Regulatory Alerts2017-10-23
Treatment of Block Transactions and Orders with Size Greater Than or Equal to Normal Block Transaction Size
The Algerian Stock Market Organization and Supervision Commission (COSOB) issued a joint note to Stock Exchange Intermediaries and judicial officials to clarify the application of Article 104 of Regulation No. 97-03. The document defines a block transaction as requiring both a volume equal to or exceeding the normal block size and a prior agreement between buyer and seller intermediaries. It further specifies that block transaction authorization does not mandate off-exchange execution, allowing parties to instead submit orders to the central order book if they do not seek off-exchange advantages.
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