Trading Particulars
Trading Time:
The Exchange is closed on Saturdays, Sundays and the observed holidays.
| Continuous Trading Session |
Morning Session: 9:30 a.m. to 12:00 noon |
| Afternoon Session: 1:00 p.m. to 4:00 p.m. |
|
Order Types during Pre-opening Session (POS):
| Trading Hours |
9:00-9:15 |
9:15-9:20 |
9:20-9:22 |
After 9:30
matching |
| Sessions |
Order Input Period |
Non-cancellation Period |
Random Matching Period |
Blocking Period
Unfilled at-auction limit orders will be carried forward to CTS as limit orders
|
| Price Limit |
±15% of previous closing price |
Lowest ask & highest bid |
| (For more information please refer to HKEX Website) |
| Order Type Allowed |
At-auction Order
At-auction Limit Order
|
| Action Allowed |
Input/Cancel/Amend |
Input |
|
HKEX Closing Auction Trading Period mechanism (CAS) :
Trading
Hours |
16:00-16:01 |
16:01-16:06 |
16:06-16:08 |
16:08-16:10 |
| Sessions |
Reference Price Pricing |
Order Input Period
|
Non-cancellation Period |
Random Closing Period |
| Order Type allowed |
None |
At-auction Order
At-auction Limit Order
|
| Price Limit |
None |
±15% of the reference price |
Lowest ask & highest bid |
| Action Allowed |
None |
Input/Cancel/Amend |
Input |
|
(*) Note: The actual closing time is randomly determined by the system. For more information please refer
to HKEX Website : https://www.hkex.com.hk/Global/Exchange/FAQ/Securities-Market/Trading/CAS?sc_lang=zh-HK#collapse-1
Pre-opening Session and Closing Auction Session :
| Order Types |
Description |
| 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. |
| 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 subject to availability of eligible matching order on the opposite side. 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 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 nine times or more from the nominal price or is one ninth or less of that price. Such orders will be put in the price queue of the input price. |
|
Continuous Trading Session:
| Order Types |
Description |
| 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. |
| 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. |
|
[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) session, unfilled at-auction limit orders will be carried forward to Continuous Trading Session (“CTS”) as limit orders. Upon the end of CTS, any outstanding orders within permissible price limit will be automatically carried forward from CTS to Closing Auction Trading Period (CAS) as at- Auction Limit order(ALO). If the at- Auction Limit order(ALO) still being unfilled during CAS, the orders will be cancelled.
*The above also applies to all enhanced limit orders (ELO) being placed within 0900-0920
Please click here to learn more about the HKEx trading mechanism and the description of HK stock order types
