6.1 Listing for Trade
A future will be deemed listed for trade from the time it is issued
by the Clearing House until its expiration date.
6.2 Unit of Trade: The unit of trade is one future.
6.3 Method of Trade
- 6.3.1 Trade in futures will be conducted on the TASE in accordance with
the rules of semi-continuous trade ("Mishtanim") as prescribed in the
TASE board of directors guidelines, subject to the modifications
prescribed in the temporary guidelines of the TASE board of directors
relating to rules for the listing of Maof-25 index futures and trade
therein.
- 6.3.2 The maximum fluctuation in the price of a future on a single
trading day is 15% of the closing price on the previous trading day,
subject to cases in which unlimited fluctuation on the TASE will be
permitted in accordance with the TASE board of directors'
guidelines.
- 6.3.3 The TASE members' announcements in trade will be in fixed
steps of NIS 10.
6.4 Results of Trade
The results of trade in futures will be published by the TASE in the
official price bulletin. The publication will include the prices and
volume of transactions which have been executed, as determined by the
TASE.
6.5 Position Limits
- 6.5.1 At the time of opening an account for a customer in futures
with a TASE member (hereinafter referred to as "the account"), the
customer shall sign an undertaking not to exceed the customer position
limits, on the same side (hereinafter referred to as "position limits"),
whether with that TASE member or with that TASE combined with his open
positions with other TASE members.
- 6.5.2 Customer position limits, on the same side, are fixed by the
Clearing House.
The Clearing House may from time to time modify the customer
position limits, on the same side, provided that it gives 30 days'
notice thereof.
The Clearing House shall publish the customer position limits, on the
same side that are fixed by it.
- 6.5.2.1 Customer position limits, on the same side, shall apply to
all customers and be fixed by distinguishing between the following
customer categories:
(a) a mutual fund manager, provident fund manager, vocational
studies fund manager, pension fund manager and insurance company, in
accordance with the size of their assets;
(b) a portfolio manager, in accordance with the number of his
customers;
(c) other customers, in accordance with the size of their securities
portfolios;
(d) nostro.
Customer open positions "on the same side" mean:
- the credit balance on call options which the customer has plus the
debit balance (absolute value) on put options which the customer has
plus the credit balance on futures which the customer has multiplied by
two.
- the debit balance (absolute value) on call options which the
customer has plus the debit balance on put options which the customer
has plus the debit balance (absolute value) on futures which the
customer has multiplied by two.
- 6.5.2.2 For the purpose of the customer position limits, the options
and futures which are held in all the following accounts shall be taken
into account:
(a) accounts which are in the name of the customer, whether alone or
together with others;
(b) accounts which are in the name of relatives of the customer who
reside with him or where one is maintained by the other, whether alone
or together with others;
(c) accounts which the customer may operate in his discretion
pursuant to a proxy;
(d) accounts of a corporation, 50% of whose share capital or voting
power is directly or indirectly held in the name of the customer or in
the name of the customer's relatives who reside with him or where one is
maintained by the other.
- 6.5.3 On opening the account, the customer shall sign an authority in
favor of the TASE member to execute in his account the purchase, sale or
writing of a future in such a way as to reduce his total open positions
on all his accounts with the member and with other TASE members to the
position limits permitted for him.
- 6.5.4 The TASE member shall use his best efforts to notify a customer
who is about to execute a transaction in a future if the transaction
which the customer is about to execute might lead to the permitted
position limits being breached, and he shall not execute it if in his
opinion it appears that such limitation will be breached.
- 6.5.5 The TASE member shall notify the customer of any breach of the
position limits on his accounts with the member immediately it is
breached and require the customer to act to reduce it forthwith. Should
the customer not reduce the open position, the TASE member shall act to
reduce it.
- 6.5.6 Should it be brought to the knowledge of the Maof Clearing
House that a customer is breaching the position limits by the
combination of his holdings with several TASE members, the Maof Clearing
House shall instruct each of the members through whom the customer acts
that during the next three months the position limits of that customer
shall be the customer position limits fixed pursuant to section 6.5.2
above, divided by the number of members through whom that customer acts
and it shall also instruct each of the members to act immediately as
provided in section 6.5.5 above in respect of such new position limits
of that customer as aforesaid.
Should it be found that such a customer is again breaching the
position limits, the members shall be precluded from executing Maof
transactions for him for three months.