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docs: note minimum tick-size risk consideration for APAC equities #4115

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docs: note minimum tick-size risk consideration for APAC equities #4115

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50b71e2
docs: note TWSE tick-size granularity for APAC equities streams
Aug 27, 2026
5d08b03
docs: refine TWSE tick-size note per review feedback
Aug 27, 2026
883b3d5
docs: generalize tick-size note, add new-listing pre-open print note
Aug 27, 2026
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12 changes: 12 additions & 0 deletions src/content/data-streams/rwa-streams/apac-equities.mdx
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Expand Up @@ -80,6 +80,12 @@ Recommended approach: check `marketStatus` before evaluating freshness. If `mark

KRX-listed and TWSE-listed equities have no intraday break; KRX runs continuously from 09:00–15:20 KST (00:00–06:20 UTC), and TWSE runs continuously from 09:00–13:25 CST (01:00–05:25 UTC).

### Minimum tick size (Asian exchanges)

Certain Asian exchanges apply a minimum tick size that increases with an instrument's price. For TWD-denominated streams in particular, higher-priced instruments can exhibit more staggered, or seemingly exaggerated, tick-by-tick price movement in the base currency than lower-priced ones.

Aggregated data from underlying providers may or may not respect the instrument's tick size at the mid-price or bid-ask spread level. Protocols should use caution when setting risk parameters such as deviation thresholds, accounting for the rounding this can introduce on feeds with a non-trivial minimum tick size.

### Opening and closing auction prices

At the open of each session, prices may reflect the exchange's opening auction mechanism rather than continuous traded prices. Opening auctions concentrate deferred orders from the closed period into a single price discovery event, which can produce an opening price that deviates materially from the prior session's close. This is normal exchange behavior, not a data quality issue.
Expand All @@ -92,6 +98,12 @@ Protocols should account for session-open volatility by:
- Widening deviation thresholds or reducing position exposure during the first minutes of each session
- Avoiding liquidation triggers driven purely by price movement relative to the prior session's close

### Pre-open prints on new listings

On the morning a new instrument first lists, the stream may carry one or more prints at the issue price shortly before the exchange's opening call auction begins. These are pre-open reference prints disseminated by the exchange to establish a reference level ahead of price discovery — they are not executions, and `marketStatus` remains `5` (Closed) while they are published.

Do not treat these reference prints as tradable prices. Real price discovery begins with the opening call auction; wait for `marketStatus` to transition to `2` (Open) before acting on the resulting price.

### Exchange halts

Underlying markets may halt trading due to regulatory actions, news events, volatility controls, or operational issues. **These events are not explicitly reflected in the `marketStatus` field.**
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