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Dah Sing i-Securities Services Frequently Asked Questions
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| Trade ¡V Order Types |
| 1. |
What types of order are provided by i-Securities Services? |
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At present, i-Securities Services provides the following 4 types of orders
| i |
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. |
| ii |
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. |
| iii |
Enhanced Limit Order
An enhanced limit order will allow matching of up to 5 price queues (i.e. the best price queue and up to the 5th queue at 4 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 5 spreads (or more) below the current bid price whereas the buy order input price cannot be made at a price of 5 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.
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| iv |
Special Limit Order
A special limit order will allow matching of up to 5 price queues (i.e. the best price queue and up to the 5th queue at 4 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.
Any outstanding special limit order will be cancelled and will not be stored in the AMS/3.
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Note: The above definitions of order type are sourced from SHKE. Please refer to relevant web sites for the latest definition. |
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| 2. |
Can I place orders anytime? |
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You can place orders at the following times:
| Order type |
Service Time |
| At-auction Limit Order |
At-auction Orders placed before 9:45 a.m. will be processed in the Pre-Opening Session.
At-auction Orders placed in the period between 4:00 p.m. and 4:08 p.m. will be processed in the Closing Auction Session. |
| Limit Order, Enhanced Limit Order and Special Limit Order
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24-hours
Orders placed before 10:00 a.m. will be processed after 10:00 a.m. when the Continuous Trading Session begins.
*Orders placed during the lunch break session (12:30 p.m. ¡V 2:30p.m.) will be proceeded in the afternoon session
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There is no trading session on the eves of Christmas, New Year and Lunar New Year.
You can still place an order after the above trading sessions via i-Securities Services and your order will be processed on the next trading day.
Pre-opening session:
You can perform auction trading during Pre-opening Session and details are as follows:
| Time |
Closing Auction Session Status |
Order Type |
New Order |
Amend-ment |
Cancell-ation |
| 9:30a.m. - 9:45a.m. |
Order Input Period |
At-auction Limit Order |
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| 9:45a.m. - 9:50a.m. |
Pre-order Matching Period |
At-auction Limit Order |
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| 9:50a.m. - 9:58a.m. |
Order Matching Period |
At-auction Limit Order |
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| 9:58a.m. - 10:00a.m. |
Blocking Period |
At-auction Limit Order |
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Closing Auction Session:
You can perform auction trading during Closing Auction Session and details are as follows:
Normal Day Trading
| Time |
Closing Auction Session Status |
Order Type |
New Order |
Amend-ment |
Cancell-ation |
| 4:00p.m. - 4:08p.m. |
Order Input Period |
- At-auction Limit Order
- Limit Order
- Enhanced Limit Order |
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| 4:08p.m. - 4:10p.m. |
Pre-order Matching Period |
- At-auction Limit Order
- Limit Order
- Enhanced Limit Order |
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| 4:10p.m. ¡V completion of matching (variable end time) |
Order Matching Period |
- At-auction Limit Order
- Limit Order
- Enhanced Limit Order |
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Half Day Trading (e.g. Eves of Christmas, New Year, Lunar New Year)
| Time |
Closing Auction Session Status |
Order Type |
New Order |
Amend-ment |
Cancell-ation |
| 12:30p.m.- 12:38p.m. |
Order Input Period |
- At-auction Limit Order
- Limit Order
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Enhanced Limit Order |
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| 12:38p.m. ¡V 12:40p.m. |
Pre-order Matching |
- At-auction Limit Order
- Limit Order
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Enhanced Limit Order |
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| 12:40p.m. ¡V completion of matching (variable end time) |
Order Matching Period |
- At-auction Limit Order
- Limit Order
- Enhanced Limit Order |
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*For those Limit Orders or Enhanced Limit Orders which are queuing at the market and wholly or partly unmatched at the end of the Continuous Trading Session, they would be carried forward to the Closing Auction Session for auction trading.
*For those Limit orders which are not yet queuing at the market at the end of Continuous Trading session (e.g. order price outside 18 spreads with status ¡§Processing¡¨), they would not be carried forward to the Closing Auction Session for auction trading. |
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