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Order Types - HK

 

1. Order Types

 

1. Enhanced Limit Orders (ELO)

A limit order with a specified price that is suitable for continuous trading sessions. It can be matched with up to 10 queues at a time. The ask price can be 9 spreads lower than the best bid price. The input bid price can be 9 spreads higher than the best ask price; after matching, any quantity not executed will be converted to a general limit order at the specified limit price originally input and stored in the queue at the input price.

 

2. Market Order (MO)

A market order without a specified price is applicable to continuous trading sessions. The executed price of a market order is not guaranteed, and it may be executed at any price. After matching, any quantity that is not executed will be directly canceled by the system.

 

3. At-Auction Limit Order (ALO)

A limit order with a specified price that is applicable to morning call auction sessions and closing call auction sessions. Orders of this type submitted during sessions other than those above will be temporarily stored in the system in the form of parked orders and placed during the next call auction session. If order matching has been completed, but the order cannot be fully matched, the unmatched quantity will be converted into the applicable order type and carried over to the next applicable session, and will remain on the market until matched and executed.

 

4. At-Auction Order (AO)

A market order without a specified price that is applicable to morning call auction sessions and closing call auction sessions, and enjoys a higher matching priority than at-auction limit orders. Orders of this type submitted during sessions other than those above will be temporarily stored in the system in the form of parked orders and placed during the next call auction session. Any at-auction order not matched after matching has been completed will be automatically canceled.

 

5. 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

 

6. 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

 

7. 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

 

8. Trading 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.

 

 

2. Cancellation and invalidation

Cancellation and invalidation are two different order operations, among which:

(1) Order Cancellation

After the order is "cancelled", the uncompleted order will be directly cancelled from the exchange matching queue. If the customer needs to place an order again, the order price and quantity need to be re-entered.

(2) Invalidation

After the order is "invalid", the unfilled order will be directly withdrawn from the exchange matching queue. The invalidation operation is a menu used by high-frequency traders or investors who have high requirements for operation speed, which can facilitate customers to quickly suspend/resubmit orders according to changes in market conditions.

协议及声明

Order Types - HK

 

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