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HK price cap to curb manipulation

HONG Kong Exchanges and Clearing Ltd will implement a 2-percent cap on price fluctuations during daily closing auctions to help battle market manipulation.

The limit is "more stringent" than previously proposed because of concerns about extreme price volatility during the 10-minute auction sessions, the company said in a statement on its Website yesterday. The rule, to come into effect in the second quarter, will curb fluctuations based on the price at 4pm. The exchange will review the new rule six months after its implementation. About 95 percent of closing auction sessions since December wouldn't have been affected by the new cap, it added.


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