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Many markets have shortened trading hours, and others are mulling whether to follow suit.
Here are some of the measures taken by exchanges across the world so far:
ASIA
INDIA
** The Reserve Bank of India cut trading hours for bonds and foreign exchange to four hours between April 7 to 17
** India’s market regulator halved position limits for certain stock futures, restricted short-selling of index derivatives and raised margin rates for some shares in a bid to curb “abnormally high” volatility.
** The measures went into effect on March 23 and are set to continue for one month
PHILIPPINES
** On March 17, the Philippines became the first country to suspend trade only to reopen later that week after the government exempted financial trading platforms from a strict coronavirus quarantine procedures.
THAILAND
** The country revised its circuit breaker rules that will last until the end of June
** New rules will see a 8% drop trigger a 30-minute halt in trade; a 15% fall to initiate a 30-minute halt, while a 20% plunge will see it halted for an hour
SOUTH KOREA
** Earlier in March, South Korea tightened short-selling rules for three months from March 11
** Stocks with a sudden and abnormal increase in short-selling transactions will be suspended from further short-selling for 10 days, compared with a the current limit of one day
** Stocks on the KOSPI that drop 5% or more and where daily short-selling transactions are up by three or more times the average of the previous 40 days will be subject to the new rule
INDONESIA
** The country’s central bank and financial regulator to cut trading hours for the currency and stock markets
** The stock exchange tightened circuit breaker rules, where a more than 5% drop on its main stock index (JKSE) will see trading halted by 30 minutes, compared with the 10% previously
** If the index’s losses extend to 10% when trading resumes, it will be halted for a further half hour
** The exchange has also changed mechanisms for individual stock prices, and trading will now be halted if there is a 10% move, down from a previous 20-35%
** There is also a ban on short-selling: the exchange removed all stocks on a list where it was allowed until further notice
EUROPE
AUSTRIA
** The financial markets regulator banned short-selling on the Vienna stock exchange until April 18
GREECE
** The country’s securities regulator banned short-selling on the Athens stock exchange until April 24 to shield the equities market from volatility
ITALY
** From March 17, market regulator Consob suspended short-selling on the Milan stock market for three months.
SPAIN
** Imposed a one-month ban on short-selling, which it said could be extended.
FRANCE
** France banned short-selling on 92 stocks on March 17
TURKEY
** A ban on short selling has been in place in Turkey since late February following an air strike that killed dozens of Turkish troops
AFRICA
SOUTH AFRICA
** The Johannesburg Stock Exchange decided against shortening trading hours, but its head said JSE would strictly enforce rules prohibiting uncovered, or naked short-selling and lengthen the mandatory halts to trading circuit breakers.
MIDDLE EAST
UNITED ARAB EMIRATES
** Shares in the United Arab Emirates stock exchanges will be allowed to drop a daily maximum of 5% from their previous day closing price, state news agency WAM reported.
