hkex
Differences
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| hkex [2017/11/16 14:18] – maya | hkex [2024/02/21 10:21] (current) – hammed | ||
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| HKEX is the primary stock exchange in Hong Kong. | HKEX is the primary stock exchange in Hong Kong. | ||
| - | [[http:// | + | [[https:// |
| Currency: Hong Kong Dollar (HKD) | Currency: Hong Kong Dollar (HKD) | ||
| - | [[http:// | + | [[https:// |
| - | [[http:// | + | [[https:// |
| - | + | ||
| - | + | ||
| - | ====Trading Summary ==== | + | |
| - | + | ||
| - | Information on the HKEX trading infrastructure can be found on the [[http:// | + | |
| ==== Order Types ==== | ==== Order Types ==== | ||
| Line 20: | Line 15: | ||
| ==== Basic Market Rules ==== | ==== Basic Market Rules ==== | ||
| - | * Lot Size: set at the security level, with lot sizes listed on the [[http:// | + | * Lot Size: set at the security level. |
| - | * Tick Size: varies with price as defined in the Second Schedule of the [[http:// | + | * Tick Size: varies with price: |
| ^ Price Range ^ Tick Size ^ | ^ Price Range ^ Tick Size ^ | ||
| Line 36: | Line 31: | ||
| | Over 5,000.00 to 9,995.00 | 5.000 | | | Over 5,000.00 to 9,995.00 | 5.000 | | ||
| - | * Short Sale Rules: naked short selling is prohibited and short sell orders must be properly marked. For more information, | + | * Short Sale Rules: naked short selling is prohibited and short sell orders must be properly marked. For more information, |
| - | * Circuit Breakers: HKEX limits order entry to prices +/- 25 spreads from the nominal price, and a maximum order size of 3000 round lots. For addition details on the mechanisms monitoring price movements, see the [[http:// | + | * Circuit Breakers: HKEX limits order entry to prices +/- 25 spreads from the nominal price, and a maximum order size of 3000 round lots. For addition details on the mechanisms monitoring price movements, see the [[https:// |
| ==== Auction Mechanisms ==== | ==== Auction Mechanisms ==== | ||
| + | |||
| === Open === | === Open === | ||
| + | |||
| The pre-opening session is as follows: | The pre-opening session is as follows: | ||
| Line 49: | Line 47: | ||
| **Order Input Period**\\ | **Order Input Period**\\ | ||
| - | During the order input period, auction orders | + | During the order input period, |
| **Pre-Order Matching Period**\\ | **Pre-Order Matching Period**\\ | ||
| - | During the pre-order matching period, only at-auction orders | + | During the pre-order matching period, only at-auction orders |
| **Order Matching Period**\\ | **Order Matching Period**\\ | ||
| - | During the order matching period, | + | During the order matching period, |
| **Blocking Period**\\ | **Blocking Period**\\ | ||
| - | During the blocking period, the system shall be static for transition from the pre-opening | + | During the blocking period, |
| + | |||
| + | The information of the trades concluded by OTP-C during the order matching period will be disseminated to Exchange Participants and information vendors. | ||
| === Close === | === Close === | ||
| Line 66: | Line 66: | ||
| During the Reference Price fixing period, a Reference Price, which sets the allowable upper and lower price limits of the closing auction session (±5 per cent from the Reference Price), is calculated for each security that will have a Closing Auction Session. | During the Reference Price fixing period, a Reference Price, which sets the allowable upper and lower price limits of the closing auction session (±5 per cent from the Reference Price), is calculated for each security that will have a Closing Auction Session. | ||
| - | During the order input period, at-auction orders and at-auction limit orders within the ±5 per cent price limit can be entered, amended or cancelled. | + | During the order input period, at-auction orders and at-auction limit orders within the ±5 per cent price limit can be entered, amended, or cancelled. |
| During the no-cancellation period, prices of new at-auction limit orders must be between the lowest ask and highest bid of the order book, and no orders can be amended or cancelled. | During the no-cancellation period, prices of new at-auction limit orders must be between the lowest ask and highest bid of the order book, and no orders can be amended or cancelled. | ||
| - | During the random closing period, the order rules from the no-cancellation period apply and the market closes randomly within two minutes. | + | During the random closing period, the order rules from the no-cancellation period apply and the market closes randomly within two minutes. After the random closing period, orders for all CAS securities are matched at the final IEP. In cases where final IEP cannot be established during the CAS, the Reference Price will be treated as the final IEP for order matching and will become the closing price of the CAS security. Order matching is based on order type, price, and then time priority (at-auction orders carry a higher matching priority). |
| **Auction Periods** | **Auction Periods** | ||
| - | 1. **Continuous Trading** (09:30 - 16:00) | + | 1. **Pre-Opening Session** (09: |
| + | |||
| + | In order to prevent potential wash trades from occurring on the market, Real Trading will have some restrictions on order entry during this session, as follows: | ||
| + | |||
| + | * Limit orders which would not lock/cross existing orders on our platform will be accepted. | ||
| + | * Limit orders which would lock/cross existing orders on our platform will be rejected with the error " | ||
| + | * All market orders will be rejected. | ||
| + | |||
| + | 2. **Continuous Trading** (09:30 - 16:00) | ||
| * Regular matching rules | * Regular matching rules | ||
| * Orders may be entered, amended, or cancelled | * Orders may be entered, amended, or cancelled | ||
| - | 2. **Closing Auction Session** (16:00:00 - 16:05:45) | + | 3. **Closing Auction Session** (16:00:00 - 16:05:45) |
| * Only orders on eligible securities may be sent | * Only orders on eligible securities may be sent | ||
| - | * Eligible | + | * A list of eligible |
| + | |||
| + | 4. **Closing Print** (random between 16:08:00 and 16:10:00) | ||
| - | 3. **Closing Print** (random between 16:08:00 and 16:10:00) | ||
| * Only orders on eligible securities may apply | * Only orders on eligible securities may apply | ||
| - | * Eligible securities lists: [[http:// | ||
| **Order Types:** Limit Order with TIF set to DAY and Market Order with TIF set to DAY. | **Order Types:** Limit Order with TIF set to DAY and Market Order with TIF set to DAY. | ||
| - | For more information on the auction mechanisms on the Hong Kong Stock Exchange, see the [[http:// | + | For more information on the auction mechanisms on the Hong Kong Stock Exchange, see the [[https:// |
| ===== Additional Info ===== | ===== Additional Info ===== | ||
| - | Hong Kong [[http:// | + | Certain |
| ===== See Also ===== | ===== See Also ===== | ||
| * [[market_guides|Market Guides]] | * [[market_guides|Market Guides]] | ||
| - | |||
hkex.1510859903.txt.gz · Last modified: 2017/11/16 14:18 by maya