“A Capital Market Partner Adding to Customer Value”

The Comprehensive Management Plan for

Algorithmic Trading in the KRX Derivatives

Market

04.29.2013

The Korea Exchange

Announcement

This booklet is published for the briefing held in Seoul in April 29th, 2013 for the

business staff and IT developers who work for the derivatives members of the Korea

Exchange.

* It is scheduled to distribute this document to the participants’ email addresses from the

submitted business cards when the briefing is over. If there are any members excluded from

receiving this document, feel free to contact the department of the Derivatives Development &

Regulations by sending a request to d.rules@krx.co.kr.

This proposal is not yet to be finalized, therefore subjected to any potential changes to

be made in consideration for members, investors, and the financial authorities. In regard

to any revisions to be made in this proposal, the Korea Exchange will be in contact with

each of its members by notification or briefing.

The Korea Exchange always cares for voices of its members. If there is a member

who likes to leave a comment on the proposal inside, please be sure to submit before the

deadline, May 3rd

, 2013, to the department of the Derivatives Development &

Regulations. Please include the following information along with your comment.

Name

Comment on the proposal

Comment on the enforcement date

Etc.

* Recipient: the department of the Derivatives Development & Regulation

(d.rules@krx.co.kr)

“A Capital Market Partner Adding to Customer Value”

I. In progress

The Korea Exchange (the Derivatives Development & Regulations of the Derivatives

Market Division) is opening this briefing in order to provide its members with the latest

updates regarding the management of algorithmic trading. It is also to avoid negative

market impacts generated by algorithmic trading errors and secure both effectiveness

and safety of the derivatives market with a comprehensive management plan designed

to prevent such abnormalities. Through this briefing as a cornerstone, the Korea

Exchange is expecting to create a meaningful opportunity to listen to members’ opinions.

After the briefing, the Korea Exchange plans to finalize amending the derivatives

market regulation once a review process with the financial authorities has been

completed and to improve the system.

“A Capital Market Partner Adding to Customer Value”

II. Summary of the comprehensive management plan

Assortment Detail Anticipated Outcome

Risk

management

of algorithmic

trading

- Register the algorithmic trading

accounts to KRX

- Minimize the negative market

impacts due to abnormal

transactions by the algorithmic

trading errors

- Set the cumulative order quantity

limit

- Take advantage of ‘the Kill Switch’

- Operate the automated order

cancellation system

Excessive

order

management

- Restrict receiving excessive orders

- Secure the stability of the

exchange derivatives system

- Impose an extra service charge for

excessive orders

Risk

management

of the ex-post

customer

margin

account

- Increase the management level of

the risk exposure amount

- Reduce the risk that institutional

investors fail to fulfill their

settlement obligation to maintain

the ex-post customer margin

- Abolish the duty that requires the

maintenance customer margin in the

ex-post customer margin accounts

※ This booklet is prepared to assist the understanding of members on matters

related to order receipt and submission. It should be kept in mind that the contents

herein can change when the Business Regulations of KRX Markets are amended.

A. Risk management of algorithmic trading

1. Duty to register the algorithmic trading accounts to KRX

a. Current problem: It is nearly impossible for KRX to perform real-time monitoring

on every automated transaction or to detect traces of abnormal transactions in absence

of the information, members’ account information in algorithmic trading.

Currently, it is mandatory to register only the market making accounts of members and

the ex-post customer margin accounts to KRX.

b. Improvement: KRX becomes capable of shielding the market against the negative

market impacts, such as a technical glitch generated by abnormal orders due to the

algorithmic trading errors, by making use of the member-submitted account information

in algorithmic trading.

Definition of ‘algorithmic trade’: ‘algorithmic trade’ is the use of electronic platforms for

entering trading orders with an algorithm which executes pre-programmed trading

instructions whose variables may include timing, price, or quantity of the order, or in

many cases initiating the order without human intervention.

Members are strongly required to register the algorithmic trading accounts of their own

and their customers to KRX before placing an order.

* In regard to investors who trade on algorithms and manually at the same time, they are

also on duty to register their algorithmic trading accounts in advance.

* Members are asked to fill in extra information such as ‘process ID’ and ‘contact

information’ for emergency use in the registration process.

Within the extent of the registered algorithmic trading accounts, KRX is going to monitor

all transaction records to detect signs of abnormal orders through the monitoring system

under development.

In regard to members with the unregistered algorithmic trading accounts with over 20,000

daily orders, they are strongly advised to submit a statement to prove their non-

algorithmic trading action by the market closing time of the following day.

<Guideline of registering the algorithmic trading accounts>

Assortment Details

Applicant - Members

Object to

register

- All the derivatives accounts in use for algorithmic trading (Both

members’ and their customers’)

* According to the definition of ‘algorithmic trade’- ‘algorithmic trade’ is

the use of electronic platforms for entering trading orders with an

algorithm which executes pre-programmed trading instructions whose

variables may include timing, price, or quantity of the order, or in many

cases initiating the order without human intervention.

- It is required to report to KRX without delay whenever there is any

When to

report

change on the status of the algorithmic trading accounts as long as those

accounts are registered and valid for use.

* Members should report to KRX especially when they permanently close their

algorithmic trading accounts. By doing so the exchange derivatives system can

reduce burden of unnecessary workload.

How to

register

- It is required to input the information into the exchange derivatives

system using the member derivatives system (API method)

Registration

in details

Item to register Details

Account No. of the

algorithmic

trade accounts

-To provide members with ‘the Kill

Switch*’

Order process ID

in use for

The algorithmic

trading accounts

-To provide the function called ‘Cancel

on Disconnect**’

- Provided only if it is an exclusive

process

Contact Information of

The representative in charge

of algorithmic trading

- To make contact with the

representative without delay in

emergency

* Kill Switch: allocated to the account No. of the registered account

** Cancel on Disconnect: allocated to the registered order process ID

(Introduction of this function is subject to the test result from the Exture+

system under development)

- An additional account code for algorithmic trading will be added to the

current account code types.

Account code * Current account code types

→ Customer: 31, Member: 41,

Market Making: 42, Arbitrage& Hedge: 51

How to process

the code from

unregistered

accounts

- When the algorithmic trading account code appears from the

unregistered accounts while receiving orders, it is necessary to make

confirmation with the corresponding members.

→ It is not to be processed until members confirm the fact.

- When the non-algorithmic trading account code appears from the

registered accounts while receiving orders, it is necessary to make

confirmation with the corresponding members.

→ The registered accounts continuously remain algorithmic to KRX until

they are reported permanently closed to KRX.

Statement

submission

to prove

non-algorithmic

trading action

- KRX gives a notification to members who hold the unregistered

accounts with over 20,000 daily orders (except for “the trade on CME

Globex” and “the negotiated trade”) after the closing of trade.

- Members are required to submit a statement to prove their non-

algorithmic trading action by the market closing time of the following day.

→ Members should check with their customers from the very start to see

if those customers’ intention of opening an account matches with the

requirements of algorithmic trading accounts

2. Introduction of the cumulative order quantity limit

a. Current Problem: There exists the order quantity limit, but no safety net to put a

cap on the heavily accumulated orders caused by irregular duplication of individual

orders which comply with the quantity limit per contract though. (January 7th

, 2013).

* Ex) the order quantity limit for KOSPI 200 futures: 1,000 contracts

b. Improvement: Members should estimate and then input their cumulative order

quantity limit for their own and their customers’ ex-post margin accounts to curb orders

beyond the limit.

* The upfront initial customer margin accounts, quantities of which are already ceiled

due to adoption of the upfront initial customer margin, are exempted from adopting the

cumulative order quantity limit.

* An additional step for verifying the cumulative order quantity limit is newly added to

the existing steps for the verification by members (Regulation 65) and it goes equal for

both members and their customers.

* Members are entitled to set their own cumulative order quantity limit within the scope

of the fixed figures** to the long/short* as KRX stipulates.

* It is not easy to detect irregular repetition of the long/ short orders solely under the net

cumulative limit (Ex: 10,000 contracts of short futures + 10,000 contracts of long futures= 0)

** The cumulative order quantity limit is 7,500 Delta to the long/short for the ex-post customer

margin accounts of the algorithmic trading accounts, whereas it is 15,000 Delta to the long/short

for the ex-post customer margin accounts which are not in the category of the algorithmic trading

accounts.

* Investors, including members, are temporarily allowed to place mass orders beyond

the cumulative order quantity limit if they acquire an authorization from the department

of the risk management of their own to raise the limit for a short time.

* All records relevant to the case above should be kept in a secured storage.

<Guideline of the cumulative order quantity limit>

Assortment Details

Applicant

- Members

* It is way beyond the capability of the exchange derivatives system to estimate

every cumulative order quantity limit for all the derivatives accounts → each

system of members can share the burden

Applicable

product

- KOSPI 200 Futures (incl. spread), KOSPI 200 Options

* Expected to be gradually expanded to all products.

Object

to verify

- Members’ own accounts and the ex-post customer margin accounts

* The upfront initial customer margin accounts, quantities of which are already

ceiled due to adoption of the upfront initial customer margin, are exempted from

adopting the cumulative order quantity limit.

- It intends to verify the order quantities which are set to be placed during the

order receiving hours of the regular session

* “The trade on CME Globex” and “the negotiated trade” are not counted

- It is newly added to the existing verification by members

How to

verify

- Excessive orders over the cumulative order quantity limit will be

automatically dropped

- Members are entitled to set their own cumulative order quantity limit within

the scope of the fixed figures to the long/short as KRX stipulates.

- The cumulative order quantity limit is 7,500 Delta to the long/short for the

ex-post customer margin accounts of the algorithmic trading accounts

- The cumulative order quantity limit is 15,000 Delta to the long/short for the

ex-post customer margin accounts which are not in the category of the

algorithmic trading accounts.

- Investors, including members, are temporarily allowed to place mass orders

beyond the cumulative order quantity limit if they acquire an authorization

from the department of the risk management of their own to raise the limit for

a short time.

<Formula to calculate the cumulative order quantities>

Assortment Remarks

Long

∑(Order quantities from buying futures contracts +

Quantities of unmatched orders from buying futures

contracts)+

∑(Order quantities from futures SP + Quantities of

unmatched orders from futures SP)+

∑|(Order quantities of orders from buying call option +

Quantities of unmatched orders from buying call option)*

delta * the multiplier ratio|+

∑|(Order quantities from selling put option + Quantities of

unmatched orders from selling put option)* delta * the

multiplier ratio|

Short

∑(Order quantities from selling futures contracts +

Quantities of unmatched orders from selling futures

contracts)+

∑(Order quantities from futures SP + Quantities of

unmatched orders from futures SP)+

∑|(Order quantities from selling call option + Quantities of

unmatched orders from selling call option)* delta * the

multiplier ratio|+

∑|(Order quantities from buying put option + Quantities of

unmatched orders from buying put option)* delta * the

multiplier ratio|

* KRX provides “Delta” from the previous day for use of managing the open interest

limit

* The multiplier ratio= option trade multiplier/ futures trade multiplier

→ 1 for KOSPI 200 Products

3. Introduction of the Kill Switch

a. Current problem: The existing Exchange derivatives system does not allow

members to cancel a batch of unmatched orders or to shut down receiving orders per

account by one click. As a consequence, the system is potentially exposed to the huge

risk of failure to fulfill settlement because there is no fence to stay away from

algorithmic and systematic errors.

Assortment Current situation Problem

Order

cancellation

- Inconvenience to cancel* each

order in a separate way, not

allowing to cancel a batch of orders

at once

* The individual order No. is

required to cancel each order.

- The existing cancellation method

takes too long to cancel entire

unmatched orders if algorithmic traders

hold a multiple number of them.

Order

shut down

- The exchange is not capable of

shutting down receiving orders

from a particular account

* Yet, there is a way to block

receiving orders from a particular

member

- Unless abnormal orders are

immediately detected and taken care of,

it is unavoidable to skyrocket the size

of the loss due to the algorithmic

trading errors.

b. Improvement: ‘The Kill Switch’ is set out for use to enable members to cancel a

batch of orders by one-click and to shut down additional orders afterwards.

* Taking advantage of ‘the Kill Switch,’ members can make a quick response to an unintended,

abnormal order by the algorithmic trading errors and prepare not to repeat the unfortunate

accident that recently happened in January 7th, 2013.

<Guideline of the Kill Switch>

Assortment Details

Applicant

- Members should pass through the user-authentication process to access to the

application section for the Kill Switch

- KRX cannot initiate the Kill Switch without a request from its members

* It is very unlikely to discover irregular orders only with the partial information

about orders/ transactions

Applicable

object

- The algorithmic trading accounts in which an irregular activity, such as a

technical glitch or an error, arises.

- It cannot be initiated to the unregistered algorithmic trading accounts

* Due to the way the Kill Switch operates in the exchange system, it is strongly

required to register to KRX in advance.

- If the Kill Switch is in operation for every account, there arises risk to burden

the exchange system, in forms of system overload or system lag. For that

reason, only the registered algorithmic trading accounts to KRX are

covered for operation of the Kill Switch.

* Total No. of the algorithmic trading accounts: approx. 50 to 100

Total No. of the entire trade accounts: approx. 30,000 to 40,000

Operating

hour

During the order receiving hours of the regular session(08:00-15:15)

How to

apply

- Apply through the Member Derivatives System (API method) or the member

derivatives terminal

- When members input the account no. of their algorithmic trading accounts on

Application

process

details

the system, the registration process for the Kill Switch is completed.

- It is irrevocable once the application process has been completed.

* Members are responsible for initiating the kill switch, therefore should be careful

enough not to freeze the well-functioning accounts by mistake

Operation

process of

the Kill

Switch

- One stop process(①+②)

① Cancel a batch of unmatched orders from the account by one click

② Automatically shut down receiving orders from the account

* It saves the unnecessary inconvenience to cancel each unmatched order separately.

- It might look quite identical with the existing process to cancel an order when

it comes down to the entity who decides and proceeds the operation, but the

newly devised Kill Switch distinguishes itself from the existing as it cancels a

batch of orders at one time, not each order in a separate way.

Release of

the Kill

Switch

Operation

- It is possible to stop* the Kill Switch operation in 10 minutes from the

initiation.

* ‘Stop’ means to release an action of blocking receiving orders from the

corresponding account, getting the account back to the normal state.

- Initiating the Kill Switch should not be abused for the purpose of investment

strategies. To avoid such kind of abusive usage, it continues to stay active at

least 10 minutes for each time.

- The Kill Switch operation continues to be valid unless there is an official

request from members.(It goes on the following day and after if not)

4. The duty to operate the automated order cancellation system

a. Current Problem: According to the regulations of the Korea Exchange, there

exists no clause about mandating to operate the automated order cancellation system* in

the requirements** for the member derivatives system.

* The system serves to cancel each unmatched order automatically.

→ It is not yet mandatory to serve for the purpose above although there are some members,

the systems of whom are set to operate for that purpose above.

** Requirements of the member derivatives system

(Enforcement rule 117-3, Regulation 65, in the guidelines related to connection to

member derivatives system)

: It should serve to process the user authentication, protect customer’s information from

abuse, and confirm order details without delay, review order/transaction details, record

order history, reject to receive orders if necessary, verify suitability of an order, use a

separate and exclusive security device, and manage the member system directly, and so

on.

It becomes the first priority to come up with a contingency plan to cope with abnormal

orders for the time being until the next generation system ‘Exture+’ debuts.

* It is on schedule to introduce ‘Exture+’ in Feb, 2014

b. Improvement: KRX mandates each member to operate the automated order

cancellation system*.

* It is planned to be included in the requirements for the member derivatives system

(Enforcement Rules 117-3)

It is anticipated that it becomes possible to take care of any abnormal orders from

members’ accounts promptly by activating the Kill Switch* in cooperation with the

automated order cancellation system

* It will be provided around the time when the next generation system ‘Exture+’ comes out in

Feb, 2014

※ Comparison between the two systems

Assortment The automated order cancellation system The Kill Switch

From

member to

KRX

- Automate the existing process

- Input the order No. for cancellation

- Initiate the Kill Switch on a

particular account

- Input the account No.

Out of the

exchange

- Process each cancellation separately

(the current method to cancel an order)

- Process order cancellation in

a batch by one click

B. Excessive Order Management

1. Restriction on receiving excessive orders

a. Current problem: There exists no safety net to restrict on receiving excessive

orders, undermining the potential risk that the exchange derivatives system goes

through a critical technical glitch due to excessive orders accidentally submitted by

the algorithmic trading errors.

* It is currently applied to the night session of the KOSPI 200 futures

“Regulation 156-2, enforcement rules 164-2”: In case where the exchange derivatives

system has failed or is expected to fail due to influx of excessive order or it is necessary

for the market management, the Exchange may not accept a part or all orders placed by

the concerned member

AVG No. of orders for the previous 3 seconds > 750 orders

- Refuse to receive orders except those for cancellation

AVG No. of orders for the previous 3 seconds > 1,000 orders

- Refuse to receive all orders without exception

* It raises a concern about the system break-down due to influx of excessive orders under the

asynchronous Exture+ system which processes the higher volume of orders than the

current system does.

b. Improvement: It becomes possible to refuse acceptance of excessive orders in

case of the system break-down or the errors due to influx of excessive orders.

< Guideline for refusing to receive excessive orders>

Step Details

1

In case where it seems to go beyond the excessive order quantity limit

→ Members are obliged to control the interval of order submission immediately after

the exchange notifies them.

2 In case where it exceeds the excessive order quantity limit

→ The exchange refuse to receive orders from the corresponding account

3

In case where it seems to exceed the maximum order receipt limit of the entire exchange

derivatives system

→ The exchange immediately shuts down the whole trade operation for a particular

product for which excessive orders are submitted. (Ex: Index option)

→ Operation designed for the trading safety of members is scheduled to be in enforcement by the time

the development of the ‘Exture+’ system is completed.

2. Impose an extra service charge for excessive orders

a. Current Problem: Due to a large number of orders by algorithmic trading, it

simultaneously burdens the exchange derivatives system, consequently generating an

increasing number of the unmatched orders. Therefore, It is essential to avoid such

ineffectiveness and to impose* an extra service charge on excessive orders.

* It seems more reasonable that the member, who trades on a frequent basis within the

exchange derivatives system, pays more for maintenance of the system.

b. Improvement: KRX imposes an extra service charge on the accounts where appear

to put out excessive orders for the KOSPI 200 futures/ option products depending

on a degree of contribution to the exchange derivatives system.

<Brief guideline of imposing the service charge for excessive orders>

Assortment Details

Object

KOSPI 200 futures (incl. futures spread)/ option product

* except for “the trade on CME Globex” and “the negotiated trade”

The market making accounts are exempted if they belong to the market

making products

* It is not applicable for the KOSPI 200 futures/ option product since it is not in

the category of the market making products.

All accounts meeting the standards in both quantity and quality

① Quantity Standard: Total No. of orders per day≥ 20,000

② Quality Standard: The ratio, No. of orders: Trading Volume of orders, is

higher than 20:1 or 10:1 depending on the No. of orders

◆The accounts with No. of orders < 20,000 – Not Applied

◆The accounts with No. of orders ≥ 20,000

Imposing

standard

< 100,000

→ The ratio of the accounts ≥ 20:1 – Applied

◆The account with orders ≥ 100,000

→ The ratio of the accounts ≥ 10:1 – Applied

Assortment

No. of orders

Trading Volume of orders (Quality)

<10:1 10:1-20:1 ≥ 20:1 ∞

No. of

Orders

(Quantity)

<20,000 N/A N/A N/A N/A

20,000-

100,000

N/A N/A Applied Applied

≥100,000 N/A Applied Applied Applied

F

E

E

Amount The fixed cost, KRW 1,000,000 per month

For use Only for improvement of the exchange derivatives system

Payment A member, who receives a bill from the exchange on the transaction date (T-

day), should make payment within 2days (T+2) from the day.

C. Risk Management of the ex-post customer margin account

1. Increase the management level for the risk exposure amount

a. Current problem: It is urgent to raise the management level for the risk exposure

amount of the ex-post customer margin accounts, not to repeat committing the

very same accident caused by the algorithmic trading errors in January 7th

, 2013

* Originally, management for the risk exposure amount of the ex-post customer margin

account was first introduced in March 28th, 2011 to protect members from the risk of

failure to fulfill the settlement obligation after the option shock (November 11th, 2010)

arose.

Assortment Status Problem

Limit on the

risk exposure

amount

- Members are required to set the

risk exposure limit lower than 10

times of the total depository.

- The current level of the limit is too

high and broad to prevent the risk of

failure to fulfill the settlement

obligation when the algorithmic

trading errors arise.

Measurement

Over the limit

- Within an hour members should

request their customers to lower the

risk exposure amount voluntarily.

- If it is not settled yet, members

should balance the exceeding

amount by either applying the

upfront initial margin or performing

- It is currently given a certain

duration of time to resolve a problem

on their own for convenience of the

qualified institutional investors.

- However, it turns out ineffective in

deal with emergency quickly because

there exist the risks of delay and

an opposite transaction. abusive usage by some institutional

investors

b. Improvement: It is meant to increase the management level of the risk exposure

amount in the ex-post customer margin accounts by lowering and narrowing its

risk exposure limit and stopping receiving orders without delay.

Lower the risk exposure limit below 5 times of the total depository.

In case of the excess over the limit, it immediately blocks receiving orders from

customers without offering a time to settle down a problem on their own

- But, It is exceptionally allowed to receive orders to lower the risk exposure amount.

2. Abolish the duty that requires the maintenance customer margin in the

ex-post customer margin accounts

a. Current Problem: It needs to trim the way to find the customer margin of the ex-

post customer margin account so as not to provoke investors’ misunderstanding

because of its highly complicated method.

<Current method to find the customer margin of the ex-post customer margin accounts>

Object

The customer

margin

Deposit

Deadline

The domestic

qualified

institutional

investors

The foreign

qualified

institutional

investors

The account

with a new

trade on the

day*

Calculate and

apply the ex-post

customer

margin

Until 10 AM*** Open for trade Open for trade

From 10 AM Closed Closed unless it

is the public

holiday of

overseas banks

or submitted

with a copy of

the payment

instruction

The account

without a trade

or only with an

Calculate and

apply the

additional

Until 12 PM

Closed until the additional customer

margin is paid or the position is

From 12 PM

offsetting

trade**

customer margin closed out by reverse dealing

* Enforcement rules 146(Deposit of Ex-post Customer Margin), 148(-post Cash Deposit

Requirement)

** Enforcement rules 150(in Total Deposit), 151(Shortfall in Cash Deposit)

*** Anytime as members select prior to 10AM of the day or the following day

Status problem

Assortment by

characteristics of a

trade

- It is not clear enough to realize the benefit of dividing into the ex-

post/maintenance customer margin according to the types of orders

- It is not considered rational to adapt the ex-post customer margin to a

new trade from the investors holding a multiple number of the open

interests.

Level of

understanding

about the duty

- There arises a frequent dispute between members and institutional

investors because an order is not to be processed when the maintenance

customer margin is not enough. Most institutional investors

misunderstand that only the ex-post customer margin is adapted to the

ex-post customer margin accounts. But in fact, the maintenance

customer margin is adapted to it as well.

b. Improvement: For the ex-post customer margin accounts, only the ex-post

customer margin is applied, which means keeping the maintenance customer margin is

not required anymore.

The qualified institutional investors are only asked to pay the ex-post customer margin

by 10AM of the following day, minimizing confusion among members and investors.

It should be hardly burdensome since most of the qualified institutional investors retain

enough amounts of substitute securities more than the required margin.

< Modified way to find the customer margin of the ex-post customer margin accounts>

Object

The

Customer

margin

Deadline

The domestic

qualified

institutional

investors

The foreign qualified

institutional investors

All the ex-

post

customer

margin

accounts

Calculate

and apply

the ex-post

customer

margin

Until

10AM*

Open for trade Open for trade

From

10AM*

Closed Closed unless it is the public

holiday of overseas banks or

submitted with a copy of the

payment instruction

* Anytime as members select prior to 10AM of the day or the following day

“A Capital Market Partner Adding to Customer Value”

III. Future Plans

There will be an opportunity to share opinions in May, 2013

→ In May, 2013

<The scheduled enforcement dates of the management plan for algorithmic trading>

Assortment Detail The scheduled date

Risk

management

of

algorithmic

trading

- Register the algorithmic trading accounts to KRX Sep. 30th, 2013

- Set the cumulative order quantity limit Sep. 30th, 2013

- Take advantage of ‘the Kill Switch’

Feb. 3rd

, 2014

(The estimated

operational date of

‘Exture+’)

- Operate the automated order cancellation system Sep.30th, 2013

Excessive

order

management

- Restrict receiving excessive orders

Feb. 3rd

, 2014

(The estimated

operational date of

‘Exture+’)

- Impose an extra service charge for excessive orders Sep.30th, 2013

Risk

management

of the ex-

post

customer

margin

account

- Increase the management level of the risk exposure

amount

June. 24th, 2013

- Abolish the duty that requires the maintenance

customer margin in the ex-post customer margin

accounts

June. 24th, 2013