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FAQ - Securities Trading
Haitong International clients can input At-Auction Limit Orders (ALO) between 7:00am and 9:15am; and Auction Orders (AO) between 7:00am and 9:20am to our electronic trading system via Online Securities Trading at Haitong International in every trade day. Client can also input Enhanced Limit Orders (ELO) between 7:00am and 9:28am. Those orders will be sent to market after 9:30am for matching. Hence, there is risk for those orders to be executed later than other orders sent after 9:30am.
- Haitong International Electronic Trading System facilitates 3 order types: At-Auction Limit Orders, Auction Orders and Enhanced Limit Orders during different time slots.
* At-Auction Orders and At-Auction Limit Orders will be accumulated in AMS/3 terminals for matching in Order Matching Period between 9:20am and 9:28am whereas Enhanced Limit Orders will be processed at 9:30 am upon market open.
An at-auction order is a market order where Haitong International clients can input between 7:00am and 9:20am during the order input and pre-order matching periods for the purpose of obtaining a single price auction in the pre-opening session. It has no specified price where the final price to be determined by Indicative Equilibrium Price (IEP) for matching. It enjoys a higher auction matching priority than the at-auction limit order with unmatched quantities to be cancelled automatically upon market opens at 9:30am
An IEP is calculated during the pre-opening session and serves as the market opening price for the corresponding security. An IEP will only be calculated if the highest bid price of the buy At-auction limit order is equal to or higher than the lowest ask price of the sell At-auction limit orders. If more than 1 price satisfies this criterion, the IEP shall be calculated according to rules specified by the HKEX. If there is no IEP, no order can be matched during the order matching period.
An IEV is the number of shares matched at IEP. Both IEP and IEV will be displayed for information.
Haitong International clients may enter order instructions from 7:00am of any trade day by specifying the order type on Online Securities Trading at Haitong International.
To input an At-Auction Order (AO), no specific price to be inserted and the final price will be determined by the Indicative Equilibrium Price (IEP). If there is no IEP calculated by the prices in ALO, no order will be matched in the pre-opening session.
To input an At-Auction Limit Order (ALO), a specific price has to be inserted. Please refer to above FAQ or Exchange's website for rules of ALO order placing. The order will be shown in broker queue and prices of ALO will affect the calculation of IEP and its subsequent order matching.
To input an Enhanced Limit Order (ELO), a specific price has to be inserted. For rules of order placing, please refer to the exchange's website. The order will be transmitted to and processed at AMS/3 system at 9:30 am upon market open.
Any unfilled Enhanced Limit Order (LO) will be put in queue as a Limit Order at the same price. Amendment to Enhanced Limit Buy / Sell Order can be made only at a price not higher than the best ask / a price not lower than the best bid prices or else the amendment will be rejected by the system.
Haitong International clients can only access and input ALO and AO before 9:15am and 9:20am respectively. Other order types will be rejected whereas clients can input Enhanced Limit Orders beginning from 9:15am.
The appropriate amount of funds will be held from securities account upon submission of orders.
No, Haitong International clients should carry out sell orders provided that they have sufficient number of shares.
Yes, Haitong International clients should ensure sufficient funds are available for placing any type of orders during the pre-opening session. During the pre-opening period, clients can make real-time funds deposits by “eDDA Fast Deposit (HKD)”. Please see the details of ePayment services.
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