In addition, Trade at Last caters to the needs of institutional investors and facilitates tracking closing prices
for passive investors.
The RVS Closing Price
System has been proven to be a winning system after years of generating consistent returns for clients.
Thus in order to cater for the expected high volume during the closing session, the closing price
for all shares shall be determined over the last two hours of the regular market session on the basis of volume weighted average price (VWAP) as against the current practice of last 30 minutes.
The Pre-Closing Session is introduced ahead of the inclusion of UAE to MSCI's Emerging Market category with a considerable segment of institutions, especially passive investors, track the index, hence this mechanism will attract them and facilitate their activities as it further enhances the calculation process of closing price
, index as well as portfolio valuation given that it eliminates last trade price factor in case it was not sensible.
The new regulations also stipulate that any private transactions between investment companies are to be excluded from determining the closing price
. Inter-investment companies' transactions are to be conducted on the "special transactions" display, not the "opening of the operations market (OPR)" display.
A random closing time during an auction makes it much more expensive for someone to manipulate the closing price
, particularly if the randomness period is long enough," says David Webb, editor of www.webb-site.com and former independent non-executive director of the HKEx.
The reference price is the previous day s closing price
The amount of consideration that a CPI shareholder will receive will be equal to a combination of USD9.00 in cash plus a fraction of Comtech common stock equal to USD8.10 divided by the average closing price
of Comtech common stock over a specified period of time prior to closing, provided that the fraction shall not be greater than 0.2382 nor less than 0.2132.
This represents a conversion price of USD24.12 per share or a 25% premium over the New York Stock Exchange closing price
of USD19.30 per share on 27 September 2005, US Airways said.
The closing price
for the benchmark September contract for Middle Eastern crude oil was up the limit-high of 1,000 yen from Friday's close.
, at say 7 p.m., instead of at the next day's closing price
Copper: Although recording a high for the week of $1682 last Wednesday, the closing price
for each of the first three days varied by no more than $1 per tonne either side of $1660.