market architecture of selected stock exchanges in ... - Gilles Daniel

49Order Entry ParametersThe rules of the JSE determine the information content of the orders entered into theorder book. They have to contain: In order to reveal the real trading interest, it has to be indicated whether an Agentor Principal is trading; The valid BDA account number (client account reference number), to which anyassociated trades will be booked; The order expiry date has to be specified; the maximum number of days that anorder can remain on the book is 90 calendar days including the current tradingday; The Institutional identification number (where applicable); The volume of shares associated with the order; The ISIN code – the unique international numbering code allocated to each listedsecurity by the JSE and the JSE alpha code; the unique code allocated to eachsecurity by the JSE; The identification number of the trader, the TraderID.Furthermore, the order has to meet the following requirements: The lot size of an order is one share; The tick size is one share; The currency is South African cents; The CX Flag, which is used to indicate that the member has traded out of aclient's account; If the trade has been conducted by a non-resident investor the foreign currencyindicator has to be indicated.Order ModificationThe functionality of order modification allows users to change the price and thevolume of an existing order even though they were already entered into the orderbook. They can be modified without losing price/time priority because they do nothave to be cancelled and re-entered. Changing the order to be greater than themaximum size causes a rejection of the modification; changing it to be smaller hasno effect.