All pending CSE orders cancelled yesterday | Daily News

All pending CSE orders cancelled yesterday

The Colombo Stock Exchange yesterday cancelled all pending orders on the exchange. The Colombo Stock Exchange has amended the tick size, the minimum price movement of a trading instrument, by circular dated 22 December and the purging of all orders are to facilitate the new rules.

Accordingly from today onwards shares below and under Rs 100 in value will have a tick size of Rs .10 and shares in excess of Rs 100 will have a tick size of Rs .25.

To provide adequate time for order entry, the Open auction call session on 8th January 2021 will be from 10.15 am to 11.00 am and the orders can be placed from 10.15 am

Market participants wishing to remain anonymous noted that the rule would cause undue confusion in the market place as there are many companies in between the cutoff point. A distinction at Rs 1000 or even Rs 500 would have been more suitable.

Market participants also complained that the debt board of the stock exchange remained inaccessible through online trading portals and called on the market and the regulator to provide justification. Brokerage houses are willing to take on the settlement risk in order to open up the corporate debt market.