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TRADING CORRECTIONS

REGULATED DERIVATIVES MARKET

According to the provisions of art. 55 of Regulation no. 4 regarding the trading on the regulated financial derivatives market administered by Sibex, the correction of some wrong executed trades is possible under the following situations:

Art.55

  1. If the Participant, by error, buys or sells for another expiry or for another contract than those specified by its client, it will execute immediately the opposite operation on the contract/expiry chosen by error, and then it will conclude a trade on the correct contract/expiry.
  2. In the situation described in paragraph (1), the intermediary can cover the loss that results from this operation with a possible profit gained from its client’s order execution at a better price. If the client registers a loss following to the above operations, the intermediary will support the entire loss, without charging the commissions for the respective trades.
  3. If an intermediary buys or sells derivative instruments according to the trading orders, but by error into another client`s account than the one from which it received the trading orders, it will apply the provisions stipulated by the applicable regulations of ATHEXClear, regarding the trades’ correction.

The request mentioned at line (4) will be sent in written form at the fax number 0269 - 211 153, to the attention of Sibex’s Trades and Market Surveillance Department, being mentioned the clients accounts and the number of contracts which are object of the correction.



SPOT MARKET

A Participant can request the correction of a transaction error, by modifying one of the initial accounts without affecting the characteristics of the transaction counterpart, in the following cases, without being limited to:

  1. The clearing of a trade concluded by a Participant on the account of a custodian's client is not confirmed by the custodian, although the Participant adequately executes the client's order according with the explanatory documents sent to Sibex by the Participant.
  2. A Participant's active broker places an order in Sibex’s electronic trading system, order having the same parameters specified by the client or by the client's agent, except for the account.

In the situation the Participant requests the correction of a transaction error occurred in the account of a client which is not a custodian's client, it is the Participant's exclusive responsibility to ensure that the respective client will be informed regarding the occurred error and the respective client's approval will be necessary for the correction through a contrary sense operation. The Participant will pay all the expenses resulted from the error correction and those resulting from setting the client to the initial situation. The erroneous operation and the contrary sense operation mentioned by line 2 of this Article will be reported to Sibex on the date the contrary sense operation will take place. Sibex will also inform R.N.S.C. with regard to this operation.

In case a prejudice or consequence occurs from the respective transaction error or from the respective transaction error correction, the Participant is directly and completely responsible for the eventual caused prejudices. The characteristics of the transaction counterpart will not be modified by the correction of the erroneous transaction.

If the Participant requests the correction of a transaction error occurred on the account of a custodian's client, if the client do not approve the contrary sense operation or if the conditions for the contrary sense operation are not met, the Participant can send Sibex a written request regarding the error correction, according with the stipulations of Art. 117 - 122 from Book no. II of Sibex`s Regulation no. 6, respective art. 86 - 91 from Book II of Sibex.'s Regulation no. 7.

Sibiu Stock Exchange will consider valid only the request regarding the correction of errors occurred in the Participant's transactions that come from a single order added in Sibex's electronic trading system.

The request for the error correction and the relevant explanatory documents must be sent to Sibex under the terms mentioned by Art. 120 from Book no. II of Sibex.`s Regulation no. 6, respective art. 89 from Book no. II of Sibex.`s Regulation no. 7. On the contrary, Sibex will not correct the respective errors.

The Participant requesting the correction of the occurred transaction error will send to Sibex’s Trades and Market Surveillance Department the following documents:

  1. The copy of the client's order that lead to error, and the account that will be used for the correction, in case the individual account system is used, respecting the law regulations in force;
  2. Explanations regarding the causes of the error;
  3. If it is received from a Participant a request regarding the correction of an error occurred in a transaction concluded in the account of a client which is not a custodian's client, a copy of the notification sent to the client on whose account occurred the error and the proof of restoring the respective notification;
  4. A copy of the order of the client in whose account the error occurred, if necessary;
  5. The Participant's statement, regarding the settlement of the transaction that is to be corrected at the settlement day of the transaction for which the correction is requested;
  6. The error correction request, issued for every transaction in whose conclusion an error occurred;
  7. Any other documents that Sibex may consider necessary for the clarification of the problem

The Participant has the obligation to send the notification mentioned at point 3 in written form and by fax.

The trade, object of the correction, must be distinctively identified in the error correction request. For this reason, the Participant which requests a trade error correction must fill in the form provided in Appendix 2 from Book 2 of Sibex`s Regulation no. 6, respective in Appendix 2 from Book 2 of Sibex.`s Regulation no. 7.

Participants can request Sibex to correct a transaction error only prior to the confirmation of the respective transaction's settlement, and by respecting the terms stipulated in the contract signed between Sibex and the central depository. Participants will be notified by Sibex with regard to the terms in which they will be able to request the correction of transaction errors, terms mentioned by the contract signed between Sibex and the central depository.

Sibex will correct trade errors using special buy in/sell out transactions at the request of the Participant and on the basis of the central depository's confirmation or using the compulsory buying/selling (buy in/sell out) procedure, at the request of the central depository.

Sibex will request additional tariffs for the correction of errors, according with the frequency the participant sends requests of error correction during a calendar year, errors of the respective Participant only. These tariffs will be added to the standard error correction tariffs. Both the level of the standard tariff and the level of additional error correction tariffs will be published in the "List of Sibex’s tariffs and commissions". If the Participant provides information that proves that the fault can be imputed to third parties, Sibex will not charge the additional tariffs.

The operations regarding the forms of invalidation and the operation of correcting the trades concluded in the electronic trading system on the regulated spot market administered by Sibex are fully described in Chapter III of Book II of Sibex`s Regulations no. 6 and no. 7.