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SHANGHAI, June 14 (Reuters) - The Shanghai Stock Exchange (SSE) said on Friday it would closely monitor any abnormal trading patterns on its newly-launched Nasdaq-style tech board, in a bid to curb financial risks and protect investors interests.
China officially launched the STAR Market on Thursday, Shanghai's new tech board which was designed to give market forces a bigger role in setting stock prices.
But the country's top securities regulator Yi Huiman flagged the risk of short-term speculation and high volatilities when stocks start trading on the board.
There will be no daily limits for the first five days of trading in new stocks, compared with the existing 44 percent limit on other boards. In contrast to a 10% daily trading limit on other mainland exchange-run boards, stocks listed on the STAR Market are allowed to rise or fall by up to 20% a day.
SSE published rules on Thursday which it said were aimed at "preventing big market fluctuations, while maintaining market liquidity."
If stocks rise or fall more than 30%, or 60%, for the first time within a session, trading would be suspended for 10 minutes.
The rules also defined what SSE sees as serious abnormal fluctuations over 10, and 30 trading days.
The exchange said it will punish investors engaged in abnormal trading behaviors including fake bidding, pump and dump, and stock price manipulation. (Reporting by Samuel Shen and John Ruwitch; Editing by Elaine Hardcastle)