National Stock market Essay



Download Ref. Number: NSE/FA/21156

Day: June 30, 2012

Circular Ref. Number: 3/2012

To the trading members in the F& O and CD sectors

Sub: Garnishment of expenses for High Order to Operate Ratio

In continuation of Exchange Round. No: NSE/CMTR/20662 dated April 30, 2012 on extra SEBI recommendations governing decision Support Equipment / Protocol for trading through Non-Neat front end so that as directed simply by SEBI, Trading Members happen to be hereby informed that the pursuing charges will probably be levied for high algo order to trade ratio with effect by July 02, 2012. The said costs will be computed at member level each and every day and will be gathered on a monthly basis, after reckoning all algo instructions and deals of the affiliate:

Daily piza Order to Transact Ratio

Lower than 50

55 to less than 250 (on incremental basis)

250 to less than 500 (on gradual basis)

five-hundred or more than 500 (on incremental basis) *

Fees (per algo orders)


1 paise

5 paise

5 paise

* Just in case the ratio is 500 or more than 500 during a trading day, the concerned member shall not become permitted to put any orders for the first 15 minutes on the subsequent trading day(in the constant trading session) as a cool down action. Nevertheless , the trading member will probably be permitted to transactions in risk minimizing mode inside the respective portions during this kind of a cooling off period.

Users may be aware that for the purpose of computation of Daily Order-to-Trade rate all piza orders, my spouse and i. e., order entry, order modifications and order cancellation will be deemed.

Regd. Business office: Exchange Plaza, Bandra Kurla Complex, Bandra (E), Mumbai – four hundred 051

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It may further be observed that,


if the instructions entered and/ or customized are within 1% from the last traded price (LTP) of the respective security/ deal ((Absolute (Limit price – LTP)/LTP)