Appeals Committee of Bursa Malaysia.

Claimant collects cheque if claim is successful.

What is the claim limit?

For the claim made (prior to 28 December 2012) against the Compensation Fund of

Bursa Securities : RM100,000 per claim and no limit per stockbroking company.

For the claim made (prior to 28 December 2012) against the Fidelity Fund of Bursa

Derivatives : RM500,000 in respect of each TP.

For the claim made against the Compensation Fund of Bursa Depository : RM100,000

per claim.

When is the cut-off date for submission of claim?

For the claim made against the Compensation Fund of Bursa Depository, the claimant should

endeavor to submit his/her claim soonest possible without any undue delay (not later than 6

months) upon becoming aware of the circumstances giving rise to the claim.

International Securities Identification Number (ISIN)

International Securities Identification Number (ISIN) is a code that uniquely identifies a

specific securities issue. The organisation that allocates ISINs in any particular country is the

National Numbering Agency (NNA). Bursa Malaysia was appointed the NNA for Malaysia in

October 1996.

BURSA TRADE SECURITIES 2

Bursa Malaysia has gone live with its new trading engine, Bursa Trade Securities 2 (BTS2)

powered by NASDAQ OMX’s X-stream INET. As Bursa Malaysia moves forth to become one

of the leading epicenters for trading in the region, the Exchange is committed to advance the new

trading platform to support the future needs for the securities market.