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Trading Arrangement & Order Placing

(A) Trading Hours

Hong Kong Stock Market

The Trading Hours of Hong Kong Stock Market is on Monday to Friday (excluding public holidays) at the following times:


Pre-opening Session 09:00 a.m. to 9:30 a.m.
Morning Session 9:30 a.m. to 12:00 noon
Afternoon Session 01:00 p.m. to 04:00 p.m.
Closing Auction Session 16:00 p.m. to 16:10 p.m.

There will be only half day trading on the eves of Christmas, New Year and Lunar New Year.

(B) Order Type

Pre-opening Session

Only at-auction and at-auction limit orders are accepted during the Pre-opening Session. The order price inputted should not deviate 9 times or more from the previous closing price or the nominal price (as the case may be), if available.

  • At-auction Order

    An at-auction order is an order with no specified price and is entered into the trading system for execution at the final Indicative Equilibrium Price (IEP). It enjoys a higher order matching priority than an at-auction limit order and will be matched in time priority at the final IEP.

    Any outstanding at-auction orders will be cancelled before the commencement of the Continuous Trading Session.
  • At-auction Limit Order

    An at-auction limit order is an order with a specified price. An at-auction limit order with a specified price at or more competitive than the final IEP (in case of buying, the specified price is equal to or higher than the final IEP, or in case of selling, the specified price is equal to or lower than the final IEP) may be matched at the final IEP. An at-auction limit order 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.

    Any outstanding at-auction limit orders 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.
Continuous Trading Session

Limit, enhanced limit and special limit orders are accepted during Continuous Trading Session as long as the order price inputted does not deviate 9 times or more from the nominal price, if available, and (ii) follows the quotation rules unless the restriction is waived.

  • 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.
  • Enhanced Limit Order

    An enhanced limit order will allow matching of up to 10 price queues (i.e. the best price queue and up to the 10th queue at 9 spreads away) 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.
  • Special Limit Order

    A special limit order will allow matching of up to 10 price queues (i.e. the best price queue and up to the 10th queue at 9 spreads away) at a time provided that the traded price is not worse than the input price. A special limit order has no restriction on the input price as long as the order input price is at or below the best bid price for a sell order or at or above the best ask price for a buy order.
Price Limits for the CAS

A two-stage price limit will be applied to control the price of limit orders which are either carried forward from the CTS to the CAS, or newly input during the CAS.


    Applicable session Scope of price limit
    Stage 1 Order Input Period ± 5% from reference price

    Stage 2
    No Cancellation Period

    Random Closing Period

    Within the lowest ask & highest

    bid at the end of Order Input Period as recorded at 16:06


  • Stage 1 price limit: applicable to the Order Input Period

    The price limit is set at ±5 per cent from the reference price.

    Outstanding orders within the permissible price limit (i.e. buy order <= upper limit and sell order >= lower limit), including short selling or market making orders, will be automatically carried forward from the CTS to the CAS. The AMS/3 system will treat all such orders as at-auction limit orders.

    Aggressive orders with price outside the permissible price limit (i.e. buy order > upper limit and sell order < lower limit) will be cancelled by AMS/3 system with an order cancellation message returned to the relevant Exchange Participant (EP). Passive orders with price outside the permissible price limit (i.e. buy order < lower limit and sell order > upper limit) will remain on the order book but will not be executed at the end of the CAS.

    At-auction orders and at-auction limit orders within the ± 5% of the reference price can be entered starting from the Order Input Period. An at-auction limit order that is input during the CAS and which has a limit price is outside the permissible price limit will be rejected by AMS/3 system.

    The Stage 1 price limit and the reference price will be disseminated to the market via OMD-C during reference price fixing period.

    In the rare case that no reference price can be determined for a CAS security, no price limit will be applied in the CAS for such security and all outstanding limit orders of the security will be carried over from the CTS to the CAS.


  • Stage 2 price limit: applicable to the No Cancellation Period and Random Closing Period between 16:06-16:10

    The price limit may be further tightened and is set at the highest bid and the lowest ask of the order book at the end of the Order Input Period as recorded at 16:06. This price limit will remain unchanged for the whole period of No Cancellation and Random Closing Periods.

    The Stage 2 price limit will be disseminated to the market via OMD-C at the beginning of No Cancellation Period.

    During the No Cancellation Period and Random Closing Period, the prices of newly input at-auction limit orders must be between the upper and lower limit of the Stage 2 price limit, and no orders can be amended or cancelled.

    In case only buy orders or only sell orders exist (or both do not exist) at the end of Order Input Period at 16:06, or the price of the best ask(bid)is higher (lower) than ±5% from the Reference Price, the Stage 2 price limit will simply be set at ± 5% from reference price (i.e. same as Stage 1).


  • 24 spreads and 9 times rule

    The price checking in relation to 24 spreads rule will not be applicable during the CAS; while the 9 times rule for at-auction limit order will be applicable as usual during the CAS.


  • Price warning

    The existing price warning mechanism (i.e. the optional warning message requirement broker reconfirmation when the input price is more than 20 spreads away from the nominal price) will be maintained in the CAS.


  • Order Types

    Only at-auction orders and at-auction limit orders may be input during the CAS and these order types can only be input starting from 16:01 (the beginning of the Order Input Period). All other order types, such as limit orders / enhanced limit orders /special limit orders /odd lots / special lots, will be rejected.

    Any new order input for non CAS securities during the CAS will also be rejected.


  • At-auction Order

    An at-auction order is an order with no specified price and is entered into AMS/3 system for execution at the securities’ closing price determined in the CAS. It enjoys a higher order matching priority than an at-auction limit order and will be matched in time priority at the closing price in the CAS.


  • At-auction Limit Order

    An at-auction limit order is an order with a specified price. An at-auction limit order with a specified price at or more competitive than the final IEP (i.e. closing price) (in case of buying, the specified price is equal to or higher than the closing price, or in case of selling, the specified price is equal to or lower than the closing price) may be matched at the closing price. An at-auction limit order may be matched in price and time priority at the closing price. No at-auction limit order will be matched at a price worse than its specified price.

    Order type cannot be amended via order modification function. If an EP wants to change the order type (from at-auction order to at-auction limit orders, or vice versa), they will need to cancel the original order and input a new order of another order type.

The HKEX will implement the on 22 August 2016 (Monday). If the price deviates more than a predefined percentage within a specific time frame, it will trigger a cooling-off period for five minutes. The detail information as below,

Cooling-off period

The 5-minute cooling-off period will trigged immediately when the potential trade price of a Volatility Control Mechanism security will be continuously checked against a dynamic price limit of based upon the reference price.

During the 5-minute cooling-off period, the Volatility Control Mechanism security can continue trading but will only be allowed to trade within a fixed price band (±10% from the reference price).


VCM applicable period VCM applicable period excluding
-Morning continuous trading session (CTS) -The first 15 minutes of morning trading session
-Afternoon continuous trading session -The first 15 minutes of afternoon trading session
-The last 15 minutes of the afternoon trading session
-The After-Hours Futures Trading session in the derivatives market

**After the cooling-off period, trading in the CTS will resume to normal. Since there will only be a maximum of one VCM trigger per VCM security per trading session, no further VCM price monitoring will be imposed on that VCM security after a cooling-off period for the remainder of that trading session.

Volatility Control Mechanism(VCM) Cover

The VCM will cover Hang Seng Index(HSI) and Hang Seng China Enterprise Index(HSCEI) constituent stocks ( as of 31 May 2016 there were 81 such stocks listed on the Stock Exchange of Hong Kong).

More detail on HKEX website: http://www.hkex.com.hk/cas/en/index.htm

(C) Order Placing

Client can place order via phone, Internet or our Account Executive or client can come in person to our head office or branches to place order;


i) Order placed through telephone

If Client place order via phone to our Account Executive or dealing staff, please clearly state whether it is a buy or sell order, the stock name and code, price and quantity of stock to be bought or sold. In order to protect your interest, our Account Executive or dealing staff will confirm the order details with you and check your account status (e.g. whether sufficient stock or cash is available, whether the price is deviated too much from the market price). Orders will be sent out to the trading system of the Exchange for matching and orders only be valid until the end of the last trading session of that trading day (i.e. good till the day only). Any outstanding orders or quantities will be cancelled.

Trading hotlines:

Head Office: (852) 3420-1417

ii) Order placed through Internet

  1. Please read the On-line securities Trading system User Guideline before conduct Internet trade. Clients can place orders at any time during the trading hours. For security purpose, clients have to input the trading password to confirm trading orders and amendments of trading orders.
  2. Even if clients have chosen to use the Internet trading service, clients can always place orders by calling our trading hotlines. The commission will be calculated according to the channel of the order placing.
  3. Clients cannot sell physical stocks through the Internet trading platform. Clients who would like to sell physical stocks through the Internet trading platform have to deposit the share certificate(s) with our head office or branches and wait for 14 working days for the relevant registry to confirm the identity of the share certificate prior to trading. For enquiry, please call our settlement department at (852) 3420-1006.

(D) Order Confirmation

All orders received will be acknowledged and confirmed via phone, Internet or physical delivery of the copy of the dealing ticket.

* The above information is for reference only and subject to change without prior notice.