Articles: Closing auction

HKEx consults on Volatility Control Mechanism and closing auction
HKEx, 16-Jan-2015
Finally, they are including a random closing time in the closing auction to deter manipulation of the closing price. This is something that Webb-site founder David Webb, then an INED of HKEx, recommended in 2007 before the launch of the first closing auction, but the board rejected it.
SFAT allows review for ex-Deutsche trader over trading of HSBC shares
SFC, 21-May-2013
Christian Denk v SFC
SFAT, 20-May-2013
SGX market phases and algorithm
Company web site, 17-Feb-2012
This shows the opening and closing auctions with random ending times in a 1-minute interval.
SGX introduces random end time to opening and closing auctions
Company media release, 22-Sep-2011
SGX proposes random closing time to deter closing price manipulation
Company media release, 1-Jun-2011
This is something that Webb-site has been urging HKEx to do for years. HKEx suspended the closing auction in Mar-2009 and is now considering bringing it back. We hope they will, but without the previous proposal of a 2% limit on price movements, which would just shift the incentive to manipulate the price to the end of the regular session at 4pm.
Reforming HK Markets - the Political Realities
A presentation by David Webb to the FIX Protocol conference. (25-May-2011)
SFC suspends Stephen Yenn Man Han for manipulative orders during auction sessions
SFC, 26-Aug-2009
HKEx confirms suspension of Closing Auction Session from 23 March
Company media release, 20-Mar-2009
HKEx proposes to suspend closing auctions from 23 March
HKEx, 12-Mar-2009
HKEx plans to add a price controls to its closing auction session on 22 June
HKEx, 5-Mar-2009
HKEx announces way forward for the closing auction session
HKEx, 13-Feb-2009
Conclusions paper on introduction of price controls during closing auction
HKEx, 13-Feb-2009
Submissions on introduction of price controls in closing auction
HKEx, 13-Feb-2009
HKEx invents square wheel
HKEx has reportedly approved a new rule which will make it the only market in the world to have no price caps in regular trading but a limit on movements during the closing auction, thereby locking in any manipulation that occurs just before the auction. Many developed markets have adopted random auction closing-times to deter manipulation, which HKEx did not even allow for in its recent consultation. (12-Feb-2009)
Ending a loophole for insider trading has created a tangle
Economist, 8-Jan-2009
Consultation paper on introduction of price controls during closing auction
HKEx, 28-Nov-2008
HKEx launches consultation on introducing price controls in closing auction
HKEx, 28-Nov-2008
Webb on "Backchat" re closing auction session on SEHK
RTHK, 4-Jun-2008
Fixing the closing auction
Webb-site.com looks at the problems with the new closing auction mechanism at HKEx, and explains how these could have been avoided. (2-Jun-2008)
HKEx CEO comments on last Friday's closing auction session
HKEx, 2-Jun-2008
Heavy closing auction session activity coincides with index balancing
HKEx, 30-May-2008
Closing auction session set for implementation on 26 May 2008
HKEx, 19-May-2008
HKEx to start closing auction session on 26 May 2008
HKEx, 31-Oct-2007
HKEx announces conclusions on introduction of a closing auction
HKEx, 19-Jul-2007
Responses to consultation on introduction of closing auction
HKEx, 19-Jul-2007
Conclusions paper on introduction of closing auction
HKEx, 19-Jul-2007
HKEx launches consultation on introduction of closing auction
HKEx, 21-Mar-2007
Consultation paper on introduction of closing auction
HKEx, 21-Mar-2007

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