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Order Types - US

 

1. Limit Orders

Limit orders need to specify the transaction price, and will only be executed when the market hits the specified price or better. Trading at a better price means that the shares are traded at a price lower than the limit price when being purchased or at a price higher than the limit price when being sold.

Available trading hours: 4:00 a.m. - 8:00 p.m. (EST)

Supported order validity: Rest-of-day/Good-till-canceled/Good-till-date

 

2. Market Order

In the case of a market order, the order quantity, rather than the price, must be specified. The order will be submitted at a price higher than the current market price in an effort to ensure that the order can be fully executed at the market price.

Available trading hours: 9:30 a.m. - 4:00 p.m. (EST)

Supported order validity period: Rest-of-day

 

Due to the limited market liquidity during pre-market and after-hours sessions, prices may fluctuate greatly; as a result, market orders are only issued after the opening of a normal trading session.

 

3. Buy if Touched

A trigger price must be set for buy if touched orders. When the market price hits the trigger price, the system is required to submit the price (market price/limit price), quantity and other parameters relating to the buy order.

Supported order validity: Rest-of-day/Good-till-canceled/Good-till-date

 

4. Sell if Touched

A trigger price must be set for sell if touched orders. When the market price hits the trigger price, the system is required to submit the price (market price/limit price), quantity and other parameters relating to the sell order.

Supported order validity: Rest-of-day/Good-till-canceled/Good-till-date

 

5. Trailing to Buy

Trailing to buy orders require that a certain price fluctuation value or price limit be set with respect to price rebounds from the lowest point after the order is placed. When the current market price fluctuation is triggered, the system is required to submit the order spread, quantity and other parameters relating to the buy order.

Supported order validity: Rest-of-day/Good-till-canceled/Good-till-date

 

6. Trailing to Sell

Trailing to sell orders require that a certain price fluctuation value or price limit be set with respect to price drops from the highest point after the order is placed. When the market price fluctuation is triggered, the system is required to submit the order spread, quantity and other parameters relating to the sell order.

Supported order validity: Rest-of-day/Good-till-canceled/Good-till-date

 

协议及声明

Order Types - US

 

Except for public holidays and the market closure due to bad weather, the Hong Kong stock market generally trades from Monday to Friday. The trading hours are as follows:
 

1. Pre-open Period

Time period

Trading Rules

Enter order 9:00-9:15

Submit, modify, and cancel auction market orders and auction limit orders

Non-cancellable 9:15-9:20

Only at-auction market orders and at-auction limit orders can be submitted, and orders cannot be withdrawn or modified

Random match period 9:20-9:22 (match will start randomly at 9:20-9:22 at the final reference equilibrium price)

Conduct matchmaking during auction period

Pause period, from random match period ends to 9:30

At-auction order: Incomplete order will be cancelled by the system; At-auction limit order: If the input price range of an incomplete order does not deviate from the nominal price by nine times or more, it will be converted to a limit order and automatically transferred to the continuous trading session

 

2. Continuous Trading Hours

Time period

Beijing Time

Morning market

9:30-12:00

Closed at noon

12:00-13:00

Afternoon market

13:00-16:00

Note: Order modification is not allowed during the closed at noon, and cancellation is allowed during 12:30 - 13:00.

 

3. Closing Auction Trading Session

Time period

Trading Rules

Closing auction period 16:00-16:01      

Calculate and publish reference price; orders cannot be submitted

Enter order 16:01-16:06

You can submit, modify, and cancel at-auction market orders and auction limit orders. The price limit of auction limit orders shall not exceed ±5% of the reference price

Non-cancellable 16:06-16:08

At-auction market orders and at-auction limit orders can be submitted, and cannot be cancelled or changed; the input price of at-auction limit orders must be between the lowest selling price and the highest bidding price

Random closing 16:08-16:10

At random closing time, at-auction market orders and at-auction limit orders can still be submitted, and cannot be cancelled or changed; the input price of auction limit orders must be between the lowest selling price and the highest bidding price