House Accounts
SEC-BED Memorandum Circular No. 03-90 • Securities and Exchange Commission Departments • Markets and Securities Regulation Department (MSRD) • Feb 16, 1990
Full text
February 16, 1990 SEC-BED * MEMORANDUM CIRCULAR NO. 03-90 TO : Manila International Futures Exchange, Inc. Manila International Futures Clearing House, Inc. Commodity Futures Brokers/Merchants RE : House Accounts In order to further ensure fair trading in the commodity futures market, the Commission hereby mandates that: Trading of House Accounts shall not be used to manipulate the prices of commodities. The Manila International Futures Clearing House, Inc. shall report to the Commission on a daily basis all brokers whose daily house accounts transactions exceeded twenty percent (20%) of the total transactions for that day for each commodity market. Forthwith, the brokers concerned shall be asked to explain in writing why they should not be penalized if the Commission finds reason to believe that their transactions resulted in excessive price fluctuations. LexLib (SGD.) ROSARIO N. LOPEZ Chairman
Ask what this means for your situation
The assistant quotes the passage it relies on and links the source, so you can check every figure it gives you.