[Friendly Reminder] Taiping Securities Trading System can accept clients placing orders beyond the trading hours. If clients place enhanced limit order (ELO), all the orders will be automatically sent to Stock Exchange until the pre-open session (09:20 am) as at- auction limit order(ALO). After matching(09:20-09:22), unfilled at-auction limit orders will be carried forward to CTS as limit orders.
Note 1: Order Types during Per-opening Session (POS)
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Trading Hours |
9:00 - 9:15 |
9:15 - 9:20 |
9:20 - 9:22 |
After 9:30 matching |
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Session |
Order Input Period |
Non-cancellation Period |
Radom Matching Period |
Blocking Period |
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Price Limit |
±15% of previous closing price |
Lowest ask & highest bid |
Unfilled at-auction limit orders will be carried forward to CTS as limit orders |
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(For more information please refer to HKEX Website) |
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Order Type Allowed |
At-auction Order |
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At-auction Limit Order |
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Action Allowed |
Input/Cancel/Amend |
Input |
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Note 2: Pre-opening Session and Closing Auction Session
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Order Types |
Description |
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At-auction Order |
An at-auction order is an order with no specified price. It enjoys a higher order matching priority than an at-auction limit order and will be matched in time priority at the final Indicative Equilibrium Price (IEP). Any outstanding at-auction orders after the end of the Pre-opening Session will be cancelled before the commencement of the Continuous Trading Session. |
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At-auction Limit Order |
An at-auction limit order is an order with a specified price. It will be matched in price and time priority at the final IEP. No at-auction limit order will be matched at a price worse than the final IEP. If an IEP cannot be determined during the Closing Auction Session, the Reference Price will serve as the price for matching. Any outstanding at-auction limit orders at the end of the Pre-opening Session will be carried forward to the Continuous Trading Session and treated as limit orders provided that the specified price of that at-auction limit order does not deviate 9 times or more from the nominal price. Such orders will be put in the price queue of the input price. |
Note 3: Continuous Trading Session
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Order Types |
Description |
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Limit Order |
A limit order will allow matching only at the specified price. The sell order input price cannot be made at a price below the best bid price, if available. Whereas the buy order input price cannot be made at a price above the best ask price, if available. Any outstanding limit order will be put in the price queue of the input price. |
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Enhanced Limit Order |
An enhanced limit order will allow matching of up to 10 price queues at a time provided that the traded price is not worse than the input price. The sell order input price cannot be made at a price of 10 spreads (or more) below the current bid price whereas the buy order input price cannot be made at a price of 10 spreads (or more) above the current ask price. Any outstanding enhanced limit order will be treated as a limit order and put in the price queue of the input price. |
