Limited Trading of House Accounts
SEC-BED Memorandum Circular No. 01-90 • Securities and Exchange Commission Departments • Markets and Securities Regulation Department (MSRD) • Jan 8, 1990
Full text
January 8, 1990 SEC-BED * MEMORANDUM CIRCULAR NO. 01-90 TO : Manila International Futures Exchange Manila International Futures Clearing House Commodity Futures Brokers/Merchants RE : Limited Trading of House Accounts WHEREAS, excessive trading of the house accounts influences price fluctuations of commodities; WHEREAS, there was prevalence of trading of the house accounts over clients' accounts of the commodity futures brokers; WHEREAS, a number of complaints have been received by the Commission that the excessive trading of the house accounts adversely affects the trading of client accounts; WHEREFORE, the Commission, in the exercise of its powers of supervision and control over the commodity futures industry hereby mandates that henceforth, the per session transaction of a commodity futures broker's house accounts shall not exceed twenty percent (20%) of its total transaction in that session. (SGD.) ROSARIO N. LOPEZ Chairman
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