Trading

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alt="CSR" class="menu_external_icon"> </div> </a> </div> <div class="menu_container_in"> <a href="https://www.hkexgroup.com/Media-Centre?sc_lang=en" title="Media Centre" target="_blank" class="menu_btn_container w-inline-block"> <div class="menu_btn market_small"> <div>Media Centre</div> <img src="/assets/images/market/header_popup.png" alt="Media Centre" class="menu_external_icon"> </div> </a> </div> <div class="menu_container_in"> <a href="https://www.hkexgroup.com/about-hkex/careers-at-hkex?sc_lang=en" title="Careers" target="_blank" class="menu_btn_container w-inline-block"> <div class="menu_btn market_small"> <div>Careers</div> <img src="/assets/images/market/header_popup.png" alt="Careers" class="menu_external_icon"> </div> </a> </div> </div> <div class="menu_container_in market_site_small"> <div class="menu_btn_container"> <div class="menu_btn market_small"> <div>Related Sites: LME</div> </div><img src="/assets/images/market/header_tri.png" class="menu_btn_arrow"> </div> <div class="menu_container_in"> <a href="http://www.hkexgroup.com/" title="HKEX Group" target="_blank" class="menu_btn_container w-inline-block"> <div class="menu_btn market_small"> <div>HKEX Group</div> <img src="/assets/images/market/header_popup.png" alt="HKEX Group" class="menu_external_icon"> </div> </a> </div> <div class="menu_container_in"> <a href="https://www.lme.com/" title="LME" target="_blank" class="menu_btn_container w-inline-block"> <div class="menu_btn market_small"> <div>LME</div> <img src="/assets/images/market/header_popup.png" alt="LME" class="menu_external_icon"> </div> </a> </div> <div class="menu_container_in"> <a href="https://www.chinabondconnect.com/en/index.html" title="Bond Connect" target="_blank" class="menu_btn_container w-inline-block"> <div class="menu_btn market_small"> <div>Bond Connect</div> <img src="/assets/images/market/header_popup.png" alt="Bond Connect" class="menu_external_icon"> </div> </a> </div> <div class="menu_container_in"> <a href="https://www.qme.com/zh-hans" title="QME" target="_blank" class="menu_btn_container w-inline-block"> <div class="menu_btn market_small"> <div>QME</div> <img src="/assets/images/market/header_popup.png" alt="QME" class="menu_external_icon"> </div> </a> </div> <div class="menu_container_in"> <a href="http://www.hkexnews.hk/" title="HKEXnews" target="_blank" class="menu_btn_container w-inline-block"> <div class="menu_btn market_small"> <div>HKEXnews</div> <img src="/assets/images/market/header_popup.png" alt="HKEXnews" class="menu_external_icon"> </div> </a> </div> <div class="menu_container_in"> <a href="/Join-Our-Market/IPO/GEM?sc_lang=en" title="GEM" target="_blank" class="menu_btn_container w-inline-block"> <div class="menu_btn market_small"> <div>GEM</div> </div> </a> </div> <div class="menu_container_in"> <a href="https://www.cesc.com/en/index.html" title="CESC" target="_blank" class="menu_btn_container w-inline-block"> <div class="menu_btn market_small"> <div>CESC</div> <img src="/assets/images/market/header_popup.png" alt="CESC" class="menu_external_icon"> </div> </a> </div> <div class="menu_container_in"> <a href="/Join-Our-Market/Sustainable-Finance/HKEX-STAGE?sc_lang=en" title="Sustainable & Green Exchange (STAGE)" target="_self" class="menu_btn_container w-inline-block"> <div class="menu_btn market_small"> <div>Sustainable & Green Exchange (STAGE)</div> </div> </a> </div> <div class="menu_container_in"> <a href="https://connect.hkex.com.hk" title="Client Connect" target="_blank" class="menu_btn_container w-inline-block"> <div class="menu_btn market_small"> <div>Client Connect</div> <img src="/assets/images/market/header_popup.png" alt="Client Connect" class="menu_external_icon"> </div> </a> </div> </div>  <div class="header_right_down_market_act_mobile_container"> <a href="#" class="menu_small_btn market_act w-inline-block" title="Latest Market Data" > <div>Latest Market Data</div> <img src="/assets/images/market/header_tri.png" class="menu_btn_arrow"> </a> </div>   <div class="menu_container_in _1st "> <div class="menu_btn_container"> <a href="#" Title="Our Products" target="_self" class=""> <div class="menu_btn _1st"> <div> Our Products </div> </div></a><img src="/assets/images/market/header_tri.png" class="menu_btn_arrow _1st"> </div> <div class="menu_container_in _2nd"> <div class="menu_btn_container"><a href="#" Title="Securities" target="_self" class=""> <div class="menu_btn"> <div>Securities</div> </div></a> <img src="/assets/images/market/header_tri.png" class="menu_btn_arrow"> </div> <div class="menu_container_in"> <a href="/Products/Securities/Equities?sc_lang=en" Title="Equities" target="_self" class="menu_btn_container w-inline-block"> <div class="menu_btn"> <div>Equities</div> </div> <div class="menu_btn_arrow_right"></div> </a> </div> <div class="menu_container_in"> <a href="/Products/Securities/Exchange-Traded-Products/Overview?sc_lang=en" Title="Exchange Traded Products" target="_self" class="menu_btn_container w-inline-block"> <div class="menu_btn"> <div>Exchange Traded Products</div> </div> <div class="menu_btn_arrow_right"></div> </a> </div> <div class="menu_container_in"> <a href="/Products/Securities/Structured-Products/Overview?sc_lang=en" Title="Structured Products" target="_self" class="menu_btn_container w-inline-block"> <div class="menu_btn"> <div>Structured Products</div> </div> <div class="menu_btn_arrow_right"></div> </a> </div> <div class="menu_container_in"> <a href="/Products/Securities/Real-Estate-Investment-Trusts?sc_lang=en" Title="Real Estate Investment Trusts" target="_self" class="menu_btn_container w-inline-block"> <div class="menu_btn"> <div>Real Estate Investment Trusts</div> </div> <div class="menu_btn_arrow_right"></div> </a> </div> <div class="menu_container_in"> <a href="/Products/Securities/Debt-Securities?sc_lang=en" Title="Debt Securities" target="_self" class="menu_btn_container w-inline-block"> <div class="menu_btn"> <div>Debt Securities</div> </div> <div class="menu_btn_arrow_right"></div> </a> </div> </div> <div class="menu_container_in _2nd"> <div class="menu_btn_container"><a href="#" Title="Listed Derivatives" target="_self" class=""> <div class="menu_btn"> <div>Listed Derivatives</div> </div></a> <img src="/assets/images/market/header_tri.png" class="menu_btn_arrow"> </div> <div class="menu_container_in"> <a href="/Products/Listed-Derivatives/Equity-Index/Hang-Seng-Index-(HSI)/Hang-Seng-Index-Futures?sc_lang=en" Title="Equity Index" target="_self" class="menu_btn_container w-inline-block"> <div class="menu_btn"> <div>Equity Index</div> </div> <div class="menu_btn_arrow_right"></div> </a> </div> <div class="menu_container_in"> <a href="/Products/Listed-Derivatives/Single-Stock/Stock-Futures?sc_lang=en" Title="Single Stock" target="_self" class="menu_btn_container w-inline-block"> <div class="menu_btn"> <div>Single Stock</div> </div> <div class="menu_btn_arrow_right"></div> </a> </div> <div class="menu_container_in"> <a href="/Products/Listed-Derivatives/Foreign-Exchange/USD-CNH-Futures?sc_lang=en" Title="Foreign Exchange" target="_self" class="menu_btn_container w-inline-block"> <div class="menu_btn"> <div>Foreign Exchange</div> </div> <div class="menu_btn_arrow_right"></div> </a> </div> <div class="menu_container_in"> <a href="/Products/Listed-Derivatives/Interest-Rate/Three-Months-HIBOR-Futures?sc_lang=en" Title="Interest Rate" target="_self" class="menu_btn_container w-inline-block"> <div class="menu_btn"> <div>Interest Rate</div> </div> <div class="menu_btn_arrow_right"></div> </a> </div> <div class="menu_container_in"> <a href="/Products/Listed-Derivatives/Commodities/USD-Gold?sc_lang=en" Title="Commodities" target="_self" class="menu_btn_container w-inline-block"> <div class="menu_btn"> <div>Commodities</div> </div> <div class="menu_btn_arrow_right"></div> </a> </div> </div> <div class="menu_container_in _2nd"> <div class="menu_btn_container"><a href="#" Title="OTC Derivatives" target="_self" class=""> <div class="menu_btn"> <div>OTC Derivatives</div> </div></a> <img src="/assets/images/market/header_tri.png" class="menu_btn_arrow"> </div> <div class="menu_container_in"> <a href="/Products/OTC-Derivatives/Eligible-OTC-Clear-Products?sc_lang=en" Title="Eligible OTC Clear Products" target="_self" class="menu_btn_container w-inline-block"> <div class="menu_btn"> <div>Eligible OTC Clear Products</div> </div> <div class="menu_btn_arrow_right"></div> </a> </div> <div class="menu_container_in"> <a href="/Products/OTC-Derivatives/Interest-Rate-Swaps?sc_lang=en" Title="Interest Rate Swaps" target="_self" class="menu_btn_container w-inline-block"> <div class="menu_btn"> <div>Interest Rate Swaps</div> </div> <div class="menu_btn_arrow_right"></div> </a> </div> <div class="menu_container_in"> <a href="/Products/OTC-Derivatives/Non-Deliverable-Forwards?sc_lang=en" Title="Non Deliverable Forwards" target="_self" class="menu_btn_container w-inline-block"> <div class="menu_btn"> <div>Non Deliverable Forwards</div> </div> <div class="menu_btn_arrow_right"></div> </a> </div> <div class="menu_container_in"> <a href="/Products/OTC-Derivatives/Cross-Currency-Swaps?sc_lang=en" Title="Cross Currency Swaps" target="_self" class="menu_btn_container w-inline-block"> <div class="menu_btn"> <div>Cross Currency Swaps</div> </div> <div class="menu_btn_arrow_right"></div> </a> </div> <div class="menu_container_in"> <a href="/Products/OTC-Derivatives/Deliverable-FX?sc_lang=en" Title="Deliverable FX" target="_self" class="menu_btn_container w-inline-block"> <div class="menu_btn"> <div>Deliverable FX</div> </div> <div class="menu_btn_arrow_right"></div> </a> </div> </div> <div class="menu_container_in _2nd"> <a href="/Products/Find-a-Partner?sc_lang=en" Title="Find a Partner" target="_self" class="menu_btn_container w-inline-block"> <div class="menu_btn"> <div>Find a Partner</div> </div> <div class="menu_btn_arrow_right"></div> </a> </div> <div class="menu_container_in _2nd"> <a href="/Products/Listed-Derivatives/Equity-Index/MSCI-Indexes/MSCI-Indexes?sc_lang=en" Title="MSCI Index Futures & Options" target="_self" class="menu_btn_container w-inline-block"> <div class="menu_btn"> <div>MSCI Index Futures & Options</div> </div> <div class="menu_btn_arrow_right"></div> </a> </div> <div class="menu_container_in _2nd"> <a href="https://www.hkex.com.hk/stage" Title="HKEX Sustainable & Green Exchange" target="_blank" class="menu_btn_container w-inline-block"> <div class="menu_btn"> <div>HKEX Sustainable & Green Exchange</div> </div> <div class="menu_btn_arrow_right"></div> </a> </div> </div> <div class="menu_container_in _1st "> <div class="menu_btn_container"> <a href="#" Title="Our Services" target="_self" class=""> <div class="menu_btn _1st"> <div> Our Services </div> </div></a><img src="/assets/images/market/header_tri.png" class="menu_btn_arrow _1st"> </div> <div class="menu_container_in _2nd"> <div class="menu_btn_container"><a href="#" Title="Trading" target="_self" class=""> <div class="menu_btn"> <div>Trading</div> </div></a> <img src="/assets/images/market/header_tri.png" class="menu_btn_arrow"> </div> <div class="menu_container_in"> <div class="menu_btn_container"><a href="#" Title="Securities" target="_self" class=""> <div class="menu_btn"> <div>Securities</div> </div></a> <img src="/assets/images/market/header_tri.png" class="menu_btn_arrow"> </div> <div class="menu_container_in"> <a href="/Services/Trading/Securities/Overview/Trading-Mechanism?sc_lang=en" Title="Overview" target="_self" class="menu_btn_container w-inline-block"> <div class="menu_btn"> <div>Overview</div> </div> <div class="menu_btn_arrow_right"></div> </a> </div> <div class="menu_container_in"> <a href="/Services/Trading/Securities/Infrastructure/Overview?sc_lang=en" Title="Infrastructure" target="_self" class="menu_btn_container w-inline-block"> <div class="menu_btn"> <div>Infrastructure</div> </div> <div class="menu_btn_arrow_right"></div> </a> </div> </div> <div class="menu_container_in"> <div class="menu_btn_container"><a href="#" Title="Derivatives" target="_self" class=""> <div class="menu_btn"> <div>Derivatives</div> </div></a> <img src="/assets/images/market/header_tri.png" class="menu_btn_arrow"> </div> <div class="menu_container_in"> <a href="/Services/Trading/Derivatives/Overview/Trading-Mechanism?sc_lang=en" Title="Overview" target="_self" class="menu_btn_container w-inline-block"> <div class="menu_btn"> <div>Overview</div> </div> <div class="menu_btn_arrow_right"></div> </a> </div> <div class="menu_container_in"> <a href="/Services/Trading/Derivatives/Infrastructure/HKATS?sc_lang=en" Title="Infrastructure" target="_self" class="menu_btn_container w-inline-block"> <div class="menu_btn"> <div>Infrastructure</div> </div> <div class="menu_btn_arrow_right"></div> </a> </div> </div> </div> <div class="menu_container_in _2nd"> <div class="menu_btn_container"><a href="#" Title="Connectivity" target="_self" class=""> <div class="menu_btn"> <div>Connectivity</div> </div></a> <img src="/assets/images/market/header_tri.png" class="menu_btn_arrow"> </div> <div class="menu_container_in"> <a href="/Services/Connectivity/Hosting-Services?sc_lang=en" Title="Hosting Services" target="_self" class="menu_btn_container w-inline-block"> <div class="menu_btn"> <div>Hosting Services</div> </div> <div class="menu_btn_arrow_right"></div> </a> </div> <div class="menu_container_in"> <a href="/Services/Connectivity/SDNet_2?sc_lang=en" Title="SDNet/2" target="_self" class="menu_btn_container w-inline-block"> <div class="menu_btn"> <div>SDNet/2</div> </div> <div class="menu_btn_arrow_right"></div> </a> </div> </div> <div class="menu_container_in _2nd"> <div class="menu_btn_container"><a href="#" Title="Data and Index Services" target="_self" class=""> <div class="menu_btn"> <div>Data and Index Services</div> </div></a> <img src="/assets/images/market/header_tri.png" class="menu_btn_arrow"> </div> <div class="menu_container_in"> <a href="/Services/Market-Data-Services/Real-Time-Data-Services/Overview?sc_lang=en" Title="Real Time Data Services" target="_self" class="menu_btn_container w-inline-block"> <div class="menu_btn"> <div>Real Time Data Services</div> </div> <div class="menu_btn_arrow_right"></div> </a> </div> <div class="menu_container_in"> <a href="/Services/Market-Data-Services/Historical-Data-Services?sc_lang=en" Title="Historical Data Services" target="_self" class="menu_btn_container w-inline-block"> <div class="menu_btn"> <div>Historical Data Services</div> </div> <div class="menu_btn_arrow_right"></div> </a> </div> <div class="menu_container_in"> <a href="/Services/Market-Data-Services/Infrastructure?sc_lang=en" Title="Infrastructure" target="_self" class="menu_btn_container w-inline-block"> <div class="menu_btn"> <div>Infrastructure</div> </div> <div class="menu_btn_arrow_right"></div> </a> </div> <div class="menu_container_in"> <a href="/Services/Market-Data-Services/Index-Services?sc_lang=en" Title="Index Services" target="_self" class="menu_btn_container w-inline-block"> <div class="menu_btn"> <div>Index Services</div> </div> <div class="menu_btn_arrow_right"></div> </a> </div> </div> <div class="menu_container_in _2nd"> <div class="menu_btn_container"><a href="#" Title="Rules, Forms & Fees" target="_self" class=""> <div class="menu_btn"> <div>Rules, Forms & Fees</div> </div></a> <img src="/assets/images/market/header_tri.png" class="menu_btn_arrow"> </div> <div class="menu_container_in"> <a href="/Services/Rules-and-Forms-and-Fees/Rules/Overview?sc_lang=en#hello" Title="Rules" target="_self" class="menu_btn_container w-inline-block"> <div class="menu_btn"> <div>Rules</div> </div> <div class="menu_btn_arrow_right"></div> </a> </div> <div class="menu_container_in"> <a href="/Services/Rules-and-Forms-and-Fees/Forms/Overview?sc_lang=en" Title="Forms" target="_self" class="menu_btn_container w-inline-block"> <div class="menu_btn"> <div>Forms</div> </div> <div class="menu_btn_arrow_right"></div> </a> </div> <div class="menu_container_in"> <a href="/Services/Rules-and-Forms-and-Fees/Fees/Overview?sc_lang=en" Title="Fees" target="_self" class="menu_btn_container w-inline-block"> <div class="menu_btn"> <div>Fees</div> </div> <div class="menu_btn_arrow_right"></div> </a> </div> </div> <div class="menu_container_in _2nd"> <div class="menu_btn_container"><a href="#" Title="Clearing" target="_self" class=""> <div class="menu_btn"> <div>Clearing</div> </div></a> <img src="/assets/images/market/header_tri.png" class="menu_btn_arrow"> </div> <div class="menu_container_in"> <div class="menu_btn_container"><a href="#" Title="Securities" target="_self" class=""> <div class="menu_btn"> <div>Securities</div> </div></a> <img src="/assets/images/market/header_tri.png" class="menu_btn_arrow"> </div> <div class="menu_container_in"> <a href="/Services/Clearing/Securities/Overview?sc_lang=en" Title="Overview" target="_self" class="menu_btn_container w-inline-block"> <div class="menu_btn"> <div>Overview</div> </div> <div class="menu_btn_arrow_right"></div> </a> </div> <div class="menu_container_in"> <a href="/Services/Clearing/Securities/Infrastructure?sc_lang=en" Title="Infrastructure" target="_self" class="menu_btn_container w-inline-block"> <div class="menu_btn"> <div>Infrastructure</div> </div> <div class="menu_btn_arrow_right"></div> </a> </div> <div class="menu_container_in"> <a href="/Services/Clearing/Securities/Risk-Management?sc_lang=en" Title="Risk Management" target="_self" class="menu_btn_container w-inline-block"> <div class="menu_btn"> <div>Risk Management</div> </div> <div class="menu_btn_arrow_right"></div> </a> </div> <div class="menu_container_in"> <a href="/Services/Clearing/Securities/CCP-Disclosures?sc_lang=en" Title="CCP Disclosures" target="_self" class="menu_btn_container w-inline-block"> <div class="menu_btn"> <div>CCP Disclosures</div> </div> <div class="menu_btn_arrow_right"></div> </a> </div> </div> <div class="menu_container_in"> <div class="menu_btn_container"><a href="#" Title="Listed Derivatives" target="_self" class=""> <div class="menu_btn"> <div>Listed Derivatives</div> </div></a> <img src="/assets/images/market/header_tri.png" class="menu_btn_arrow"> </div> <div class="menu_container_in"> <a href="/Services/Clearing/Listed-Derivatives/Overview?sc_lang=en" Title="Overview" target="_self" class="menu_btn_container w-inline-block"> <div class="menu_btn"> <div>Overview</div> </div> <div class="menu_btn_arrow_right"></div> </a> </div> <div class="menu_container_in"> <a href="/Services/Clearing/Listed-Derivatives/Infrastructure?sc_lang=en" Title="Infrastructure" target="_self" class="menu_btn_container w-inline-block"> <div class="menu_btn"> <div>Infrastructure</div> </div> <div class="menu_btn_arrow_right"></div> </a> </div> <div class="menu_container_in"> <a href="/Services/Clearing/Listed-Derivatives/Risk-Management?sc_lang=en" Title="Risk Management" target="_self" class="menu_btn_container w-inline-block"> <div class="menu_btn"> <div>Risk Management</div> </div> <div class="menu_btn_arrow_right"></div> </a> </div> <div class="menu_container_in"> <a href="/Services/Clearing/Listed-Derivatives/CCP-Disclosures?sc_lang=en" Title="CCP Disclosures" target="_self" class="menu_btn_container w-inline-block"> <div class="menu_btn"> <div>CCP Disclosures</div> </div> <div class="menu_btn_arrow_right"></div> </a> </div> </div> <div class="menu_container_in"> <div class="menu_btn_container"><a href="#" Title="OTC Clear" target="_self" class=""> <div class="menu_btn"> <div>OTC Clear</div> </div></a> <img src="/assets/images/market/header_tri.png" class="menu_btn_arrow"> </div> <div class="menu_container_in"> <a href="/Services/Clearing/OTC-Clear/Overview/Clearing-Services?sc_lang=en" Title="Overview" target="_self" class="menu_btn_container 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Compliance Act (FATCA)</a></li></ul></li></ul></div> </div> </nav> <main class="nav-content-wrap"> <script type="text/javascript"> function checkKeyPress(e) { if (e.keyCode === 13 || e.which === 13) { searchFAQ(); return false; } else { return true; } } function searchFAQ() { var pageUrl = "/Global/Exchange/FAQ/Securities-Market/Trading?sc_lang=en"; if ($("#pagecontent_0_maincontent_0_searchTextFAQ").val().trim() != "") { pageUrl += "&search=" + encodeURIComponent($("#pagecontent_0_maincontent_0_searchTextFAQ").val().trim()); } window.parent.location = pageUrl; } </script> <section class="section__panel faq-all-quesitons bottom-padding"> <div class="faq-all-quesitons__section-title"><h2 class="title__main"><span>Trading</span></h2></div> <div class="faq-all-quesitons__search-title search-title-for-tab-only">SEARCH UNDER Trading</div> <div class="faq-all-quesitons__search-input"> <label for="pagecontent_0_maincontent_0_searchTextFAQ" id="pagecontent_0_maincontent_0_lblSearchTextFAQ" class="hide">Enter a question, keyword, or topic</label> <input name="pagecontent_0$maincontent_0$searchTextFAQ" type="text" id="pagecontent_0_maincontent_0_searchTextFAQ" onkeypress="javascript:return checkKeyPress(event);" placeholder="Enter a question, keyword, or topic" title="Enter a question, keyword, or topic" /> </div> <div class="collapse-container"> <div class="panel"><a class="panel-heading collapsed" title="What is the Pre-opening Session?" data-toggle="collapse" href="#collapse-1" aria-expanded="false" >What is the Pre-opening Session?</a><div id="collapse-1" class="collapse panel-body" aria-expanded="false"><div class="spanHeading" style="text-align: justify;"> <div style="text-align: justify;"> <p class="spanHeading"><span>The POS is an additional trading session of 30 minutes which takes place before the Morning Trading Session.  It allows orders to be entered into the trading system, OTP-C, for a single price auction.  It also allows manual transactions concluded before the commencement of the Morning Trading Session to be reported by Exchange Participants.</span></p> <p class="spanHeading"><span class="spanHeading"> The POS will consist of an Order Input Period, a No-cancellation Period, a Random Matching Period and a Blocking Period as follows:</span></p> <table cellspacing="0" cellpadding="0" class="table migrate"> <thead> <tr> <th> <p style="margin-top: 0px; margin-bottom: 0px; text-align: center;"><strong class="spanHeading"><span><strong>Periods</strong></span></strong></p> </th> <th> <p style="margin-top: 0px; margin-bottom: 0px; text-align: center;"><strong><strong class="spanHeading"><span>Trading Hours</span></strong></strong></p> </th> <th> <p style="margin-top: 0px; margin-bottom: 0px; text-align: center;"><strong class="spanHeading"><span><strong>Duration</strong></span></strong></p> </th> </tr> </thead> <tbody> <tr> <td> <p class="spanHeading" style="text-align: center;"><span><strong>Order Input Period</strong></span></p> </td> <td> <p class="spanHeading" style="text-align: center;"><span>9:00am – 9:15am</span></p> </td> <td> <p class="spanHeading" style="text-align: center;"><span>15 mins</span></p> </td> </tr> <tr> <td> <p class="spanHeading" style="text-align: center;"><span><strong>No-cancellation Period</strong></span></p> </td> <td> <p class="spanHeading" style="text-align: center;"><span>9:15am – 9:20am</span></p> </td> <td> <p class="spanHeading" style="text-align: center;"><span>5 mins</span></p> </td> </tr> <tr> <td> <p class="spanHeading" style="text-align: center;"><span><strong>Random Matching Period</strong></span></p> <p style="text-align: center;"><em class="spanHeading"><span>(order matching will start randomly during this period)</span></em></p> </td> <td> <p class="spanHeading" style="text-align: center;"><span>9:20am – up to 9:22am</span></p> </td> <td> <p class="spanHeading" style="text-align: center;"><span>0-2 mins</span></p> </td> </tr> <tr> <td> <p class="spanHeading" style="text-align: center;"><span><strong>Blocking Period</strong></span></p> </td> <td> <p class="spanHeading" style="text-align: center;"><span>After matching – 9:30am</span></p> </td> <td> <p class="spanHeading" style="text-align: center;"><span>8-10 mins</span></p> </td> </tr> </tbody> </table> </div> <div style="text-align: justify;"><strong class="spanHeading"> </strong></div> <div style="text-align: justify;"><strong class="spanHeading">Order Input Period (9:00am - 9:15am)</strong> <p class="spanHeading"><span>In the first period (a 15-minute Order Input Period), at-auction orders and at-auction limit orders within ±15% of the previous closing price can be entered for POS Securities.  Orders can also be amended or cancelled during this period.  </span></p> <p><strong class="spanHeading"><span>No-cancellation Period (9:15am - 9:20am)</span></strong></p> <p class="spanHeading"><span>Starting from the second period (a 5-minute No-cancellation Period), the allowable price limits are tightened, and the prices of new at-auction limit orders that aim to be executed in the POS must be between the highest bid & lowest ask recorded at the end of Order Input Period (i.e. recorded at 9:15am).  </span></p> <p class="spanHeading"><span>In order to build an order book with deeper liquidity after the market opens, passive at-auction limit orders will still be accepted provided that these orders are within ±15% from the previous closing price. However, these passive orders will not be matched during the POS.</span></p> <p class="spanHeading"><span>Both at-auction orders and at-auction limit orders can be entered during the No-cancellation Period, but no orders can be amended or cancelled.</span></p> <p><strong class="spanHeading"><span>Random Matching Period (9:20am - up to 9:22am)</span></strong></p> <p class="spanHeading"><span>In the third period (Random Matching Period which is up to two minutes in length), the order rules from the No-cancellation Period apply, and order matching takes place randomly within the two-minute period.  The Random Matching Period will end immediately upon the start of order matching.</span></p> <p><strong class="spanHeading"><span>Order Matching (at a random time between 9:20am and 9:22am)</span></strong></p> <p class="spanHeading"><span>At the end of the Random Matching Period, orders for all POS Securities are matched at the final Indicative Equilibrium Price (IEP).  Order matching is based on order type (at-auction orders first and then at-auction limit orders), price and then time priority.  In cases where the final IEP cannot be established during the POS, no order matching will occur.  </span></p> <p><strong class="spanHeading"><span>Blocking Period (after order matching - 9:30am)</span></strong></p> <p class="spanHeading"><span class="spanHeading"> Once order matching is completed, the Blocking Period starts immediately and continues until 9:30am.  Orders can no longer be entered, amended or cancelled during the Blocking Period.</span></p> </div> </div></div></div><div class="panel"><a class="panel-heading collapsed" title="What are the purposes of a Pre-opening Session?" data-toggle="collapse" href="#collapse-2" aria-expanded="false" >What are the purposes of a Pre-opening Session?</a><div id="collapse-2" class="collapse panel-body" aria-expanded="false"><p class="spanHeading" style="text-align: justify;"><span class="spanHeading">The POS is an additional trading session of 30 minutes, in the form of a single price auction, which takes place before the Morning Trading Session.  It accommodates potentially market moving overnight news and events, and facilitate an orderly and smooth price discovery process. It helps to determine a security’s fair opening price by bringing together buying and selling interest, and then executing trades at a single price point, where maximum volume can be traded.</span></p></div></div><div class="panel"><a class="panel-heading collapsed" title="Does the POS cover all securities?" data-toggle="collapse" href="#collapse-3" aria-expanded="false" >Does the POS cover all securities?</a><div id="collapse-3" class="collapse panel-body" aria-expanded="false"><p class="spanHeading" style="text-align: justify;"><span class="spanHeading">POS covers only equities (including depository receipts, investment companies, preference shares and stapled securities), funds (including Exchange Traded Funds (ETFs) and REITs) and leveraged and inverse products (L&I Products) (together the “POS Securities”).  Debt securities, structured products (including Derivative Warrants (DWs), Callable Bull/Bear Contracts (CBBCs) and Inline Warrants (IWs)), equity warrants and rights are not covered by the POS.  Order input on these non-POS Securities during the POS will be rejected. </span></p></div></div><div class="panel"><a class="panel-heading collapsed" title="Why does HKEX adopt a price limit of ±15% in POS?" data-toggle="collapse" href="#collapse-4" aria-expanded="false" >Why does HKEX adopt a price limit of ±15% in POS?</a><div id="collapse-4" class="collapse panel-body" aria-expanded="false"><p style="text-align: justify;"><span style="text-align: left;">A price limit of ±15% in POS in the securities market is adopted in order to prevent excessive price movement during any high volatility scenarios (by controlling the price of at-auction limit orders input during POS). HKEX is of the view that a ±15% price limit from the previous closing price would be suitable as it takes into account the larger room for price discovery inherently necessary for an opening auction while not being overly restrictive. Internationally </span><span style="text-align: left;">and</span><span style="text-align: left;"> in recent years</span><span style="text-align: left;">,</span><span style="text-align: left;"> it is observed that a trend of adopting price limits/collars which may be applicable to POS as well. It should also be noted that there would be certain pre-defined scenarios where the price limit feature will not apply</span><span style="text-align: left;">, </span><span style="text-align: left;"></span><span style="text-align: left;">such as</span><span style="text-align: left;"> </span><span style="text-align: left;">when the previous closing price is absent (e.g. for IPO stocks) or for stocks resuming from trading suspension*.</span><span style="text-align: left;"> The ±15% limit will not be applicable to these stocks and the price discovery function would not be impacted. In case a stock cannot open in POS due to the ±15% price limit, trading in such stock will continue as usual during the Continuous Trading Session (CTS) without a price limit. Based on past statistics, only a very few number of stocks would move more than 15% in POS on a daily basis versus their previous closing prices, and they represent a very small portion of market turnover.</span></p> <p class="spanHeading"><span>* For stocks resuming from a trading suspension, the price limit check will not be applied for the first day of trading resumption only.</span></p></div></div><div class="panel"><a class="panel-heading collapsed" title="What kind of orders can be entered during the POS?" data-toggle="collapse" href="#collapse-5" aria-expanded="false" >What kind of orders can be entered during the POS?</a><div id="collapse-5" class="collapse panel-body" aria-expanded="false"><p style="text-align: justify;"><span>During the POS, only at-auction orders and at-auction limit orders are accepted, and these order types can only be entered starting from 9:00am (the beginning of the Order Input Period). <br> <br> An at-auction order is a market order without a specified price. It enjoys a higher order matching priority than an at-auction limit order. It will be cancelled automatically after order matching. Investors who place at-auction orders should note that the final traded price (i.e. final IEP) is not known at the time of order input and may not fall within their expected price range.<br> <br> An at-auction limit order is a limit order with a specified price. After order matching in the POS, unfilled at-auction limit orders with input price not deviating 9 times or more from the nominal price will be converted to limit orders and carried forward to the Morning Trading Session.</span></p></div></div><div class="panel"><a class="panel-heading collapsed" title="Will the limit orders / enhanced limit orders / special limit orders be rejected by the System during the POS?" data-toggle="collapse" href="#collapse-6" aria-expanded="false" >Will the limit orders / enhanced limit orders / special limit orders be rejected by the System during the POS?</a><div id="collapse-6" class="collapse panel-body" aria-expanded="false"><span>The OTP-C Host will only accept at-auction orders and at-auction limit orders during the POS. Limit orders / enhanced limit orders / special limit orders entered to the OTP-C Host during this session will be rejected.</span></div></div><div class="panel"><a class="panel-heading collapsed" title="Can pre-open trades still be reported during the Morning Trading Session?" data-toggle="collapse" href="#collapse-7" aria-expanded="false" >Can pre-open trades still be reported during the Morning Trading Session?</a><div id="collapse-7" class="collapse panel-body" aria-expanded="false"><p class="spanHeading" style="text-align: justify;"><span>Exchange Participants are allowed to report the pre-open trades within the first 15 minutes of the Morning Trading Session.<br> <br> </span></p> <p class="spanHeading" style="text-align: justify;"><span>For POS Securities, the POS is an additional period for reporting pre-open trades. Input of pre-open trade (for both Direct Business and Non-direct Business transactions) for POS Securities is allowed during the POS from the start of the Order Input Period until matching happens (i.e. from 9:00am to the time of matching which is a random time between 9:20am-9:22am).</span></p></div></div><div class="panel"><a class="panel-heading collapsed" title="What are Indicative Equilibrium Price (IEP) and Indicative Equilibrium Volume (IEV)? How are they determined?" data-toggle="collapse" href="#collapse-8" aria-expanded="false" >What are Indicative Equilibrium Price (IEP) and Indicative Equilibrium Volume (IEV)? How are they determined?</a><div id="collapse-8" class="collapse panel-body" aria-expanded="false"><div class="spanHeading" style="text-align: justify;"><span>An IEP is calculated during the POS 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 orders is equal to or higher than the lowest ask price of the sell at-auction limit orders. If more than one price satisfies this criterion, the IEP shall be calculated according to the following rules:</span><br> <ol style="list-style-type: lower-roman;"> <li style="text-align: justify;"><span>the IEP shall be one of the bid prices or ask prices which falls within the range of the highest bid price of the buy at-auction limit orders and the lowest ask price of the sell at-auction limit orders (inclusive of both prices) at which the aggregate size of the trades to be concluded based on the methodology specified in the Rules of the Exchange is maximised;</span></li> <br> <li style="text-align: justify;"> <span>if more than one price satisfies this rule , the IEP will be the price at which the normal order imbalance is the lowest. For these purposes, normal order imbalance is defined as the difference between the aggregate size of the buy at-auction orders and the buy at-auction limit orders with bid prices at or better than certain price and the aggregate size of the sell at-auction orders and the sell at-auction limit orders with ask prices at or better than the same price;</span>  </li> <br> <li style="text-align: justify;"> <span>if more than one price satisfies this rule, the IEP shall be-</span><br> <br> <ol style="list-style-type: lower-alpha;"> <li><span>the highest of such prices if in relation to each and every of such prices, the aggregate size of the buy at-auction orders and the buy at-auction limit orders with bid prices at or better than that price is greater than the aggregate size of the sell at-auction orders and the sell at-auction limit orders with ask prices at or better than that price; or</span></li> <br> <li><span>the lowest of such prices if in relation to each and every of such prices, the aggregate size of the buy at-auction orders and the buy at-auction limit orders with bid prices at or better than that price is smaller than the aggregate size of the sell at-auction orders and the sell at-auction limit orders with ask prices at or better than that price;</span></li> </ol> </li> <br> <li style="text-align: justify;"><span>if more than one price satisfies this rule, the IEP will be the price closest to the previous closing price. If two prices are equidistant from the previous closing price, the IEP will be the higher of the two prices. However, if the previous closing price is not available, the IEP shall be the highest of these prices.</span></li> </ol> <p class="spanHeading" style="text-align: justify;"><span>If no IEP is calculated, no order will be matched during the order matching period of the POS.  This can occur when there are only at-auction orders on both sides, or only at-auction limit orders on one side and at-auction orders on the other side, or at-auction limit orders on both sides but the highest bid price of the buy at-auction limit orders is lower than the lowest ask price of the sell at-auction limit orders.</span></p> <span>IEV is the number of shares that can be matched at the IEP.</span> </div></div></div><div class="panel"><a class="panel-heading collapsed" title="Are there any examples for IEP calculation and order matching mechanism for the POS?" data-toggle="collapse" href="#collapse-9" aria-expanded="false" >Are there any examples for IEP calculation and order matching mechanism for the POS?</a><div id="collapse-9" class="collapse panel-body" aria-expanded="false"><div class="spanHeading"> <div class="spanHeading"> <p class="spanHeading"><span>The following examples illustrates the calculation of IEP and order matching mechanism during the POS.</span></p> <p><span style="text-decoration: underline;">Example 1</span></p> <p class="spanHeading"><span>The table below shows all orders in the order book at the end of the Random Matching Period, sorted in the sequence of matching priority:</span></p> <table class="table migrate" style="width: 100%;" cellspacing="0" cellpadding="0"> <thead> <tr> <th style="text-align: center; vertical-align: top;" colspan="4"> <p><strong class="spanHeading"><span>B</span></strong><strong class="spanHeading"><span>ID</span></strong></p> </th> <th style="text-align: center; vertical-align: top;" colspan="4"> <p><strong class="spanHeading"><span class="spanHeading">ASK</span></strong></p> </th> </tr> </thead> <tbody> <tr> <td style="text-align: center; vertical-align: top;"> <p><strong class="spanHeading"><span>B</span></strong><strong class="spanHeading"><span>r</span></strong><strong class="spanHeading"><span class="spanHeading">oker</span></strong></p> </td> <td style="text-align: center; vertical-align: top;"> <p><strong class="spanHeading"><span>T</span></strong><strong class="spanHeading"><span class="spanHeading">ime</span></strong></p> </td> <td style="text-align: center; vertical-align: top;"> <p><strong class="spanHeading"><span>V</span></strong><strong class="spanHeading"><span class="spanHeading">olume</span></strong></p> </td> <td style="text-align: center; vertical-align: top;"> <p><strong class="spanHeading"><span class="spanHeading">Price</span></strong></p> </td> <td style="text-align: center; vertical-align: top;"> <p><strong class="spanHeading"><span class="spanHeading">Price</span></strong></p> </td> <td style="text-align: center; vertical-align: top;"> <p><strong class="spanHeading"><span>V</span></strong><strong class="spanHeading"><span class="spanHeading">olume</span></strong></p> </td> <td style="text-align: center; vertical-align: top;"> <p><strong class="spanHeading"><span>T</span></strong><strong class="spanHeading"><span class="spanHeading">ime</span></strong></p> </td> <td style="text-align: center; vertical-align: top;"> <p><strong class="spanHeading"><span>B</span></strong><strong class="spanHeading"><span>r</span></strong><strong class="spanHeading"><span class="spanHeading">oker</span></strong></p> </td> </tr> <tr> <td style="text-align: center; vertical-align: top;"> <p class="spanHeading"><span>A</span></p> </td> <td style="text-align: center; vertical-align: top;"> <p class="spanHeading"><span>09:05</span></p> </td> <td style="text-align: center; vertical-align: top;"> <p class="spanHeading"><span>2,000</span></p> </td> <td style="text-align: center; vertical-align: top;"> <p class="spanHeading"><span class="spanHeading">At-auction</span></p> </td> <td style="text-align: center; vertical-align: top;"> <p class="spanHeading"><span>31.90</span></p> </td> <td style="text-align: center; vertical-align: top;"> <p class="spanHeading"><span>2,000</span></p> </td> <td style="text-align: center; vertical-align: top;"> <p class="spanHeading"><span>09:01</span></p> </td> <td style="text-align: center; vertical-align: top;"> <p class="spanHeading"><span>P</span></p> </td> </tr> <tr> <td style="text-align: center; vertical-align: top;"> <p class="spanHeading"><span>B</span></p> </td> <td style="text-align: center; vertical-align: top;"> <p class="spanHeading"><span>09:00</span></p> </td> <td style="text-align: center; vertical-align: top;"> <p class="spanHeading"><span>1,000</span></p> </td> <td style="text-align: center; vertical-align: top;"> <p class="spanHeading"><span>32.00</span></p> </td> <td style="text-align: center; vertical-align: top;"> <p class="spanHeading"><span>31.90</span></p> </td> <td style="text-align: center; vertical-align: top;"> <p class="spanHeading"><span>8,000</span></p> </td> <td style="text-align: center; vertical-align: top;"> <p class="spanHeading"><span>09:10</span></p> </td> <td style="text-align: center; vertical-align: top;"> <p class="spanHeading"><span>Q</span></p> </td> </tr> <tr> <td style="text-align: center; vertical-align: top;"> <p class="spanHeading"><span>C</span></p> </td> <td style="text-align: center; vertical-align: top;"> <p class="spanHeading"><span class="spanHeading">09:11</span></p> </td> <td style="text-align: center; vertical-align: top;"> <p class="spanHeading"><span>8,000</span></p> </td> <td style="text-align: center; vertical-align: top;"> <p class="spanHeading"><span>32.00</span></p> </td> <td style="text-align: center; vertical-align: top;"> <p class="spanHeading"><span>32.00</span></p> </td> <td style="text-align: center; vertical-align: top;"> <p class="spanHeading"><span>10,000</span></p> </td> <td style="text-align: center; vertical-align: top;"> <p class="spanHeading"><span>09:05</span></p> </td> <td style="text-align: center; vertical-align: top;"> <p class="spanHeading"><span>M</span></p> </td> </tr> <tr> <td style="text-align: center; vertical-align: top;"> <p class="spanHeading"><span>D</span></p> </td> <td style="text-align: center; vertical-align: top;"> <p class="spanHeading"><span>09:02</span></p> </td> <td style="text-align: center; vertical-align: top;"> <p class="spanHeading"><span>6,000</span></p> </td> <td style="text-align: center; vertical-align: top;"> <p class="spanHeading"><span>31.90</span></p> </td> <td style="text-align: center; vertical-align: top;"> <p class="spanHeading"><span>32.00</span></p> </td> <td style="text-align: center; vertical-align: top;"> <p class="spanHeading"><span>4,000</span></p> </td> <td style="text-align: center; vertical-align: top;"> <p class="spanHeading"><span>09:13</span></p> </td> <td style="text-align: center; vertical-align: top;"> <p class="spanHeading"><span>N</span></p> </td> </tr> <tr> <td style="text-align: center; vertical-align: top;"> <p class="spanHeading"><span>E</span></p> </td> <td style="text-align: center; vertical-align: top;"> <p class="spanHeading"><span>09:10</span></p> </td> <td style="text-align: center; vertical-align: top;"> <p class="spanHeading"><span>3,000</span></p> </td> <td style="text-align: center; vertical-align: top;"> <p class="spanHeading"><span>31.90</span></p> </td> <td style="text-align: center; vertical-align: top;"> <p class="spanHeading"><span>32.00</span></p> </td> <td style="text-align: center; vertical-align: top;"> <p class="spanHeading"><span>2,000</span></p> </td> <td style="text-align: center; vertical-align: top;"> <p class="spanHeading"><span>09:14</span></p> </td> <td style="text-align: center; vertical-align: top;"> <p class="spanHeading"><span>O</span></p> </td> </tr> <tr> <td style="text-align: center; vertical-align: top;"> <p class="spanHeading"><span>F</span></p> </td> <td style="text-align: center; vertical-align: top;"> <p class="spanHeading"><span>09:14</span></p> </td> <td style="text-align: center; vertical-align: top;"> <p class="spanHeading"><span>2,000</span></p> </td> <td style="text-align: center; vertical-align: top;"> <p class="spanHeading"><span>31.90</span></p> </td> <td style="text-align: center; vertical-align: top;"> <p class="spanHeading"><span>32.10</span></p> </td> <td style="text-align: center; vertical-align: top;"> <p class="spanHeading"><span>6,000</span></p> </td> <td style="text-align: center; vertical-align: top;"> <p class="spanHeading"><span>09:12</span></p> </td> <td style="text-align: center; vertical-align: top;"> <p class="spanHeading"><span>K</span></p> </td> </tr> <tr> <td style="text-align: center; vertical-align: top;"> <p class="spanHeading"><span>G</span></p> </td> <td style="text-align: center; vertical-align: top;"> <p class="spanHeading"><span>09:13</span></p> </td> <td style="text-align: center; vertical-align: top;"> <p class="spanHeading"><span>2,000</span></p> </td> <td style="text-align: center; vertical-align: top;"> <p class="spanHeading"><span>31.80</span></p> </td> <td style="text-align: center; vertical-align: top;"> <p class="spanHeading"><span>32.10</span></p> </td> <td style="text-align: center; vertical-align: top;"> <p class="spanHeading"><span>2,000</span></p> </td> <td style="text-align: center; vertical-align: top;"> <p class="spanHeading"><span>09:13</span></p> </td> <td style="text-align: center; vertical-align: top;"> <p class="spanHeading"><span>L</span></p> </td> </tr> <tr> <td style="text-align: center; vertical-align: top;"> <p> </p> </td> <td style="text-align: center; vertical-align: top;"> <p> </p> </td> <td style="text-align: center; vertical-align: top;"> <p> </p> </td> <td style="text-align: center; vertical-align: top;"> <p> </p> </td> <td style="text-align: center; vertical-align: top;"> <p class="spanHeading"><span>32.20</span></p> </td> <td style="text-align: center; vertical-align: top;"> <p class="spanHeading"><span>4,000</span></p> </td> <td style="text-align: center; vertical-align: top;"> <p class="spanHeading"><span>09:01</span></p> </td> <td style="text-align: center; vertical-align: top;"> <p class="spanHeading"><span>H</span></p> </td> </tr> <tr> <td style="text-align: center; vertical-align: top;"> <p> </p> </td> <td style="text-align: center; vertical-align: top;"> <p> </p> </td> <td style="text-align: center; vertical-align: top;"> <p> </p> </td> <td style="text-align: center; vertical-align: top;"> <p> </p> </td> <td style="text-align: center; vertical-align: top;"> <p class="spanHeading"><span>32.20</span></p> </td> <td style="text-align: center; vertical-align: top;"> <p class="spanHeading"><span>2,000</span></p> </td> <td style="text-align: center; vertical-align: top;"> <p class="spanHeading"><span>09:08</span></p> </td> <td style="text-align: center; vertical-align: top;"> <p class="spanHeading"><span>I</span></p> </td> </tr> <tr> <td style="text-align: center; vertical-align: top;"> <p> </p> </td> <td style="text-align: center; vertical-align: top;"> <p> </p> </td> <td style="text-align: center; vertical-align: top;"> <p> </p> </td> <td style="text-align: center; vertical-align: top;"> <p> </p> </td> <td style="text-align: center; vertical-align: top;"> <p class="spanHeading"><span>32.20</span></p> </td> <td style="text-align: center; vertical-align: top;"> <p class="spanHeading"><span>1,000</span></p> </td> <td style="text-align: center; vertical-align: top;"> <p class="spanHeading"><span>09:12</span></p> </td> <td style="text-align: center; vertical-align: top;"> <p class="spanHeading"><span>J</span></p> </td> </tr> </tbody> </table> <p class="spanHeading"><span><br> In general, the IEP shall be one of the bid prices or ask prices which falls at or within the range of the Highest Bid Price and the Lowest Ask Price and results in maximum matched shares. Therefore, the IEP is determined to be $32.00.</span></p> <table class="table migrate" style="width: 100%;" cellspacing="0" cellpadding="0"> <thead> <tr> <th style="text-align: center; vertical-align: top;"> <p><strong class="spanHeading"><span>P</span></strong><strong class="spanHeading"><span class="spanHeading">ossible IEP</span></strong></p> </th> <th style="text-align: center; vertical-align: top;"> <p><strong class="spanHeading"><span class="spanHeading">Acc. Bid Qty</span></strong></p> </th> <th style="text-align: center; vertical-align: top;"> <p><strong class="spanHeading"><span class="spanHeading">Acc. Ask Qty</span></strong></p> </th> <th style="text-align: center; vertical-align: top;"> <p><strong class="spanHeading"><span>M</span></strong><strong class="spanHeading"><span class="spanHeading">atched Shares</span></strong></p> </th> </tr> </thead> <tbody> <tr> <td style="text-align: center; vertical-align: top;"> <p><span><strong>32.00</strong></span></p> </td> <td style="text-align: center; vertical-align: top;"> <p><strong><span>1</span><span>1,000</span></strong></p> </td> <td style="text-align: center; vertical-align: top;"> <p><strong><span>26,000</span></strong></p> </td> <td style="text-align: center; vertical-align: top;"> <p><strong><span>1</span><span>1,000</span></strong></p> </td> </tr> <tr> <td style="text-align: center; vertical-align: top;"> <p class="spanHeading"><span>31.90</span></p> </td> <td style="text-align: center; vertical-align: top;"> <p class="spanHeading"><span>22,000</span></p> </td> <td style="text-align: center; vertical-align: top;"> <p class="spanHeading"><span>10,000</span></p> </td> <td style="text-align: center; vertical-align: top;"> <p class="spanHeading"><span>10,000</span></p> </td> </tr> </tbody> </table> <p class="spanHeading"><span class="spanHeading"><br> After the end of the Random Matching Period, the following trades are generated.</span></p> <table class="table migrate" style="width: 100%;" cellspacing="0" cellpadding="0"> <thead> <tr> <th style="text-align: center; vertical-align: top;"> <p><strong class="spanHeading"><span>Bu</span></strong><strong class="spanHeading"><span class="spanHeading">ying Broker</span></strong></p> </th> <th style="text-align: center; vertical-align: top;"> <p><strong class="spanHeading"><span>T</span></strong><strong class="spanHeading"><span>r</span></strong><strong class="spanHeading"><span class="spanHeading">ades Generated</span></strong></p> </th> <th style="text-align: center; vertical-align: top;"> <p><strong class="spanHeading"><span>S</span></strong><strong class="spanHeading"><span>e</span></strong><strong class="spanHeading"><span class="spanHeading">lling Broker</span></strong></p> </th> </tr> </thead> <tbody> <tr> <td style="text-align: center; vertical-align: top;"> <p class="spanHeading"><span>A</span></p> </td> <td style="text-align: center; vertical-align: top;"> <p><span>2,000@32.00</span></p> </td> <td style="text-align: center; vertical-align: top;"> <p class="spanHeading"><span>P</span></p> </td> </tr> <tr> <td style="text-align: center; vertical-align: top;"> <p class="spanHeading"><span>B</span></p> </td> <td style="text-align: center; vertical-align: top;"> <p><span>1,000@32.00</span></p> </td> <td style="text-align: center; vertical-align: top;"> <p class="spanHeading"><span>Q</span></p> </td> </tr> <tr> <td style="text-align: center; vertical-align: top;"> <p class="spanHeading"><span>C</span></p> </td> <td style="text-align: center; vertical-align: top;"> <p><span>7,000@32.00</span></p> </td> <td style="text-align: center; vertical-align: top;"> <p class="spanHeading"><span>Q</span></p> </td> </tr> <tr> <td style="text-align: center; vertical-align: top;"> <p class="spanHeading"><span>C</span></p> </td> <td style="text-align: center; vertical-align: top;"> <p><span>1,000@32.00</span></p> </td> <td style="text-align: center; vertical-align: top;"> <p class="spanHeading"><span>M</span></p> </td> </tr> </tbody> </table> <p> </p> <br> <span class="spanHeading">After completion of order matching, the following unfilled at-auction limit orders would be carried forward to the Continuous Trading Session.</span> <table class="table migrate" style="width: 100%;" cellspacing="0" cellpadding="0"> <thead> <tr> <th style="text-align: center; vertical-align: top;" colspan="4"> <p><strong class="spanHeading"><span>B</span></strong><strong class="spanHeading"><span>ID</span></strong></p> </th> <th style="text-align: center; vertical-align: top;" colspan="4"> <p><strong class="spanHeading"><span class="spanHeading">ASK</span></strong></p> </th> </tr> </thead> <tbody> <tr> <td style="text-align: center; vertical-align: top;"> <p><strong class="spanHeading"><span>B</span></strong><strong class="spanHeading"><span>r</span></strong><strong class="spanHeading"><span class="spanHeading">oker</span></strong></p> </td> <td style="text-align: center; vertical-align: top;"> <p><strong class="spanHeading"><span>T</span></strong><strong class="spanHeading"><span class="spanHeading">ime</span></strong></p> </td> <td style="text-align: center; vertical-align: top;"> <p><strong class="spanHeading"><span>V</span></strong><strong class="spanHeading"><span class="spanHeading">olume</span></strong></p> </td> <td style="text-align: center; vertical-align: top;"> <p><strong class="spanHeading"><span class="spanHeading">Price</span></strong></p> </td> <td style="text-align: center; vertical-align: top;"> <p><strong class="spanHeading"><span class="spanHeading">Price</span></strong></p> </td> <td style="text-align: center; vertical-align: top;"> <p><strong class="spanHeading"><span>V</span></strong><strong class="spanHeading"><span class="spanHeading">olume</span></strong></p> </td> <td style="text-align: center; vertical-align: top;"> <p><strong class="spanHeading"><span>T</span></strong><strong class="spanHeading"><span class="spanHeading">ime</span></strong></p> </td> <td style="text-align: center; vertical-align: top;"> <p><strong class="spanHeading"><span>B</span></strong><strong class="spanHeading"><span>r</span></strong><strong class="spanHeading"><span class="spanHeading">oker</span></strong></p> </td> </tr> <tr> <td style="text-align: center; vertical-align: top;"> <p class="spanHeading"><span>D</span></p> </td> <td style="text-align: center; vertical-align: top;"> <p class="spanHeading"><span>09:02</span></p> </td> <td style="text-align: center; vertical-align: top;"> <p class="spanHeading"><span>6,000</span></p> </td> <td style="text-align: center; vertical-align: top;"> <p class="spanHeading"><span>31.90</span></p> </td> <td style="text-align: center; vertical-align: top;"> <p class="spanHeading"><span>32.00</span></p> </td> <td style="text-align: center; vertical-align: top;"> <p class="spanHeading"><span>9,000</span></p> </td> <td style="text-align: center; vertical-align: top;"> <p class="spanHeading"><span>09:05</span></p> </td> <td style="text-align: center; vertical-align: top;"> <p class="spanHeading"><span>M</span></p> </td> </tr> <tr> <td style="text-align: center; vertical-align: top;"> <p class="spanHeading"><span>E</span></p> </td> <td style="text-align: center; vertical-align: top;"> <p class="spanHeading"><span>09:10</span></p> </td> <td style="text-align: center; vertical-align: top;"> <p class="spanHeading"><span>3,000</span></p> </td> <td style="text-align: center; vertical-align: top;"> <p class="spanHeading"><span>31.90</span></p> </td> <td style="text-align: center; vertical-align: top;"> <p class="spanHeading"><span>32.00</span></p> </td> <td style="text-align: center; vertical-align: top;"> <p class="spanHeading"><span>4,000</span></p> </td> <td style="text-align: center; vertical-align: top;"> <p class="spanHeading"><span>09:13</span></p> </td> <td style="text-align: center; vertical-align: top;"> <p class="spanHeading"><span>N</span></p> </td> </tr> <tr> <td style="text-align: center; vertical-align: top;"> <p class="spanHeading"><span>F</span></p> </td> <td style="text-align: center; vertical-align: top;"> <p class="spanHeading"><span>09:14</span></p> </td> <td style="text-align: center; vertical-align: top;"> <p class="spanHeading"><span>2,000</span></p> </td> <td style="text-align: center; vertical-align: top;"> <p class="spanHeading"><span>31.90</span></p> </td> <td style="text-align: center; vertical-align: top;"> <p class="spanHeading"><span>32.00</span></p> </td> <td style="text-align: center; vertical-align: top;"> <p class="spanHeading"><span>2,000</span></p> </td> <td style="text-align: center; vertical-align: top;"> <p class="spanHeading"><span>09:14</span></p> </td> <td style="text-align: center; vertical-align: top;"> <p class="spanHeading"><span>O</span></p> </td> </tr> <tr> <td style="text-align: center; vertical-align: top;"><span style="text-align: center;">G</span></td> <td style="text-align: center; vertical-align: top;"><span style="text-align: center;">09:13</span></td> <td style="text-align: center; vertical-align: top;"><span style="text-align: center;">2,000</span></td> <td style="text-align: center; vertical-align: top;"><span style="text-align: center;">31.80</span></td> <td style="text-align: center; vertical-align: top;"><span style="text-align: center;">32.10</span></td> <td style="text-align: center; vertical-align: top;"><span style="text-align: center;">6,000</span></td> <td style="text-align: center; vertical-align: top;"><span style="text-align: center;">09:12</span></td> <td style="text-align: center; vertical-align: top;"><span style="text-align: center;">K</span></td> </tr> <tr> <td style="text-align: center; vertical-align: top;"> </td> <td style="text-align: center; vertical-align: top;"> </td> <td style="text-align: center; vertical-align: top;"> </td> <td style="text-align: center; vertical-align: top;"> </td> <td style="text-align: center; vertical-align: top;"><span style="text-align: center;">32.10</span></td> <td style="text-align: center; vertical-align: top;"><span style="text-align: center;">2,000</span></td> <td style="text-align: center; vertical-align: top;"><span style="text-align: center;">09:13</span></td> <td style="text-align: center; vertical-align: top;"><span style="text-align: center;">L</span></td> </tr> <tr> <td style="text-align: center; vertical-align: top;"> </td> <td style="text-align: center; vertical-align: top;"> </td> <td style="text-align: center; vertical-align: top;"> </td> <td style="text-align: center; vertical-align: top;"> </td> <td style="text-align: center; vertical-align: top;"><span style="text-align: center;">32.20</span></td> <td style="text-align: center; vertical-align: top;"><span style="text-align: center;">4,000</span></td> <td style="text-align: center; vertical-align: top;"><span style="text-align: center;">09:01</span></td> <td style="text-align: center; vertical-align: top;"><span style="text-align: center;">H</span></td> </tr> <tr> <td style="text-align: center; vertical-align: top;"> </td> <td style="text-align: center; vertical-align: top;"> </td> <td style="text-align: center; vertical-align: top;"> </td> <td style="text-align: center; vertical-align: top;"> </td> <td style="text-align: center; vertical-align: top;"><span style="text-align: center;">32.20</span></td> <td style="text-align: center; vertical-align: top;"><span style="text-align: center;">2,000</span></td> <td style="text-align: center; vertical-align: top;"><span style="text-align: center;">09:08</span></td> <td style="text-align: center; vertical-align: top;"><span style="text-align: center;">I</span></td> </tr> <tr> <td style="text-align: center; vertical-align: top;"> </td> <td style="text-align: center; vertical-align: top;"> </td> <td style="text-align: center; vertical-align: top;"> </td> <td style="text-align: center; vertical-align: top;"> </td> <td style="text-align: center; vertical-align: top;"><span style="text-align: center;">32.20</span></td> <td style="text-align: center; vertical-align: top;"><span style="text-align: center;">1,000</span></td> <td style="text-align: center; vertical-align: top;"><span style="text-align: center;">09:12</span></td> <td style="text-align: center; vertical-align: top;">J</td> </tr> </tbody> </table> <p> </p> </div> <div> <p><span style="text-decoration: underline;">Example 2</span></p> <p class="spanHeading"><span>Assuming that the following orders are entered during the Order Input Period:</span></p> <table class="table migrate" style="width: 100%;" cellspacing="0" cellpadding="0"> <thead> <tr> <th style="text-align: center; vertical-align: top;" colspan="4"> <p><strong class="spanHeading"><span>B</span></strong><strong class="spanHeading"><span>ID</span></strong></p> </th> <th style="text-align: center; vertical-align: top;" colspan="4"> <p><strong class="spanHeading"><span class="spanHeading">ASK</span></strong></p> </th> </tr> </thead> <tbody> <tr> <td style="text-align: center; vertical-align: top;"> <p class="spanHeading"><span><strong>B</strong></span><strong><span>r</span><span class="spanHeading">oker</span></strong></p> </td> <td style="text-align: center; vertical-align: top;"> <p class="spanHeading"><strong><span>T</span><span>ime</span></strong></p> </td> <td style="text-align: center; vertical-align: top;"> <p class="spanHeading"><strong><span>V</span><span>olume</span></strong></p> </td> <td style="text-align: center; vertical-align: top;"> <p class="spanHeading"><strong><span>P</span><span>r</span><span class="spanHeading">ice</span></strong></p> </td> <td style="text-align: center; vertical-align: top;"> <p class="spanHeading"><strong><span>B</span><span>r</span><span class="spanHeading">oker</span></strong></p> </td> <td style="text-align: center; vertical-align: top;"> <p class="spanHeading"><strong><span>T</span><span>ime</span></strong></p> </td> <td style="text-align: center; vertical-align: top;"> <p class="spanHeading"><strong><span>V</span><span>olume</span></strong></p> </td> <td style="text-align: center; vertical-align: top;"> <p class="spanHeading"><strong><span>P</span><span>r</span><span class="spanHeading">ice</span></strong></p> </td> </tr> <tr> <td style="text-align: center; vertical-align: top;"> <p class="spanHeading"><span>A</span></p> </td> <td style="text-align: center; vertical-align: top;"> <p class="spanHeading"><span>09:06</span></p> </td> <td style="text-align: center; vertical-align: top;"> <p class="spanHeading"><span>1,000</span></p> </td> <td style="text-align: center; vertical-align: top;"> <p class="spanHeading"><span>64.25</span></p> </td> <td style="text-align: center; vertical-align: top;"> <p class="spanHeading"><span>D</span></p> </td> <td style="text-align: center; vertical-align: top;"> <p class="spanHeading"><span>09:09</span></p> </td> <td style="text-align: center; vertical-align: top;"> <p class="spanHeading"><span>2,000</span></p> </td> <td style="text-align: center; vertical-align: top;"> <p class="spanHeading"><span>63.75</span></p> </td> </tr> <tr> <td style="text-align: center; vertical-align: top;"> <p class="spanHeading"><span>B</span></p> </td> <td style="text-align: center; vertical-align: top;"> <p class="spanHeading"><span>09:02</span></p> </td> <td style="text-align: center; vertical-align: top;"> <p class="spanHeading"><span>5,000</span></p> </td> <td style="text-align: center; vertical-align: top;"> <p class="spanHeading"><span>64</span></p> </td> <td style="text-align: center; vertical-align: top;"> <p class="spanHeading"><span>E</span></p> </td> <td style="text-align: center; vertical-align: top;"> <p class="spanHeading"><span>09:08</span></p> </td> <td style="text-align: center; vertical-align: top;"> <p class="spanHeading"><span>3,000</span></p> </td> <td style="text-align: center; vertical-align: top;"> <p class="spanHeading"><span>64</span></p> </td> </tr> <tr> <td style="text-align: center; vertical-align: top;"> <p class="spanHeading"><span>C</span></p> </td> <td style="text-align: center; vertical-align: top;"> <p class="spanHeading"><span>09:12</span></p> </td> <td style="text-align: center; vertical-align: top;"> <p class="spanHeading"><span>2,000</span></p> </td> <td style="text-align: center; vertical-align: top;"> <p class="spanHeading"><span>63.75</span></p> </td> <td style="text-align: center; vertical-align: top;"> <p class="spanHeading"><span>F</span></p> </td> <td style="text-align: center; vertical-align: top;"> <p class="spanHeading"><span>09:03</span></p> </td> <td style="text-align: center; vertical-align: top;"> <p class="spanHeading"><span>2,000</span></p> </td> <td style="text-align: center; vertical-align: top;"> <p class="spanHeading"><span>64.25</span></p> </td> </tr> <tr> <td style="text-align: center; vertical-align: top;"> <p> </p> </td> <td style="text-align: center; vertical-align: top;"> <p> </p> </td> <td style="text-align: center; vertical-align: top;"> <p> </p> </td> <td style="text-align: center; vertical-align: top;"> <p> </p> </td> <td style="text-align: center; vertical-align: top;"> <p class="spanHeading"><span>G</span></p> </td> <td style="text-align: center; vertical-align: top;"> <p class="spanHeading"><span>09:10</span></p> </td> <td style="text-align: center; vertical-align: top;"> <p class="spanHeading"><span>2,000</span></p> </td> <td style="text-align: center; vertical-align: top;"> <p class="spanHeading"><span>64.25</span></p> </td> </tr> </tbody> </table> <p class="spanHeading"><span class="spanHeading"><br> The IEP is calculated to be $64 and the cumulative available quantities at the bid and ask sides at $64 are 6,000 and 5,000 shares respectively.</span></p> <table class="table migrate" style="width: 100%;" cellspacing="0" cellpadding="0"> <thead> <tr> <th style="text-align: center; vertical-align: top;"> <p><strong class="spanHeading"><span>P</span></strong><strong class="spanHeading"><span class="spanHeading">ossible IEP</span></strong></p> </th> <th style="text-align: center; vertical-align: top;"> <p><strong class="spanHeading"><span class="spanHeading">Acc. Bid Qty</span></strong></p> </th> <th style="text-align: center; vertical-align: top;"> <p><strong class="spanHeading"><span class="spanHeading">Acc. Ask Qty</span></strong></p> </th> <th style="text-align: center; vertical-align: top;"> <p><strong class="spanHeading"><span>M</span></strong><strong class="spanHeading"><span class="spanHeading">atched Shares</span></strong></p> </th> </tr> </thead> <tbody> <tr> <td style="text-align: center; vertical-align: top;"> <p class="spanHeading"><span>64.25</span></p> </td> <td style="text-align: center; vertical-align: top;"> <p class="spanHeading"><span>1,000</span></p> </td> <td style="text-align: center; vertical-align: top;"> <p class="spanHeading"><span>9,000</span></p> </td> <td style="text-align: center; vertical-align: top;"> <p class="spanHeading"><span>1,000</span></p> </td> </tr> <tr> <td style="text-align: center; vertical-align: top;"> <p><span><strong>64</strong></span></p> </td> <td style="text-align: center; vertical-align: top;"> <p><strong><span>6,000</span></strong></p> </td> <td style="text-align: center; vertical-align: top;"> <p><strong><span>5,000</span></strong></p> </td> <td style="text-align: center; vertical-align: top;"> <p><span><strong>5,000</strong></span></p> </td> </tr> <tr> <td style="text-align: center; vertical-align: top;"> <p class="spanHeading"><span>63.75</span></p> </td> <td style="text-align: center; vertical-align: top;"> <p class="spanHeading"><span>8,000</span></p> </td> <td style="text-align: center; vertical-align: top;"> <p class="spanHeading"><span>2,000</span></p> </td> <td style="text-align: center; vertical-align: top;"> <p class="spanHeading"><span>2,000</span></p> </td> </tr> </tbody> </table> <p class="spanHeading"><span class="spanHeading"><br> A broker, who wants to match the surplus at IEP or is of the view that the IEP is on the high side can enter an ask at-auction order of 1,000 shares or more. Assuming Broker H enters an ask at-auction order of 5,000 shares during the No-cancellation Period and the order book is as follow:</span></p> <table class="table migrate" style="width: 100%;" cellspacing="0" cellpadding="0"> <thead> <tr> <th style="text-align: center; vertical-align: top;" colspan="4"> <p><strong class="spanHeading"><span>B</span></strong><strong class="spanHeading"><span>ID</span></strong></p> </th> <th style="text-align: center; vertical-align: top;" colspan="4"> <p><strong class="spanHeading"><span class="spanHeading">ASK</span></strong></p> </th> </tr> </thead> <tbody> <tr> <td style="text-align: center; vertical-align: top;"> <p><strong class="spanHeading"><span>B</span></strong><strong class="spanHeading"><span>r</span></strong><strong class="spanHeading"><span class="spanHeading">oker</span></strong></p> </td> <td style="text-align: center; vertical-align: top;"> <p><strong class="spanHeading"><span>T</span></strong><strong class="spanHeading"><span class="spanHeading">ime</span></strong></p> </td> <td style="text-align: center; vertical-align: top;"> <p><strong class="spanHeading"><span>V</span></strong><strong class="spanHeading"><span class="spanHeading">olume</span></strong></p> </td> <td style="text-align: center; vertical-align: top;"> <p><strong class="spanHeading"><span class="spanHeading">Price</span></strong></p> </td> <td style="text-align: center; vertical-align: top;"> <p><strong class="spanHeading"><span>B</span></strong><strong class="spanHeading"><span>r</span></strong><strong class="spanHeading"><span class="spanHeading">oker</span></strong></p> </td> <td style="text-align: center; vertical-align: top;"> <p><strong class="spanHeading"><span>T</span></strong><strong class="spanHeading"><span class="spanHeading">ime</span></strong></p> </td> <td style="text-align: center; vertical-align: top;"> <p><strong class="spanHeading"><span>V</span></strong><strong class="spanHeading"><span class="spanHeading">olume</span></strong></p> </td> <td style="text-align: center; vertical-align: top;"> <p><strong class="spanHeading"><span class="spanHeading">Price</span></strong></p> </td> </tr> <tr> <td style="text-align: center; vertical-align: top;"> <p class="spanHeading"><span>A</span></p> </td> <td style="text-align: center; vertical-align: top;"> <p class="spanHeading"><span>09:06</span></p> </td> <td style="text-align: center; vertical-align: top;"> <p class="spanHeading"><span>1,000</span></p> </td> <td style="text-align: center; vertical-align: top;"> <p class="spanHeading"><span>64.25</span></p> </td> <td style="text-align: center; vertical-align: top;"> <p><span><strong>H</strong></span></p> </td> <td style="text-align: center; vertical-align: top;"> <p><strong><span class="spanHeading">09:16</span></strong></p> </td> <td style="text-align: center; vertical-align: top;"> <p><strong><span>5,000</span></strong></p> </td> <td style="text-align: center; vertical-align: top;"> <p><strong><span class="spanHeading">at-auction <br> </span></strong><strong>order</strong></p> </td> </tr> <tr> <td style="text-align: center; vertical-align: top;"> <p class="spanHeading"><span>B</span></p> </td> <td style="text-align: center; vertical-align: top;"> <p class="spanHeading"><span>09:02</span></p> </td> <td style="text-align: center; vertical-align: top;"> <p class="spanHeading"><span>5,000</span></p> </td> <td style="text-align: center; vertical-align: top;"> <p class="spanHeading"><span>64</span></p> </td> <td style="text-align: center; vertical-align: top;"> <p class="spanHeading"><span>D</span></p> </td> <td style="text-align: center; vertical-align: top;"> <p class="spanHeading"><span>09:09</span></p> </td> <td style="text-align: center; vertical-align: top;"> <p class="spanHeading"><span>2,000</span></p> </td> <td style="text-align: center; vertical-align: top;"> <p class="spanHeading"><span>63.75</span></p> </td> </tr> <tr> <td style="text-align: center; vertical-align: top;"> <p class="spanHeading"><span>C</span></p> </td> <td style="text-align: center; vertical-align: top;"> <p class="spanHeading"><span>09:12</span></p> </td> <td style="text-align: center; vertical-align: top;"> <p class="spanHeading"><span>2,000</span></p> </td> <td style="text-align: center; vertical-align: top;"> <p class="spanHeading"><span>63.75</span></p> </td> <td style="text-align: center; vertical-align: top;"> <p class="spanHeading"><span>E</span></p> </td> <td style="text-align: center; vertical-align: top;"> <p class="spanHeading"><span>09:08</span></p> </td> <td style="text-align: center; vertical-align: top;"> <p class="spanHeading"><span>3,000</span></p> </td> <td style="text-align: center; vertical-align: top;"> <p class="spanHeading"><span>64</span></p> </td> </tr> <tr> <td style="text-align: center; vertical-align: top;"> <p> </p> </td> <td style="text-align: center; vertical-align: top;"> <p> </p> </td> <td style="text-align: center; vertical-align: top;"> <p> </p> </td> <td style="text-align: center; vertical-align: top;"> <p> </p> </td> <td style="text-align: center; vertical-align: top;"> <p class="spanHeading"><span>F</span></p> </td> <td style="text-align: center; vertical-align: top;"> <p class="spanHeading"><span>09:03</span></p> </td> <td style="text-align: center; vertical-align: top;"> <p class="spanHeading"><span>2,000</span></p> </td> <td style="text-align: center; vertical-align: top;"> <p class="spanHeading"><span>64.25</span></p> </td> </tr> <tr> <td style="text-align: center; vertical-align: top;"> <p> </p> </td> <td style="text-align: center; vertical-align: top;"> <p> </p> </td> <td style="text-align: center; vertical-align: top;"> <p> </p> </td> <td style="text-align: center; vertical-align: top;"> <p> </p> </td> <td style="text-align: center; vertical-align: top;"> <p class="spanHeading"><span>G</span></p> </td> <td style="text-align: center; vertical-align: top;"> <p class="spanHeading"><span>09:40</span></p> </td> <td style="text-align: center; vertical-align: top;"> <p class="spanHeading"><span>2,000</span></p> </td> <td style="text-align: center; vertical-align: top;"> <p class="spanHeading"><span>64.25</span></p> </td> </tr> </tbody> </table> <p class="spanHeading"><span class="spanHeading"><br> The IEP is now changed from $64 to $63.75 but the number of tradable shares is increased from 5,000 to 7,000.</span></p> <table class="table migrate" style="width: 100%;" cellspacing="0" cellpadding="0"> <thead> <tr> <th style="text-align: center; vertical-align: top;"> <p><strong class="spanHeading"><span>P</span></strong><strong class="spanHeading"><span class="spanHeading">ossible IEP</span></strong></p> </th> <th style="text-align: center; vertical-align: top;"> <p><strong class="spanHeading"><span class="spanHeading">Acc. Bid Qty</span></strong></p> </th> <th style="text-align: center; vertical-align: top;"> <p><strong class="spanHeading"><span class="spanHeading">Acc. Ask Qty</span></strong></p> </th> <th style="text-align: center; vertical-align: top;"> <p><strong class="spanHeading"><span>M</span></strong><strong class="spanHeading"><span class="spanHeading">atched Shares</span></strong></p> </th> </tr> </thead> <tbody> <tr> <td style="text-align: center; vertical-align: top;"> <p class="spanHeading"><span>64.25</span></p> </td> <td style="text-align: center; vertical-align: top;"> <p class="spanHeading"><span>1,000</span></p> </td> <td style="text-align: center; vertical-align: top;"> <p class="spanHeading"><span>14,000</span></p> </td> <td style="text-align: center; vertical-align: top;"> <p class="spanHeading"><span>1,000</span></p> </td> </tr> <tr> <td style="text-align: center; vertical-align: top;"> <p class="spanHeading"><span>64</span></p> </td> <td style="text-align: center; vertical-align: top;"> <p class="spanHeading"><span>6,000</span></p> </td> <td style="text-align: center; vertical-align: top;"> <p class="spanHeading"><span>10,000</span></p> </td> <td style="text-align: center; vertical-align: top;"> <p class="spanHeading"><span>6,000</span></p> </td> </tr> <tr> <td style="text-align: center; vertical-align: top;"> <p><span><strong>63.75</strong></span></p> </td> <td style="text-align: center; vertical-align: top;"> <p><strong><span>8,000</span></strong></p> </td> <td style="text-align: center; vertical-align: top;"> <p><strong><span>7,000</span></strong></p> </td> <td style="text-align: center; vertical-align: top;"> <p><span><strong>7,000</strong></span></p> </td> </tr> </tbody> </table> <p class="spanHeading"><span><br> If another broker I is of the view that the IEP is low and enters a bid at-auction order of 10,000 shares. The order book is as follow:</span></p> </div> <table class="table migrate" style="width: 100%;" cellspacing="0" cellpadding="0"> <thead> <tr> <th style="text-align: center; vertical-align: top;" colspan="4"> <p><strong class="spanHeading"><span>B</span></strong><strong class="spanHeading"><span>ID</span></strong></p> </th> <th style="text-align: center; vertical-align: top;" colspan="4"> <p><strong class="spanHeading"><span class="spanHeading">ASK</span></strong></p> </th> </tr> </thead> <tbody> <tr> <td style="text-align: center; vertical-align: top;"> <p><strong class="spanHeading"><span>B</span></strong><strong class="spanHeading"><span>r</span></strong><strong class="spanHeading"><span class="spanHeading">oker</span></strong></p> </td> <td style="text-align: center; vertical-align: top;"> <p><strong class="spanHeading"><span>T</span></strong><strong class="spanHeading"><span class="spanHeading">ime</span></strong></p> </td> <td style="text-align: center; vertical-align: top;"> <p><strong class="spanHeading"><span>V</span></strong><strong class="spanHeading"><span class="spanHeading">olume</span></strong></p> </td> <td style="text-align: center; vertical-align: top;"> <p><strong class="spanHeading"><span class="spanHeading">Price</span></strong></p> </td> <td style="text-align: center; vertical-align: top;"> <p><strong class="spanHeading"><span>B</span></strong><strong class="spanHeading"><span>r</span></strong><strong class="spanHeading"><span class="spanHeading">oker</span></strong></p> </td> <td style="text-align: center; vertical-align: top;"> <p><strong class="spanHeading"><span>T</span></strong><strong class="spanHeading"><span class="spanHeading">ime</span></strong></p> </td> <td style="text-align: center; vertical-align: top;"> <p><strong class="spanHeading"><span>V</span></strong><strong class="spanHeading"><span class="spanHeading">olume</span></strong></p> </td> <td style="text-align: center; vertical-align: top;"> <p><strong class="spanHeading"><span class="spanHeading">Price</span></strong></p> </td> </tr> <tr> <td style="text-align: center; vertical-align: top;"> <p><span><strong>I</strong></span></p> </td> <td style="text-align: center; vertical-align: top;"> <p><strong><span class="spanHeading">09:18</span></strong></p> </td> <td style="text-align: center; vertical-align: top;"> <p><strong><span>10,000</span></strong></p> </td> <td style="text-align: center; vertical-align: top;"> <p><strong><span>at-</span></strong><strong><span class="spanHeading">auction<br> </span></strong><strong><span class="spanHeading">order</span></strong></p> </td> <td style="text-align: center; vertical-align: top;"> <p><strong><span>H</span></strong></p> </td> <td style="text-align: center; vertical-align: top;"> <p><strong><span class="spanHeading">09:16</span></strong></p> </td> <td style="text-align: center; vertical-align: top;"> <p><strong><span>5,000</span></strong></p> </td> <td style="text-align: center; vertical-align: top;"> <p><strong><span class="spanHeading">at-auction<br> </span></strong><strong>order</strong></p> </td> </tr> <tr> <td style="text-align: center; vertical-align: top;"> <p class="spanHeading"><span>A</span></p> </td> <td style="text-align: center; vertical-align: top;"> <p class="spanHeading"><span>09:06</span></p> </td> <td style="text-align: center; vertical-align: top;"> <p class="spanHeading"><span>1,000</span></p> </td> <td style="text-align: center; vertical-align: top;"> <p class="spanHeading"><span>64.25</span></p> </td> <td style="text-align: center; vertical-align: top;"> <p class="spanHeading"><span>D</span></p> </td> <td style="text-align: center; vertical-align: top;"> <p class="spanHeading"><span>09:09</span></p> </td> <td style="text-align: center; vertical-align: top;"> <p class="spanHeading"><span>2,000</span></p> </td> <td style="text-align: center; vertical-align: top;"> <p class="spanHeading"><span>63.75</span></p> </td> </tr> <tr> <td style="text-align: center; vertical-align: top;"> <p class="spanHeading"><span>B</span></p> </td> <td style="text-align: center; vertical-align: top;"> <p class="spanHeading"><span>09:02</span></p> </td> <td style="text-align: center; vertical-align: top;"> <p class="spanHeading"><span>5,000</span></p> </td> <td style="text-align: center; vertical-align: top;"> <p class="spanHeading"><span>64</span></p> </td> <td style="text-align: center; vertical-align: top;"> <p class="spanHeading"><span>E</span></p> </td> <td style="text-align: center; vertical-align: top;"> <p class="spanHeading"><span>09:08</span></p> </td> <td style="text-align: center; vertical-align: top;"> <p class="spanHeading"><span>3,000</span></p> </td> <td style="text-align: center; vertical-align: top;"> <p class="spanHeading"><span>64</span></p> </td> </tr> <tr> <td style="text-align: center; vertical-align: top;"> <p class="spanHeading"><span>C</span></p> </td> <td style="text-align: center; vertical-align: top;"> <p class="spanHeading"><span>09:12</span></p> </td> <td style="text-align: center; vertical-align: top;"> <p class="spanHeading"><span>2,000</span></p> </td> <td style="text-align: center; vertical-align: top;"> <p class="spanHeading"><span>63.75</span></p> </td> <td style="text-align: center; vertical-align: top;"> <p class="spanHeading"><span>F</span></p> </td> <td style="text-align: center; vertical-align: top;"> <p class="spanHeading"><span>09:03</span></p> </td> <td style="text-align: center; vertical-align: top;"> <p class="spanHeading"><span>2,000</span></p> </td> <td style="text-align: center; vertical-align: top;"> <p class="spanHeading"><span>64.25</span></p> </td> </tr> <tr> <td style="text-align: center; vertical-align: top;"> <p> </p> </td> <td style="text-align: center; vertical-align: top;"> <p> </p> </td> <td style="text-align: center; vertical-align: top;"> <p> </p> </td> <td style="text-align: center; vertical-align: top;"> <p> </p> </td> <td style="text-align: center; vertical-align: top;"> <p class="spanHeading"><span>G</span></p> </td> <td style="text-align: center; vertical-align: top;"> <p class="spanHeading"><span>09:10</span></p> </td> <td style="text-align: center; vertical-align: top;"> <p class="spanHeading"><span>2,000</span></p> </td> <td style="text-align: center; vertical-align: top;"> <p class="spanHeading"><span>64.25</span></p> </td> </tr> </tbody> </table> <p class="spanHeading"><span><br> The IEP is changed from $63.75 to $64.25 and the number of tradable shares is further increased to 11,000. </span></p> <table class="table migrate" style="width: 100%;" cellspacing="0" cellpadding="0"> <thead> <tr> <th style="text-align: center; vertical-align: top;"> <p><strong class="spanHeading"><span>P</span></strong><strong class="spanHeading"><span class="spanHeading">ossible IEP</span></strong></p> </th> <th style="text-align: center; vertical-align: top;"> <p><strong class="spanHeading"><span class="spanHeading">Acc. Bid Qty</span></strong></p> </th> <th style="text-align: center; vertical-align: top;"> <p><strong class="spanHeading"><span class="spanHeading">Acc. Ask Qty</span></strong></p> </th> <th style="text-align: center; vertical-align: top;"> <p><strong class="spanHeading"><span>M</span></strong><strong class="spanHeading"><span class="spanHeading">atched Shares</span></strong></p> </th> </tr> </thead> <tbody> <tr> <td style="text-align: center; vertical-align: top;"> <p><span><strong>64.25</strong></span></p> </td> <td style="text-align: center; vertical-align: top;"> <p><strong><span>1</span><span>1,000</span></strong></p> </td> <td style="text-align: center; vertical-align: top;"> <p><strong><span>14,000</span></strong></p> </td> <td style="text-align: center; vertical-align: top;"> <p><strong><span>1</span><span>1,000</span></strong></p> </td> </tr> <tr> <td style="text-align: center; vertical-align: top;"> <p class="spanHeading"><span>64</span></p> </td> <td style="text-align: center; vertical-align: top;"> <p class="spanHeading"><span>16,000</span></p> </td> <td style="text-align: center; vertical-align: top;"> <p class="spanHeading"><span>10,000</span></p> </td> <td style="text-align: center; vertical-align: top;"> <p class="spanHeading"><span>10,000</span></p> </td> </tr> <tr> <td style="text-align: center; vertical-align: top;"> <p class="spanHeading"><span>63.75</span></p> </td> <td style="text-align: center; vertical-align: top;"> <p class="spanHeading"><span>18,000</span></p> </td> <td style="text-align: center; vertical-align: top;"> <p class="spanHeading"><span>7,000</span></p> </td> <td style="text-align: center; vertical-align: top;"> <p class="spanHeading"><span>7,000</span></p> </td> </tr> </tbody> </table> </div></div></div><div class="panel"><a class="panel-heading collapsed" title="What are the differences in the trading mechanism of the POS and that of the Continuous Trading Session?" data-toggle="collapse" href="#collapse-10" aria-expanded="false" >What are the differences in the trading mechanism of the POS and that of the Continuous Trading Session?</a><div id="collapse-10" class="collapse panel-body" aria-expanded="false"><p style="text-align: justify;"><span>During the Continuous Trading Session, orders will be matched continuously and automatically by OTP-C when the specified prices of buy orders and sell orders match. Only limit orders, enhanced limit orders and special limit orders will be accepted during this period.<br> <br> During the POS, orders for POS Securities are allowed to be entered into OTP-C for a single price auction:  </span></p> <ol> <li style="text-align: justify;"><span>During the Order Input Period, No-cancellation Period and Random Matching Period, only at-auction orders and at-auction limit orders will be accepted. These orders will be accumulated and updated but no matching will occur during these periods.</span></li> <br> <li style="text-align: justify;"><span>At the end of the Random Matching Period, orders are matched in order type (at-auction orders carry a higher matching priority), price and time priority, at the final IEP.</span></li> </ol></div></div><div class="panel"><a class="panel-heading collapsed" title="What are the differences for information disseminated during the POS and the Continuous Trading Session?" data-toggle="collapse" href="#collapse-11" aria-expanded="false" >What are the differences for information disseminated during the POS and the Continuous Trading Session?</a><div id="collapse-11" class="collapse panel-body" aria-expanded="false"><p style="text-align: justify;"><span>There are a number of differences in the information disseminated during the POS and the Continuous Trading Session and they are further explained as follows:</span></p> <ul> <li style="text-align: justify;">Nominal price</li> </ul> <p class="spanHeading" style="text-align: justify;"><span style="white-space: pre;"> </span>During the POS, the nominal price of an issue of securities will be equal to the IEP (if the IEP is available) or the previous closing price (if the IEP is not available) of the <span style="white-space: pre;"> </span>issue. During the Continuous Trading Session, the nominal price of a security determined by comparing the current bid price, current ask price and last recorded price <span style="white-space: pre;"> </span>/previous closing price, as the case may be of the security.</p> <ul> <li style="text-align: justify;">Best bid /ask prices</li> </ul> <p class="spanHeading" style="text-align: justify;"><span style="white-space: pre;"> </span>During the POS, the best bid price and best ask price means the IEP or, if the IEP is not available, the most competitive prices on the corresponding side (i.e. buying or <span style="white-space: pre;"> </span>selling).</p> <p style="text-align: justify;"><span style="white-space: pre;"> </span>During the Continuous Trading Session, the best bid price means the highest bid price and the best ask price means the lowest ask price.</p> <ul> <li style="text-align: justify;">Primary queue</li> </ul> <p class="spanHeading" style="text-align: justify;"><span style="white-space: pre;"> </span>During the POS, the primary queue means the queue of at-auction orders and at-auction limit orders with a specified price at or more competitive than the IEP. In case of <span style="white-space: pre;"> </span>buying, the specified price equals or is higher than the IEP; and in case of selling, the specified price equals or is lower than the IEP. If the IEP is unavailable, the primary <span style="white-space: pre;"> </span>queue is the queue of at-auction limit orders with the most competitive specified price, in the case of buying, the best bid price, and in case of selling, the best ask price.</p> <p style="text-align: justify;"> <span style="white-space: pre;"> </span>During the Continuous Trading Session, the primary queue is the queue of orders with the most competitive specified price, the best bid price for buying, or in case of selling, <span style="white-space: pre;"> </span>the best ask price.</p> <p style="text-align: justify;"><span>Apart from the IEP and IEV, the following market information is also disseminated during the POS, which includes: POS stock indicator, order imbalance information (direction and quantity), Reference Price, Stage 1 and Stage 2 price limits (upper and lower price limits) and Trading States during the POS.</span></p> <p style="text-align: justify;"> </p></div></div><div class="panel"><a class="panel-heading collapsed" title="Will the Morning Trading Session commence if no IEP is determined in the POS?" data-toggle="collapse" href="#collapse-12" aria-expanded="false" >Will the Morning Trading Session commence if no IEP is determined in the POS?</a><div id="collapse-12" class="collapse panel-body" aria-expanded="false"><span>The POS is an additional trading session which serves to determine a fair opening price of security.  However, it is not a prerequisite for the commencement of the Morning Trading Session which will start as usual at 9:30am even if there is no IEP.</span></div></div><div class="panel"><a class="panel-heading collapsed" title="If, for whatever reason, the trading cannot commence at 9:00am, will there be any POS on that day?" data-toggle="collapse" href="#collapse-13" aria-expanded="false" >If, for whatever reason, the trading cannot commence at 9:00am, will there be any POS on that day?</a><div id="collapse-13" class="collapse panel-body" aria-expanded="false"><p class="spanHeading"><span>No, the POS will either start at 9:00am or be cancelled. If there is no POS, Continuous Trading will commence as usual at 9:30am.</span></p></div></div><div class="panel"><a class="panel-heading collapsed" title="If only a POS takes place, will that day be counted as a trading day?" data-toggle="collapse" href="#collapse-14" aria-expanded="false" >If only a POS takes place, will that day be counted as a trading day?</a><div id="collapse-14" class="collapse panel-body" aria-expanded="false"><span>Yes, it will be counted as a trading day even if only a POS takes place, with no Continuous Trading Session.</span></div></div><div class="panel"><a class="panel-heading collapsed" title="Is short selling permitted during the POS?" data-toggle="collapse" href="#collapse-15" aria-expanded="false" >Is short selling permitted during the POS?</a><div id="collapse-15" class="collapse panel-body" aria-expanded="false"><p class="spanHeading" style="text-align: justify;"><span class="spanHeading">Input of short selling orders, as at-auction limit orders with a price not lower than the previous closing price, will be allowed in the POS for POS Securities which are Designated Securities eligible for short selling.  However, input of short selling at-auction orders will not be allowed.</span></p> <p class="spanHeading" style="text-align: justify;"><span>In the absence of the previous closing price, input of short sell orders in the POS will be rejected.</span></p></div></div><div class="panel"><a class="panel-heading collapsed" title="How does the price limit in the POS work?" data-toggle="collapse" href="#collapse-16" aria-expanded="false" >How does the price limit in the POS work?</a><div id="collapse-16" class="collapse panel-body" aria-expanded="false"><p class="spanHeading" style="text-align: justify;"><span>A two-stage price limit mechanism is applied to control the price of at-auction limit orders (i.e. at-auction orders and manual transactions are not subject to these price limits) which are input during the POS. </span></p> <table cellspacing="0" cellpadding="0" class="table migrate"> <thead> <tr> <th valign="top"></th> <th colspan="2"> <p style="margin-top: 0px; margin-bottom: 0px; text-align: center;"><strong class="spanHeading"><span>Applicable Period(s)</span></strong></p> </th> <th> <p style="margin-top: 0px; margin-bottom: 0px; text-align: center;"><strong class="spanHeading"><span>Time / Duration</span></strong></p> </th> <th> <p style="margin-top: 0px; margin-bottom: 0px; text-align: center;"><strong class="spanHeading"><span>Allowable Price Limits</span></strong></p> </th> </tr> </thead> <tbody> <tr> <td colspan="2" style="text-align: justify;"> <p class="spanHeading" style="text-align: center;"><span>Stage 1</span></p> </td> <td style="text-align: justify;"> <p class="spanHeading" style="text-align: center;"><span>Order Input Period</span></p> </td> <td style="text-align: justify;"> <p class="spanHeading" style="text-align: center;"><span>9:00am - 9:15am</span></p> </td> <td style="text-align: justify;"> <p class="spanHeading"><span>Stage 1 Upper and Lower Price Limits are ± 15% from previous closing price respectively</span></p> <p> </p> <ul> <li class="spanHeading"><span>Buy orders: Previous Close -15% ≤ Order Price ≤ Previous Close + 15%</span> <p> </p> </li> <li class="spanHeading"><span>Sell Orders: Previous Close -15% ≤ Order Price ≤ Previous Close + 15%</span></li> </ul> </td> </tr> <tr> <td colspan="2" style="text-align: justify;"> <p class="spanHeading" style="text-align: center;"><span>Stage 2</span></p> </td> <td style="text-align: justify;"> <p class="spanHeading" style="text-align: center;"><span>No-Cancellation Period</span></p> <p style="text-align: center;"> </p> <p class="spanHeading" style="text-align: center;"><span>and</span></p> <p style="text-align: center;"> </p> <p class="spanHeading" style="text-align: center;"><span>Random Matching Period</span></p> </td> <td style="text-align: justify;"> <p class="spanHeading" style="text-align: center;"><span>9:15am - time of random matching</span></p> </td> <td style="text-align: justify;"> <p class="spanHeading"><span>Stage 2 Upper Price Limit = the higher of the highest bid price and the lowest ask price recorded at the end of the Order Input Period at 9:15am. </span></p> <p> </p> <p class="spanHeading"><span>Stage 2 Lower Price Limit = the lower of the highest bid price and the lowest ask price recorded at the end of the Order Input Period at 9:15am.</span></p> <p> </p> <ul> <li class="spanHeading"><span>Buy Order: Previous Close – 15% ≤ Order Price ≤ Stage 2 Upper Limit</span> <p> </p> </li> <li class="spanHeading"><span>Sell Order: Previous Close + 15% ≥ Order Price ≥ Stage 2 Lower Limit</span></li> </ul> <p> </p> <p class="spanHeading"><span>IEP will only be formed within the range of the highest bid price & lowest ask price recorded at the end of Order Input Period at 9:15am</span></p> </td> </tr> </tbody> </table> <p style="text-align: justify;"><strong class="spanHeading"><span> </span></strong></p> <p style="text-align: justify;"><strong class="spanHeading"><span>Stage 1 price limit: applicable to the Order Input Period between 9:00am - 9:15am</span></strong></p> <p class="spanHeading" style="text-align: justify;"><span>The price limits are set at ±15% from the POS reference price, which is the previous closing price of a POS Security (or the adjusted closing price for POS Securities that have undergone corporate actions).</span></p> <p class="spanHeading" style="text-align: justify;"><span class="spanHeading">At-auction orders and at-auction limit orders within the ± 15% of the previous closing price can be entered starting from the Order Input Period.  An at-auction limit order which has a limit price outside the permissible price limit will be rejected by the OTP-C.</span></p> <p class="spanHeading" style="text-align: justify;"><span>The Stage 1 price limits and the POS reference price are disseminated to the market via Orion Market Data Platform – Securities Market (OMD-C) before the start of the Order Input Period. </span></p> <p class="spanHeading" style="text-align: justify;"><span>In the absence of a previous closing price (e.g. for IPO stocks) or for stocks resuming from trading suspension<a href="file:///T:/BD/1%20-%20Market%20Development/Market%20Structure%20Reform%202019/VCM%20&amp;%20POS%20enhancement/Market%20Communication/POS%20FAQ/updated%20as%20of%2019%20Oct/POS%20FAQ_clean.docx#_ftn1" name="_ftnref1" class="spanHeading"><span class="spanHeading">[1]</span></a>, the Stage 1 price limit checking will be not be applied for the Order Input Period.</span></p> <p style="text-align: justify;"><strong class="spanHeading"><span>Stage 2 price limit: applicable to the No-Cancellation Period and Random Matching Period between 9:15am - 9:22am</span></strong></p> <p class="spanHeading" style="text-align: justify;"><span class="spanHeading">Starting from the No-cancellation Period, the allowable price limits will be further tightened and is set at the highest bid price and the lowest ask price recorded at the end of the Order Input Period at 9:15am.  More specifically:</span></p> <p class="spanHeading" style="text-align: justify;"><span><span style="white-space: pre;"> </span>Stage 2 Upper Price Limit = the higher of the highest bid price and the lowest ask price recorded at the end of the Order Input Period at 9:15am. </span></p> <p class="spanHeading" style="text-align: justify;"><span><span style="white-space: pre;"> </span>Stage 2 Lower Price Limit = the lower of the highest bid price and the lowest ask price recorded at the end of the Order Input Period at 9:15am.</span></p> <p class="spanHeading" style="text-align: justify;"><span class="spanHeading">The Stage 2 price limits will remain unchanged for the whole period of No-cancellation and Random Matching Periods and the price limits will be disseminated to the market via OMD-C at the beginning of No-cancellation Period.  </span></p> <p class="spanHeading" style="text-align: justify;"><span class="spanHeading">During the No-cancellation Period and Random Closing Period, the prices of newly input at-auction limit orders that aim to be executed during the POS must be between the Stage 2 Upper Price Limit and the Stage 2 Lower Price Limit since the final IEP will only be formed within the Stage 2 price limits, and no orders can be amended or cancelled.  </span></p> <p class="spanHeading" style="text-align: justify;"><span class="spanHeading">At this stage, in order to build an order book with deeper liquidity after the market opens, <span style="text-decoration: underline;">passive</span> at-auction limit orders (i.e. buy order price lower than the Lower Price Limit and sell order price higher than the Upper Price Limit) will still be accepted provided that these orders are within ±15% from the previous closing price.  However, it should be noted that these passive orders will not be matched during the POS since their prices fall outside the range of Stage 2 Upper Price Limit and Lower Price Limit.</span></p> <p class="spanHeading" style="text-align: justify;"><span>In case only buy orders or only sell orders exist (or both do not exist) at the end of Order Input Period at 9:15am,</span><span> </span><span>the Stage 2 price limits will be set at ±15% from previous closing price (i.e. same as Stage 1 price limit).</span></p> <div style="text-align: justify;"><br clear="all"> <hr align="left" size="1"> <div id="ftn1"> </div> </div> <p class="spanHeading" style="text-align: justify;"><a href="file:///T:/BD/1%20-%20Market%20Development/Market%20Structure%20Reform%202019/VCM%20&amp;%20POS%20enhancement/Market%20Communication/POS%20FAQ/updated%20as%20of%2019%20Oct/POS%20FAQ_clean.docx#_ftnref1" name="_ftn1" class="spanHeading"><span class="spanHeading">[1]</span></a><span> For stocks resuming from a trading suspension, the Stage 1 price limit check will not be applied for the first day of trading resumption only (no matter whether there is trade recorded on the day of trade resumption or not).</span></p> <p style="text-align: justify;"> </p> <br></div></div><div class="panel"><a class="panel-heading collapsed" title="What are the POS trading arrangements for Exchange Traded Products (ETPs) on their first day of listing (listing day)?" data-toggle="collapse" href="#collapse-17" aria-expanded="false" >What are the POS trading arrangements for Exchange Traded Products (ETPs) on their first day of listing (listing day)?</a><div id="collapse-17" class="collapse panel-body" aria-expanded="false"><p style="text-align: justify;"><span>In order to prevent extreme price movement during the POS for ETPs (covering ETFs and L&I Products) on their listing day, the </span><span>±</span><span>15% price limit during the POS </span><span>is applied </span><span>to ETPs on their listing day, and the ETP’s pre-IPO net asset value per unit is used as the POS reference price for price validation.  ETP issuers is required to publish an announcement on HKEXnews indicating the ETP’s NAV by 5:00pm on the trading day before listing.</span></p></div></div><div class="panel"><a class="panel-heading collapsed" title="Why does HKEX not adopt similar POS models in other international markets (e.g.volatility extensions) but follow its own CAS model?" data-toggle="collapse" href="#collapse-18" aria-expanded="false" >Why does HKEX not adopt similar POS models in other international markets (e.g.volatility extensions) but follow its own CAS model?</a><div id="collapse-18" class="collapse panel-body" aria-expanded="false"><p style="text-align: justify;">As the market is already familiar with CAS, which has been well-accepted, adopting an opening auction model that largely follows the closing auction will facilitate market participants’ understanding of the enhanced POS trading mechanisms. Internationally, it is noted that many exchanges would adopt identical or largely similar auction mechanisms for their opening and closing auctions.</p></div></div><div class="panel"><a class="panel-heading collapsed" title="What is OCG-C?" data-toggle="collapse" href="#collapse-19" aria-expanded="false" >What is OCG-C?</a><div id="collapse-19" class="collapse panel-body" aria-expanded="false"><div class="spanHeading"><span>OCG-C stands for Orion Central Gateway – Securities Market, which is a market access platform to support secured connections between the Broker Supplied Systems (BSS) of Exchange Participants (EPs) and HKEX's securities market trading system (OTP-C).</span></div></div></div><div class="panel"><a class="panel-heading collapsed" title="What are the benefits of using OCG-C?" data-toggle="collapse" href="#collapse-20" aria-expanded="false" >What are the benefits of using OCG-C?</a><div id="collapse-20" class="collapse panel-body" aria-expanded="false"><div class="spanHeading"><span>Among the many benefits that OCG-C brings to all stakeholders, HKEX believes the following are the most significant:</span><br> <span>   </span><br> <span>1. Elimination of OG hardware devices</span><br> <span>2. Consolidation of SDNet/2 circuits</span><br> <span>3. Decoupling of trading and market data</span><br> <span>4. High capacity sessions with up to 250 throttles per OCG-C session</span><br> <span>5. Low latency and high resilience</span><br> <span>6. Drop Copy service</span><br> <span>7. Cancel on Disconnect service</span></div></div></div><div class="panel"><a class="panel-heading collapsed" title="What is an OCG-C session?" data-toggle="collapse" href="#collapse-21" aria-expanded="false" >What is an OCG-C session?</a><div id="collapse-21" class="collapse panel-body" aria-expanded="false"><div class="spanHeading"><span>An OCG-C session means a connection to the OCG-C for communication between a BSS and the OCG-C.</span></div></div></div><div class="panel"><a class="panel-heading collapsed" title="Will market data (including reference data such as bid/ask quotations, broker queues, and closing price) and market status be disseminated through OCG-C?" data-toggle="collapse" href="#collapse-22" aria-expanded="false" >Will market data (including reference data such as bid/ask quotations, broker queues, and closing price) and market status be disseminated through OCG-C?</a><div id="collapse-22" class="collapse panel-body" aria-expanded="false"><div class="spanHeading"><span>No. OCG-C does not disseminate any market data or market status. Securities market data and market status will be disseminated through HKEX Orion Market Data Platform - Securities Market (OMD-C).</span></div></div></div><div class="panel"><a class="panel-heading collapsed" title="Do EPs have to subscribe market data and market status directly from OMD-C or can EPs subscribe from Information Vendors?" data-toggle="collapse" href="#collapse-23" aria-expanded="false" >Do EPs have to subscribe market data and market status directly from OMD-C or can EPs subscribe from Information Vendors?</a><div id="collapse-23" class="collapse panel-body" aria-expanded="false"><div class="spanHeading"><span>EPs can subscribe market data and market status from OMD-C or Information Vendors.</span></div></div></div><div class="panel"><a class="panel-heading collapsed" title="Can an EP enroll both OCG-C and OMD-C in one application and conduct certification test in one go?" data-toggle="collapse" href="#collapse-24" aria-expanded="false" >Can an EP enroll both OCG-C and OMD-C in one application and conduct certification test in one go?</a><div id="collapse-24" class="collapse panel-body" aria-expanded="false"><div>For the convenience of EPs, the enrollment for OCG-C and OMD-C will be done at the same time. However, the certification tests for OCG-C and OMD-C will be conducted separately.</div> <div class="telerik_paste_container" style="border-width: 0px; position: absolute; overflow: hidden; margin: 0px; padding: 0px; left: 3px; top: 3px; width: 1px; height: 1px;"> <table style="color: #333333; font-family: Arial, Helvetica, sans-serif; font-size: 16px; background-color: #ffffff; margin: 1em 0px 0px !important;"> <tbody> <tr> <td colspan="2" style="vertical-align: top; width: 684px;">For the convenience of EPs, the enrollment for OCG and OMD-C will be done at the same time. However, the certification tests for OCG and OMD-C will be conducted separately.</td> </tr> </tbody> </table> </div></div></div><div class="panel"><a class="panel-heading collapsed" title="What is Cancel on Disconnect (COD)?" data-toggle="collapse" href="#collapse-25" aria-expanded="false" >What is Cancel on Disconnect (COD)?</a><div id="collapse-25" class="collapse panel-body" aria-expanded="false"><div class="spanHeading"><span>COD is an optional OCG-C feature and can be applied by EPs to individual OCG-C sessions. If enabled, the OCG-C will automatically cancel outstanding orders originated from the applied session upon specific session disconnection scenarios (such as network disconnection). The cancellations are made on a best effort basis.</span></div></div></div><div class="panel"><a class="panel-heading collapsed" title="What is Drop Copy Service?" data-toggle="collapse" href="#collapse-26" aria-expanded="false" >What is Drop Copy Service?</a><div id="collapse-26" class="collapse panel-body" aria-expanded="false"><div class="spanHeading"><span>The Drop Copy service is a real-time read-only data service designed to facilitate monitoring of trade and order activities. An EP can choose to receive </span><span style="text-decoration: underline;">trades only</span><span> or </span><span style="text-decoration: underline;">trades and orders</span><span> details in one or more drop copy sessions. Data provided in trades-only drop copy service is similar to the existing Central Trade Feed (CTF).</span></div></div></div><div class="panel"><a class="panel-heading collapsed" title="Being a General Clearing Participant (GCP) to provide third party clearing services to other EPs, can we receive all our clients’ trade details through a single drop copy session?" data-toggle="collapse" href="#collapse-27" aria-expanded="false" >Being a General Clearing Participant (GCP) to provide third party clearing services to other EPs, can we receive all our clients’ trade details through a single drop copy session?</a><div id="collapse-27" class="collapse panel-body" aria-expanded="false"><div class="spanHeading"><span>No. An OCG-C drop copy session can only receive real-time data of one single EP. Application to drop copy sessions should be made by respective EPs.</span></div></div></div><div class="panel"><a class="panel-heading collapsed" title="What are the fees and charges for OCG-C sessions and throttles?" data-toggle="collapse" href="#collapse-28" aria-expanded="false" >What are the fees and charges for OCG-C sessions and throttles?</a><div id="collapse-28" class="collapse panel-body" aria-expanded="false"><div> <span><span class="spanHeading">Please refer to <a href="http://www.hkex.com.hk/Services/Rules-and-Forms-and-Fees/Fees/Securities-(Hong-Kong)/Trading/Infrastructure?sc_lang=en">here</a></span><span class="spanHeading"> for details.</span></span></div></div></div><div class="panel"><a class="panel-heading collapsed" title="Since OCG-C does not provide market data, will there be any waiver on licence and connection fees for OMD-C connection?" data-toggle="collapse" href="#collapse-29" aria-expanded="false" >Since OCG-C does not provide market data, will there be any waiver on licence and connection fees for OMD-C connection?</a><div id="collapse-29" class="collapse panel-body" aria-expanded="false"><div class="spanHeading"><span>EPs who connect to OMD-C directly to get market data for internal use will need to enter into the Market Data End-User Licence Agreement with HKEX Information Services Limited (HKEX-IS). Under the Market Data End-User Licence Agreement, 2 OMD-C Securities Standard (SS) connections with fee waiver on End-User Licence Fees and Connection Fees will be offered to each EP using OCG-C. </span></div></div></div><div class="panel"><a class="panel-heading collapsed" title="Will there be any monthly Information Service fees exemption for the BSS terminals/workstations connected to OCG-C?" data-toggle="collapse" href="#collapse-30" aria-expanded="false" >Will there be any monthly Information Service fees exemption for the BSS terminals/workstations connected to OCG-C?</a><div id="collapse-30" class="collapse panel-body" aria-expanded="false"><div class="spanHeading"><span> </span> <p class="spanHeading"><span>BSS terminals/workstations connected to OCG-C and sourced market data from OMD-C Securities Standard (SS) are subject to the monthly Individual User Fees (which is stipulated pursuant to the Market Data End-User Licence Agreement). The number of BSS terminals/workstations entitled for the exemption of the monthly Individual User Fees shall continue to be two BSS terminals/workstations for each Stock Exchange Trading Right held by the Exchange Participant with OCG-C.  In addition, with effect from 1 March 2015, each Exchange Participant would be entitled to additional 20 free market data display terminals.</span> </p> </div></div></div><div class="panel"><a class="panel-heading collapsed" title="What is a backup OCG-C session?" data-toggle="collapse" href="#collapse-31" aria-expanded="false" >What is a backup OCG-C session?</a><div id="collapse-31" class="collapse panel-body" aria-expanded="false"><div class="spanHeading"><span>The purpose of a backup OCG-C session is to allow an EP to connect from one of its backup BSS to OTP-C in the event that its production BSS encounters a problem. OCG-C will run in High-Availability (HA) mode regardless of whether an EP subscribes to backup OCG-C session(s) or not.</span></div></div></div><div class="panel"><a class="panel-heading collapsed" title="What is the difference between the FIX and Binary protocol? What is HKEX's recommendation on choosing the protocol?" data-toggle="collapse" href="#collapse-32" aria-expanded="false" >What is the difference between the FIX and Binary protocol? What is HKEX's recommendation on choosing the protocol?</a><div id="collapse-32" class="collapse panel-body" aria-expanded="false"><div class="spanHeading"><span>OCG-C supports both FIX and Binary protocols. From a trading perspective, they are equivalent in functionalities. Binary protocol is designed for customers seeking maximum machine efficiency, while FIX protocol caters for those adopting the industry standard messaging format.  EPs can choose the preferred message protocol based on their business needs.</span></div></div></div><div class="panel"><a class="panel-heading collapsed" title="What is the new bandwidth requirement for OCG-C and OMD-C?" data-toggle="collapse" href="#collapse-33" aria-expanded="false" >What is the new bandwidth requirement for OCG-C and OMD-C?</a><div id="collapse-33" class="collapse panel-body" aria-expanded="false"><div> <p>The bandwidth requirement for OCG-C sessions is listed as below:</p> <p><img height="142" alt="Bandwidth table" width="635" src="/-/media/HKEX-Market/Global/Exchange/FAQ/Securities-Market/Trading/Orion-Central-Gateway/What-is-the-new-bandwidth-requirement-for-OCG-and-OMD-C/Bandwidth-table.JPG"></p> <p>For the sharing of 16Mbps circuit of OCG-C and OMD-C Securities Standard session, the bandwidth requirement allocation is listed as below:</p> <p><img alt="Bandwidth table_2" src="/-/media/HKEX-Market/Global/Exchange/FAQ/Securities-Market/Trading/Orion-Central-Gateway/What-is-the-new-bandwidth-requirement-for-OCG-and-OMD-C/Bandwidth-table_2.JPG?h=114&w=694&hash=B4D54BB0DEAF7631BD2E0F3B79E27BDBDFE136582F964D450BE092991E52A9C9" style="height: 114px; width: 694px;"></p> </div></div></div><div class="panel"><a class="panel-heading collapsed" title="Can OCG-C and OMD-C share the same SDNet/2 or HKEX Service Network (HSN) circuits?" data-toggle="collapse" href="#collapse-34" aria-expanded="false" >Can OCG-C and OMD-C share the same SDNet/2 or HKEX Service Network (HSN) circuits?</a><div id="collapse-34" class="collapse panel-body" aria-expanded="false"><div class="spanHeading"><span>Yes. OCG-C and OMD-C can share the same SDNet/2 or HSN circuits.  EP has to ensure sufficient bandwidth is subscribed to meet its business needs.</span></div></div></div><div class="panel"><a class="panel-heading collapsed" title="If an EP establishes multiple OCG-C sessions from one BSS server location, is it possible to use one pair of SDNet/2 circuits for that particular location? What is the arrangement if the EP uses HSN?" data-toggle="collapse" href="#collapse-35" aria-expanded="false" >If an EP establishes multiple OCG-C sessions from one BSS server location, is it possible to use one pair of SDNet/2 circuits for that particular location? What is the arrangement if the EP uses HSN?</a><div id="collapse-35" class="collapse panel-body" aria-expanded="false"><div class="spanHeading"><span>Yes. An EP can use one pair of SDNet/2 circuits for each location to connect its BSS(s) to OCG-C.</span><br> <span>   </span><br> <span>If the EP uses HSN, the BSS servers would be located in HKEX Data Center and only one pair of HSN circuits is needed to connect to OCG-C.</span></div></div></div><div class="panel"><a class="panel-heading collapsed" title="If an EP establishes multiple OCG-C sessions from multiple BSS server locations, is it possible to use one pair of SDNet/2?" data-toggle="collapse" href="#collapse-36" aria-expanded="false" >If an EP establishes multiple OCG-C sessions from multiple BSS server locations, is it possible to use one pair of SDNet/2?</a><div id="collapse-36" class="collapse panel-body" aria-expanded="false"><div>In general, one pair of SDNet/2 circuits is needed for each location to connect its BSS(s) to OCG-C.</div> <div class="telerik_paste_container" style="border-width: 0px; position: absolute; overflow: hidden; margin: 0px; padding: 0px; left: 3px; top: 3px; width: 1px; height: 1px;"> <table style="color: #333333; font-family: Arial, Helvetica, sans-serif; font-size: 16px; background-color: #ffffff; margin: 1em 0px 0px !important;"> <tbody> <tr> <td colspan="2" style="vertical-align: top; width: 684px;">In general, one pair of SDNet/2 circuits is needed for each location to connect its BSS(s) to OCG.</td> </tr> </tbody> </table> </div></div></div><div class="panel"><a class="panel-heading collapsed" title="Does OCG-C support cross trading device order cancellation?" data-toggle="collapse" href="#collapse-37" aria-expanded="false" >Does OCG-C support cross trading device order cancellation?</a><div id="collapse-37" class="collapse panel-body" aria-expanded="false"><span>Yes. For example, an EP can perform cross trading device order cancellation through an operating OCG-C session on orders which were input from another OCG-C session. EPs are strongly advised to use this function for mass order cancellations <strong>ONLY </strong>in emergency situations such as malfunctioning of the original OCG-C session but not on a day-to-day basis.</span></div></div><div class="panel"><a class="panel-heading collapsed" title="Can an EP connect multiple production BSS to 1 OCG-C session?" data-toggle="collapse" href="#collapse-38" aria-expanded="false" >Can an EP connect multiple production BSS to 1 OCG-C session?</a><div id="collapse-38" class="collapse panel-body" aria-expanded="false"><div class="spanHeading"><span>No. Only one BSS can connect to one OCG-C session at a time.</span></div></div></div><div class="panel"><a class="panel-heading collapsed" title="How many broker numbers can be assigned to 1 OCG-C session?" data-toggle="collapse" href="#collapse-39" aria-expanded="false" >How many broker numbers can be assigned to 1 OCG-C session?</a><div id="collapse-39" class="collapse panel-body" aria-expanded="false"><div class="spanHeading"><span>An EP is allowed to have up to 80 broker numbers assigned to all of its OTP-C and OTP-CSC trading devices. As such, the maximum number of broker numbers that can be assigned to one OCG-C session is 80.</span></div></div></div><div class="panel"><a class="panel-heading collapsed" title="How does the throttling mechanism work in OCG-C?" data-toggle="collapse" href="#collapse-40" aria-expanded="false" >How does the throttling mechanism work in OCG-C?</a><div id="collapse-40" class="collapse panel-body" aria-expanded="false"><div> Throttle window is a one-second period that begins at the boundary of an actual clock second.  One Standard Throttle provides the throughput of 2 Messages per second (MPS). All in-bound messages such as order submission, quote, trade report, etc. are collectively referred to as messages. Messages exceeding the entitled limit will be rejected by OCG-C.<br> <p>Note: OCG-C will synchronize its system clock with GPS. </p> <p>For example: <br> • Throttle is 4 (i.e. 8 messages per second)<br> • BSS sends 12 messages within 1 second (10:23:36 - 10:23:37)<br> • The first 8 messages will be accepted while the last 4 messages will be rejected immediately</p> </div> <br> <img alt="4.9" src="/-/media/HKEX-Market/Global/Exchange/FAQ/Securities-Market/Trading/Orion-Central-Gateway/How-does-the-throttling-mechanism-work-in-OCG/4,-d-,9.png"> <br> <br> <div class="spanHeading"><span>BSS should therefore implement a flow control logic to send their messages according to their entitled throttles to minimize the occurrence of rejections.  However, BSS Users are reminded that rejection of message is still possible due to a misalignment of throttle time windows between their BSS and OCG-C. </span><span>Therefore, </span><span>BSS is </span><span>also </span><span>necessary to implement a message re-submission mechanism in case of rejection due to throttle violation or other events such as network </span><span>delay </span><span>or other unexpected events.     </span></div> <p class="spanHeading"><span>BSS Users are also requested to note that if there is a <strong>severe</strong> violation of the entitled throttle limit, the corresponding OCG-C session will be dropped. Therefore, it is recommended </span><span>that </span><span>BSS </span><span>should</span><span> minimize the occurrence of </span><span>message </span><span>rejections by</span><span></span><span>adopting below approaches</span><span>:</span></p> <ol> <li class="spanHeading"><strong class="spanHeading"><span>I</span><span>mplementing a proper flow control </span><span>and re-submission </span><span>mechanism.</span></strong><span> To minimize the occurrence of rejections due to exceeding the throttle limit, BSS should only send the number of messages less than or equal to the entitled throttle limit. In the example above, the BSS should control that no more than 8 messages </span><span>could</span><span> be sent to OCG-C in a single throttle window. Any additional messages should be queued in the BSS and be sent in the next throttle window.</span></li> <br> <li class="spanHeading"><span></span><strong class="spanHeading">S</strong><strong class="spanHeading">ynchronizing BSS system clock with GPS.</strong> If there is a misalignment of system clock between BSS and OCG-C, messages considered to be sent in two different throttle windows could be counted as being in the same throttle window in OCG-C. For example, the entitled throttle limit is 4, and the BSS sends 8 messages in the first window and 1 message in the next window. However, if all 9 messages arrive at OCG-C in the same throttle window based on OCG-C system clock, the last message will be rejected. Therefore, it is recommended BSS synchronizes its system clock with GPS to reduce the chance of rejection due to throttle window misalignment, and please note that some exceptional cases such as network delay variance may also cause message arrived at misaligned throttle time window and result in rejection.</li> </ol></div></div><div class="panel"><a class="panel-heading collapsed" title="How to interpret the Bitmap Fixed Length and Bitmap Variable Length for Binary protocol?" data-toggle="collapse" href="#collapse-41" aria-expanded="false" >How to interpret the Bitmap Fixed Length and Bitmap Variable Length for Binary protocol?</a><div id="collapse-41" class="collapse panel-body" aria-expanded="false"><div> <p>The Bitmap Fixed Length and Bitmap Variable Length are used to provide a presence map to indicate the availability of fields within the message. Each bit in the presence map will represent a field and the sequence in which the fields should be included into the message will be based on the bit position.</p> <p>Take Bitmap Fixed Length field (which has 32 bytes) as an example:</p> <p>The presence map will store starting from byte 0, and then byte 1, byte 2, ..., byte 31, where byte 0 is the first byte of the memory block of the Bitmap Fixed Length field.</p> <p>Suppose the following fields are present for a message:</p> </div> <p> </p> <p><img alt="4.10a" src="/-/media/HKEX-Market/Global/Exchange/FAQ/Securities-Market/Trading/Orion-Central-Gateway/How-to-interpret-the-Bitmap-Fixed-Length-and-Bitmap-Variable-Length-for-Binary-protocol/4,-d-,10a.png"></p> <p> </p> <div class="spanHeading"><span>Then, Bitmap Fixed Length field is presented as:</span></div> <p><img alt="4.10b" src="/-/media/HKEX-Market/Global/Exchange/FAQ/Securities-Market/Trading/Orion-Central-Gateway/How-to-interpret-the-Bitmap-Fixed-Length-and-Bitmap-Variable-Length-for-Binary-protocol/4,-d-,10b.png"></p> <div class="spanHeading"><span>In Language C/C++, if it wants to check if Order ID is present, the corresponding sample source code could be:</span></div> <p><img alt="4.10c" src="/-/media/HKEX-Market/Global/Exchange/FAQ/Securities-Market/Trading/Orion-Central-Gateway/How-to-interpret-the-Bitmap-Fixed-Length-and-Bitmap-Variable-Length-for-Binary-protocol/4,-d-,10c.png"></p></div></div><div class="panel"><a class="panel-heading collapsed" title="Are some samples available for data type Alphanumeric Variable Length, especially for showing how to store the empty/blank value?" data-toggle="collapse" href="#collapse-42" aria-expanded="false" >Are some samples available for data type Alphanumeric Variable Length, especially for showing how to store the empty/blank value?</a><div id="collapse-42" class="collapse panel-body" aria-expanded="false"><div> <p>Example 1:</p> <p>If the Alphanumeric Variable Length field has value of “Y”, the memory block will be stored as:</p> </div> <p><img alt="4.11a" src="/-/media/HKEX-Market/Global/Exchange/FAQ/Securities-Market/Trading/Orion-Central-Gateway/Are-some-samples-available-for-data-type-Alphanumeric-Variable-Length/4,-d-,11a.png"></p> <p>Note 1:</p> <p>In this example, the length of value is 2 instead of 1. It is because the length will take into account the null terminator.</p> <p>Example 2:</p> <p>If the Alphanumeric Variable Length field is empty/blank, the memory block will be stored as:</p> <p><img alt="4.11b" src="/-/media/HKEX-Market/Global/Exchange/FAQ/Securities-Market/Trading/Orion-Central-Gateway/Are-some-samples-available-for-data-type-Alphanumeric-Variable-Length/4,-d-,11b.png"></p></div></div><div class="panel"><a class="panel-heading collapsed" title="How to respond to a Test Request message from OCG-C?" data-toggle="collapse" href="#collapse-43" aria-expanded="false" >How to respond to a Test Request message from OCG-C?</a><div id="collapse-43" class="collapse panel-body" aria-expanded="false"><div class="spanHeading"><span>The Test Request message will be sent by OCG-C when it detects inactivity for a period longer than 3 heartbeat intervals. OCG-C expects there will be a proper Heartbeat message returned from the client with the Test Request ID. Otherwise, the session will be disconnected. If Cancel-On-Disconnect (COD) is subscribed, it will be triggered. Please note that any other message will not be considered as a proper response to a Test Request message.</span></div></div></div><div class="panel"><a class="panel-heading collapsed" title="There is no Trade Match ID in the Execution Report for the auto-matched trade cancellation, how to identify the original trade to be cancelled?" data-toggle="collapse" href="#collapse-44" aria-expanded="false" >There is no Trade Match ID in the Execution Report for the auto-matched trade cancellation, how to identify the original trade to be cancelled?</a><div id="collapse-44" class="collapse panel-body" aria-expanded="false"><div class="spanHeading"><span>Each Execution Report has a unique Execution ID as reference. The Execution Report for auto-matched trade cancelled by Exchange provides the Execution ID of the original trade – (ExecRefID(19) for FIX protocol or Reference Execution ID for Binary Protocol) to identify the original trade.</span></div></div></div><div class="panel"><a class="panel-heading collapsed" title="How to specify the Security ID in the business message?" data-toggle="collapse" href="#collapse-45" aria-expanded="false" >How to specify the Security ID in the business message?</a><div id="collapse-45" class="collapse panel-body" aria-expanded="false"><div class="spanHeading"><span>For HK Security ID less than 5 digits, it should be provided as string <span style="text-decoration: underline;">without leading zero</span> (e.g., HKEX stock code should be specified as 388, rather than 00388)</span><span>.</span></div></div></div><div class="panel"><a class="panel-heading collapsed" title="How to specify the Market Segment in the business message?" data-toggle="collapse" href="#collapse-46" aria-expanded="false" >How to specify the Market Segment in the business message?</a><div id="collapse-46" class="collapse panel-body" aria-expanded="false"><div class="spanHeading"><span>Market Segment ID should be specified in the business message <span style="text-decoration: underline;">without trailing spaces</span>. For example of Mass Cancel, if orders are to be cancelled for GEM (or ETS) market</span><span>, </span><span>the Market Segment ID should be “GEM” rather than “GEM<space>”.</span></div></div></div><div class="panel"><a class="panel-heading collapsed" title="Can BSS vendors perform Conformance Tests on behalf of their clients?" data-toggle="collapse" href="#collapse-47" aria-expanded="false" >Can BSS vendors perform Conformance Tests on behalf of their clients?</a><div id="collapse-47" class="collapse panel-body" aria-expanded="false"><div class="spanHeading"><span>Conformance Tests can be done by vendors on the same version of the BSS solution on behalf of all its clients. Conformance declarations must be done by individual EP.</span></div></div></div><div class="panel"><a class="panel-heading collapsed" title="How can EPs connect their BSS servers to the SDNet/2 routers?" data-toggle="collapse" href="#collapse-48" aria-expanded="false" >How can EPs connect their BSS servers to the SDNet/2 routers?</a><div id="collapse-48" class="collapse panel-body" aria-expanded="false"><div class="spanHeading"><span>An EP should provide two network switch ports with auto negotiation setting and two UTP cables to connect the SDNet/2 routers and the network switches. The network switches must provide a single VLAN (Layer 2) for the two SDNet/2 routers in order to support HSRP/VRRP communications between the routers themselves. The BSS servers should be connected to the network switches on the same VLAN.</span></div></div></div><div class="panel"><a class="panel-heading collapsed" title="How can an EP connect the network switches and SDNet/2 routers to support both OCG-C and OMD-C sessions on the same SDNet/2 circuits?" data-toggle="collapse" href="#collapse-49" aria-expanded="false" >How can an EP connect the network switches and SDNet/2 routers to support both OCG-C and OMD-C sessions on the same SDNet/2 circuits?</a><div id="collapse-49" class="collapse panel-body" aria-expanded="false"><div class="spanHeading"><span>An EP should provide four network switch ports with auto negotiation setting and four UTP cables to connect the SDNet/2 routers and the network switches. The network switches must provide two separated VLANs for connecting different router interfaces; one VLAN for OCG-C and the other for OMD-C. EPs have to ensure the circuit bandwidth is sufficient to meet their business needs.</span></div> <p class="spanHeading"><span> </span></p> <p><img alt="" height="536" width="670" src="/-/media/HKEX-Market/Global/Exchange/FAQ/Securities-Market/Trading/Orion-Central-Gateway/How-can-an-EP-connect-the-network-switches-and-SDNet-2-routers-to-support-both-OCG/DataCenter.JPG?h=536&w=670&hash=805A83B4FA0BAF956E6FD6BF570C15687BA188EA0643419669C52025DC9DE5AD" style="height: 536px; width: 670px;"></p></div></div><div class="panel"><a class="panel-heading collapsed" title="Can EPs share both OCG-C and OMD-C on the same pair of HSN circuits?" data-toggle="collapse" href="#collapse-50" aria-expanded="false" >Can EPs share both OCG-C and OMD-C on the same pair of HSN circuits?</a><div id="collapse-50" class="collapse panel-body" aria-expanded="false"><div class="spanHeading"><span>Yes. OCG-C and OMD-C can be run on the same pair of HSN circuits. The two applications will be assigned to different VLAN segments.</span></div></div></div><div class="panel"><a class="panel-heading collapsed" title="After completion of the end-to-end test, can EP migrate the SDNet/2 cirucits from Development to Production platforms without changing the IP addresses?" data-toggle="collapse" href="#collapse-51" aria-expanded="false" >After completion of the end-to-end test, can EP migrate the SDNet/2 cirucits from Development to Production platforms without changing the IP addresses?</a><div id="collapse-51" class="collapse panel-body" aria-expanded="false"><div class="spanHeading"><span>Yes. EP subnets and gateway IP addresses of the SDNet/2 circuits can be retained.</span></div></div></div><div class="panel"><a class="panel-heading collapsed" title="What are the key changes in relation to the renewed SDNet/2 service contracts between HKEX and Accredited Vendors’?" data-toggle="collapse" href="#collapse-52" aria-expanded="false" >What are the key changes in relation to the renewed SDNet/2 service contracts between HKEX and Accredited Vendors’?</a><div id="collapse-52" class="collapse panel-body" aria-expanded="false"><span>HKEX has renewed the SDNet/2 service contracts with the three existing Accredited Vendors effective from 1<sup> </sup> March 2016 and below are the key changes :</span> <ul> <li class="spanHeading"><span>Capped prices will only be available for 1Mbps to 20Mbps circuits and there will be </span><span>NO capped price for circuits with bandwidth of 30Mbps or above.  The new pricing arrangement is applicable to monthly tariff, installation charge and standby service fee. </span></li> <li class="spanHeading"><span>There is also change to certain one-off charge e.g. circuit bandwidth upgrade/downgrade, reconfiguration and relocation fee of specific Accredited Vendors.  </span></li> <li class="spanHeading"><span>Introduction of  Application Service Provider (ASP) circuit connection to SDNet/2 </span></li> </ul></div></div><div class="panel"><a class="panel-heading collapsed" title="What actions are Exchange Participants (EPs) /Clearing Participants (CPs) /Clearing Members (CMs)/Information Vendors (IVs) required to take for their existing circuit service contracts due to the renewal of SDNet/2 service contract between HKEX and Accredited Vendors? " data-toggle="collapse" href="#collapse-53" aria-expanded="false" >What actions are Exchange Participants (EPs) /Clearing Participants (CPs) /Clearing Members (CMs)/Information Vendors (IVs) required to take for their existing circuit service contracts due to the renewal of SDNet/2 service contract between HKEX and Accredited Vendors? </a><div id="collapse-53" class="collapse panel-body" aria-expanded="false"><div>EPs/CPs/CMs/IVs are required to take note of the new service arrangement and the effective date of the renewal of service contract between HKEX and Accredited Vendors. </div> <div> </div> <div>When a new contract has to be signed with Accredited Vendor after the expiry of the existing contract, the price and terms depend on when it is signed. </div> <div> <div> </div> EPs/CPs/CMs/IVs are advised to contact their selected Accredited Vendors and consider the commercial offers and services provided by individual Accredited Vendor. EPs/CPs/CMs/IVs are advised to select Accredited Vendors according to their own business needs.</div></div></div><div class="panel"><a class="panel-heading collapsed" title="What will be the monthly tariff charged by different Accredited Vendors under the renewed SDNet/2 service contracts?" data-toggle="collapse" href="#collapse-54" aria-expanded="false" >What will be the monthly tariff charged by different Accredited Vendors under the renewed SDNet/2 service contracts?</a><div id="collapse-54" class="collapse panel-body" aria-expanded="false"><div> <span>The prices of SDNet/2 monthly tariff and related services are either capped or to be negotiated between EPs/CPs/</span><span>CMs/</span><span>IVs and the Accredited Vendors.  EPs/CPs/</span><span>CMs/</span><span>IVs are advised to contact their selected Accredited Vendors and </span><span>consider the commercial offers and services provided by individual Accredited Vendor.  EPs/CPs/</span><span>CMs/</span><span>IVs are advised</span><span> to select Accredited Vendors according to their own business needs.</span></div> <ul> <li><span><a href="/Services/Connectivity/SDNet_2/Securities-Trading-(OTPC-Shanghai-and-Shenzhen-Connect)?sc_lang=en">Securities Trading (OTP-C, <span>Shanghai and Shenzhen Connect</span>)</a></span></li> </ul> <ul> <li><span><a href="/Services/Connectivity/SDNet_2/Derivatives-Trading-(HKATS)?sc_lang=en">Derivatives Trading (HKATS)</a></span></li> </ul> <ul> <li><span><a href="/Services/Connectivity/SDNet_2/Securities-Clearing-(CCASS_CCMS)?sc_lang=en">Securities Clearing, Settlement & Depository (CCASS/CCMS)</a></span></li> </ul> <ul> <li><span><a href="/Services/Connectivity/SDNet_2/Listed_Derivatives_Clearing_(DCASS_CCMS)?sc_lang=en">Listed Derivatives Clearing (DCASS, CCMS)</a></span></li> </ul> <ul> <li><span><a href="/Services/Connectivity/SDNet_2/OTC-Clear-(OCASS)?sc_lang=en">OTC Clear (OCASS)</a></span></li> </ul> <ul> <li><span><a href="/Services/Connectivity/SDNet_2/Market-Data-(OMD_C_OMD_D_IIS)?sc_lang=en">Market Data (OMD-C, OMD-D, IIS)</a></span></li> </ul></div></div><div class="panel"><a class="panel-heading collapsed" title="What is the installation cost of SDNet/2 circuits?" data-toggle="collapse" href="#collapse-55" aria-expanded="false" >What is the installation cost of SDNet/2 circuits?</a><div id="collapse-55" class="collapse panel-body" aria-expanded="false"><div>EPs/CPs/CMs/ IVs are advised to contact the Accredited Vendors directly for the prices of SDNet/2 circuit and related services.</div> <div>Currently, there are some situations where the Accredited Vendors are not allowed to install fibre cables (e.g. inside premises of data centre service providers or buildings whose building & management offices who sell their own fibre cables). EPs/CPs/CMs/IVs may need to bear the extra services cost charged by third parties. In such cases, EPs/CPs/CMs/IVs are advised to check with the Accredited Vendors because the degrees of installed fibre at each building by different Accredited Vendors may vary. <br> <br> Due to the fact that the installation environment varies in different sites, the selected Accredited Vendor will carry out site visit to the offices of EPs/CPs/CMs/IVs and will discuss with the EPs/CPs/CMs/IVs on the facilities required for the circuit installation. Therefore, Ps/CPs/CMs/IVs should check with the Accredited Vendors if there is any extra cost required for the circuit installation according to actual situation.</div></div></div><div class="panel"><a class="panel-heading collapsed" title="What is the minimum subscription period and termination notice of SDNet/2 circuits?" data-toggle="collapse" href="#collapse-56" aria-expanded="false" >What is the minimum subscription period and termination notice of SDNet/2 circuits?</a><div id="collapse-56" class="collapse panel-body" aria-expanded="false"><div>The minimum subscription period of SDNet/2 circuits is 3 months and 1 month advance notice for termination without any cause given by the EPs/CPs/CMs/IVs.</div></div></div><div class="panel"><a class="panel-heading collapsed" title="After installation of the SDNet/2 circuits, can EPs/CPs/CMs/Ivs terminate the service contract any time and change to another Accredited Vendor?" data-toggle="collapse" href="#collapse-57" aria-expanded="false" >After installation of the SDNet/2 circuits, can EPs/CPs/CMs/Ivs terminate the service contract any time and change to another Accredited Vendor?</a><div id="collapse-57" class="collapse panel-body" aria-expanded="false"><div> <div>The minimum subscription period of SDNet/2 circuit is 3 months.<br> <br> If EPs/CPs/CMs/IVs wish to terminate the service within the minimum<br> subscription period, they can submit 1 month’s advance notice to the<br> respective Accredited Vendor to terminate the service at the end of the 2nd month. <br> <br> After the 3-months minimum subscription period, EPs/CPs/CMs/IVs can terminate the service by giving 1 month’s advance termination notice to the respective Accredited Vendor. <br> <br> Accredited Vendor has the right to ask for any remaining or outstanding payment due to the service termination. EPs/CPs/CMs/IVs should check with Accredited Vendor beforehand whether it is applicable for its service terms and conditions.</div> </div></div></div><div class="panel"><a class="panel-heading collapsed" title="Can EPs/CPs/CMs/IVs select more than one Accredited Vendor at one time? " data-toggle="collapse" href="#collapse-58" aria-expanded="false" >Can EPs/CPs/CMs/IVs select more than one Accredited Vendor at one time?<br/></a><div id="collapse-58" class="collapse panel-body" aria-expanded="false"><div> <div>Yes. EPs/CPs/CMs/IVs who have more than one set of SDNet/2 circuits are allowed to select more than one Accredited Vendor. However, EPs/CPs/CMs/IVs must subscribe from the same Accredited Vendor for both individual circuits within a dual-circuit configuration.</div> </div></div></div><div class="panel"><a class="panel-heading collapsed" title="How should EPs/CPs/CMs/IV/s select their Accredited Vendors?" data-toggle="collapse" href="#collapse-59" aria-expanded="false" >How should EPs/CPs/CMs/IV/s select their Accredited Vendors?</a><div id="collapse-59" class="collapse panel-body" aria-expanded="false">All Accredited Vendors must provide SDNet/2 service according to the predefined technical requirements from HKEX. Technically, SDNet/2 circuits provided by all Accredited Vendors are fully compatible with the market systems of HKEX.<br> <br> EPs/CPs/CMs/IVs are advised to contact their selected Accredited Vendors and consider the commercial offers and services provided by individual Accredited Vendor. EPs/CPs/CMs/IVs are advised to select Accredited Vendors according to their own business needs. Before selection, EPs/CPs/CMs/IVs are advised to study carefully the terms and conditions offered by the individual Accredited Vendor</div></div><div class="panel"><a class="panel-heading collapsed" title="Is there any change to the on-going support and service due to the SDNet/2 service contract renewal between HKEX and Accredited Vendors?" data-toggle="collapse" href="#collapse-60" aria-expanded="false" >Is there any change to the on-going support and service due to the SDNet/2 service contract renewal between HKEX and Accredited Vendors?</a><div id="collapse-60" class="collapse panel-body" aria-expanded="false">There is no change in the on-going support and services due to the SDNet/2 service contract renewal between HKEX and Accredited Vendors.<br> <br> For network problem, EPs/CPs/CMs/IVs should report the fault to their Accredited Vendors directly.<br> <br> Accredited Vendors will be responsible for monitoring the healthiness of the circuits of EPs/CPs/CMs/IVs. EPs/CPs/CMs/IVs are advised to check with their selected Accredited Vendors if notification service will be provided when the Accredited Vendors' networks encounter interruption.</div></div><div class="panel"><a class="panel-heading collapsed" title="Are EPs/CPs/CMs/IVs required to inform HKEX if they have changed the SDNet circuit bandwidth or Accredited Vendors?" data-toggle="collapse" href="#collapse-61" aria-expanded="false" >Are EPs/CPs/CMs/IVs required to inform HKEX if they have changed the SDNet circuit bandwidth or Accredited Vendors?</a><div id="collapse-61" class="collapse panel-body" aria-expanded="false">EPs/CPs/CMs/IVs are required to inform the Exchanges/Clearing Houses for change of SDNet circuit bandwidth or Accredited Vendors.</div></div><div class="panel"><a class="panel-heading collapsed" title="Will there be any change of IP address if EPs/CPs/CMs/IVs change the Accredited Vendors? " data-toggle="collapse" href="#collapse-62" aria-expanded="false" >Will there be any change of IP address if EPs/CPs/CMs/IVs change the Accredited Vendors?<br/></a><div id="collapse-62" class="collapse panel-body" aria-expanded="false">There will be change of IP address if EPs/CPs/CMs/IVs change the Accredited Vendors.</div></div><div class="panel"><a class="panel-heading collapsed" title="If EPs/CPs/CMs/IVs want to downgrade the SDNet circuit bandwidth, would it affect the existing connections?" data-toggle="collapse" href="#collapse-63" aria-expanded="false" >If EPs/CPs/CMs/IVs want to downgrade the SDNet circuit bandwidth, would it affect the existing connections?</a><div id="collapse-63" class="collapse panel-body" aria-expanded="false"><p>EPs/CPs/CMs/IVs should subscribe not lower than the specified minimum bandwidth. The minimum bandwidth requirements of the respective market systems can be found in the [Price Information / Technical Specification / Service Level of SDNet/2] </p> <ul> <li><a href="/Services/Connectivity/SDNet_2/Securities-Trading-(OTPC-Shanghai-and-Shenzhen-Connect)?sc_lang=en">Securities Trading (<span style="text-decoration: underline;">OTP-C</span>, <span>Shanghai and Shenzhen Connect</span>)</a></li> </ul> <ul> <li><a href="/Services/Connectivity/SDNet_2/Derivatives-Trading-(HKATS)?sc_lang=en">Derivatives Trading (HKATS)</a></li> </ul> <ul> <li><a href="/Services/Connectivity/SDNet_2/Securities-Clearing-(CCASS_CCMS)?sc_lang=en">Securities Clearing, Settlement & Depository (CCASS/CCMS)</a></li> </ul> <ul> <li><a href="/Services/Connectivity/SDNet_2/Listed_Derivatives_Clearing_(DCASS_CCMS)?sc_lang=en">Listed Derivatives Clearing (DCASS, CCMS)</a></li> </ul> <ul> <li><a href="/Services/Connectivity/SDNet_2/OTC-Clear-(OCASS)?sc_lang=en">OTC Clear (OCASS)</a></li> </ul> <ul> <li><a href="/Services/Connectivity/SDNet_2/Market-Data-(OMD_C_OMD_D_IIS)?sc_lang=en">Market Data (OMD-C, OMD-D, IIS)</a></li> </ul> <p>EPs/CPs/CMs/IVs may subscribe more than the minimum bandwidth from the Accredited Vendors in accordance with their business needs.</p></div></div><div class="panel"><a class="panel-heading collapsed" title="Would the daily operations of EPs/CPs/CMs/IVs be affected during the course of bandwidth upgrading/downgrading?" data-toggle="collapse" href="#collapse-64" aria-expanded="false" >Would the daily operations of EPs/CPs/CMs/IVs be affected during the course of bandwidth upgrading/downgrading?</a><div id="collapse-64" class="collapse panel-body" aria-expanded="false"><div>EPs/CPs/CMs/IVs should liaise with the Accredited Vendors to perform the bandwidth upgrading/downgrading after the daily operation has been completed.</div></div></div><div class="panel"><a class="panel-heading collapsed" title="How can EPs/CPs/CMs/IVs obtain the contact of Accredited Vendors?" data-toggle="collapse" href="#collapse-65" aria-expanded="false" >How can EPs/CPs/CMs/IVs obtain the contact of Accredited Vendors?</a><div id="collapse-65" class="collapse panel-body" aria-expanded="false"><div>EPs/CPs/CMs/IVs can click in the below links for Accredited Vendors’ contacts.</div> <ul> <li><a href="/Services/Connectivity/SDNet_2/Securities-Trading-(OTPC-Shanghai-and-Shenzhen-Connect)?sc_lang=en">Securities Trading (<span style="text-decoration: underline;">OTP-C</span>, <span>Shanghai and Shenzhen Connect</span>)</a></li> </ul> <ul> <li><a href="/Services/Connectivity/SDNet_2/Derivatives-Trading-(HKATS)?sc_lang=en">Derivatives Trading (HKATS)</a></li> </ul> <ul> <li><a href="/Services/Connectivity/SDNet_2/Securities-Clearing-(CCASS_CCMS)?sc_lang=en">Securities Clearing, Settlement & Depository (CCASS/CCMS)</a></li> </ul> <ul> <li><a href="/Services/Connectivity/SDNet_2/Listed_Derivatives_Clearing_(DCASS_CCMS)?sc_lang=en">Listed Derivatives Clearing (DCASS, CCMS)</a></li> </ul> <ul> <li><a href="/Services/Connectivity/SDNet_2/OTC-Clear-(OCASS)?sc_lang=en">OTC Clear (OCASS)</a></li> </ul> <ul> <li><a href="/Services/Connectivity/SDNet_2/Market-Data-(OMD_C_OMD_D_IIS)?sc_lang=en">Market Data (OMD-C, OMD-D, IIS)</a></li> </ul></div></div><div class="panel"><a class="panel-heading collapsed" title="Can EPs/CPs/CMs/IVs send email enquiries to HKEX?" data-toggle="collapse" href="#collapse-66" aria-expanded="false" >Can EPs/CPs/CMs/IVs send email enquiries to HKEX?</a><div id="collapse-66" class="collapse panel-body" aria-expanded="false">For further questions regarding SDNet/2, please send email to sdnet@hkex.com.hk</div></div><div class="panel"><a class="panel-heading collapsed" title="What is ASP connection?" data-toggle="collapse" href="#collapse-67" aria-expanded="false" >What is ASP connection?</a><div id="collapse-67" class="collapse panel-body" aria-expanded="false"><div>ASP (”Application Service Provider”) is the service provider providing shared SDNet/2 circuit services connectivity to multiple EPs/CPs/CMs/IVs. Under the ASP connection service, ASP will subscribe the SDNet/2 circuits from the Accredited Vendor(s) and manage the network connectivity on behalf of the EPs/CPs/CMs/IVs.<br> <br> ASPs should contact the Accredited Vendor regarding the application of ASP connections and HKEX-IS on the data licensing requirement.<br> <br> EPs/CPs/CMs/IVs should contact their respective software/system providers regarding the ASP connection services.</div></div></div><div class="panel"><a class="panel-heading collapsed" title="Who are eligible to apply for ASP connection?" data-toggle="collapse" href="#collapse-68" aria-expanded="false" >Who are eligible to apply for ASP connection?</a><div id="collapse-68" class="collapse panel-body" aria-expanded="false">The ASP connection initiative aims to enhance the infrastructure efficiency of the application providers who are also providing managed services to market participants. Therefore, BSS vendors / OAPI developers / Market Data ASPs are eligible to apply for the ASP connections. However, HKEX reserves the right of final decision.</div></div><div class="panel"><a class="panel-heading collapsed" title="What application accesses can be aggregated on an ASP connection?" data-toggle="collapse" href="#collapse-69" aria-expanded="false" >What application accesses can be aggregated on an ASP connection?</a><div id="collapse-69" class="collapse panel-body" aria-expanded="false">Currently, the HKEX Application accesses allowed to be aggregated on ASP connection are listed as follow:<br> <br> Cash Market and China Connect Market: OCG-C, OMD-C, CCCG, OMD-CC.<br> <br> Derivatives Market: HKATS connection through Central Gateway, DCASS connection through Central Gateway, OMD-D.<br> <br> Market segregation is required, which means that an ASP connection may only access to either Cash Market and China Connect Market applications or Derivatives Market applications.</div></div><div class="panel"><a class="panel-heading collapsed" title="What is a CAS?" data-toggle="collapse" href="#collapse-70" aria-expanded="false" >What is a CAS?</a><div id="collapse-70" class="collapse panel-body" aria-expanded="false"><p class="spanHeading"><span>Closing auction, which allows execution at the closing price, is a trading mechanism commonly used in securities markets across the globe.  During a closing auction, market participants interested in trading at the closing price may input buy and sell orders.  Then their orders interact with each other to form a consensus closing price for each security and orders are executed at that price.</span></p> <span style="background: white;">CAS commences immediately after the completion of the Continuous Trading Session (“CTS”).</span></div></div><div class="panel"><a class="panel-heading collapsed" title="How does CAS work?" data-toggle="collapse" href="#collapse-71" aria-expanded="false" >How does CAS work?</a><div id="collapse-71" class="collapse panel-body" aria-expanded="false"><div class="spanHeading"> <p class="spanHeading"><span style="background: white;">CAS would last for about 8 to 10 minutes and consists of a Reference Price fixing period, an order input period, a no-cancellation period and a random closing period as follows:</span></p> <div> <table cellspacing="0" cellpadding="0" class="table migrate" style="top: 39.7535px; width: 100%; height: 141px;"> <thead> <tr> <td> <p> </p> </td> <td> <p class="spanHeading"><span>Full Day Trading</span></p> </td> <td> <p class="spanHeading"><span>Half Day Trading*</span></p> </td> </tr> </thead> <tbody> <tr> <td> <p class="spanHeading"><span>Reference Price Fixing Period</span></p> </td> <td> <p class="spanHeading"><span>16:00 – 16:01</span></p> </td> <td> <p class="spanHeading"><span>12:00 – 12:01</span></p> </td> </tr> <tr> <td> <p class="spanHeading"><span>Order Input Period</span></p> </td> <td> <p class="spanHeading"><span>16:01 – 16:06</span></p> </td> <td> <p class="spanHeading"><span>12:01 – 12:06</span></p> </td> </tr> <tr> <td> <p class="spanHeading"><span>No-Cancellation Period</span></p> </td> <td> <p class="spanHeading"><span>16:06 – 16:08</span></p> </td> <td> <p class="spanHeading"><span>12:06 – 12:08</span></p> </td> </tr> <tr> <td> <p class="spanHeading"><span>Random Closing Period</span></p> </td> <td> <p class="spanHeading"><span>16:08 – 16:10</span></p> </td> <td> <p class="spanHeading"><span>12:08 – 12:10</span></p> </td> </tr> </tbody> </table> </div> <span>* Eves of Christmas, New Year and Lunar New Year</span></div> <p><img alt="CAS_CASWork_eng" src="/-/media/Market-System/FAQ/CAS_CASWork_eng.png"></p> <p> </p> <div> <p class="spanHeading"><span></span></p> <ul> <li class="spanHeading"><span>In the first period (Reference Price Fixing Period, 4:00-4:01 pm), a Reference Price, which sets the allowable price limit of CAS (±5 per cent from the Reference Price), is calculated for each CAS Security.  The Reference Price is determined by taking the median of 5 nominal prices in the last minute of the CTS and the system would take 5 snapshots on the nominal prices at 15-second interval starting from 15:59:00.</span></li> </ul> <ul> <li class="spanHeading"><span>In the second period (Order Input Period, 4:01-4:06 pm), at-auction orders and at-auction limit orders within the ±5 per cent price limit could be entered, amended or cancelled on CAS Securities.</span></li> </ul> <ul> <li class="spanHeading"><span>Starting from the third period (No-Cancellation Period, 4:06-4:08 pm), at-auction orders and at-auction limit orders could be entered.  However, the prices of new at-auction limit orders must be between the lowest ask and highest bid of the order book, and no orders could be amended or cancelled. </span></li> </ul> <ul> <li class="spanHeading"><span>In the last period (Random Closing Period, 4:08-4:10 pm), the order rules from the No-Cancellation period apply and the market closes randomly within two minutes. </span></li> </ul> <ul> <li class="spanHeading"><span> </span>After the random closing period, there is order matching for all CAS Securities at the final IEP.  <span style="text-decoration: underline;">In cases where no final IEP is established during CAS, the Reference Price would be treated as the final IEP for order matching and would become the closing price of the CAS Security.</span>  This price would also be used for order matching based on matching priority, i.e. by order type, price and then time.</li> </ul> </div></div></div><div class="panel"><a class="panel-heading collapsed" title="What securities are covered under CAS?" data-toggle="collapse" href="#collapse-72" aria-expanded="false" >What securities are covered under CAS?</a><div id="collapse-72" class="collapse panel-body" aria-expanded="false"><p class="spanHeading"><span>CAS covers all equities (including depository receipts, investment companies, preference shares and stapled securities), funds (including Exchange Traded Funds (ETFs) and REITs) and leveraged and inverse products (L&I Products).</span></p></div></div><div class="panel"><a class="panel-heading collapsed" title="What would happen to a new order input and manual trade input during CAS for a non CAS Security?" data-toggle="collapse" href="#collapse-73" aria-expanded="false" >What would happen to a new order input and manual trade input during CAS for a non CAS Security?</a><div id="collapse-73" class="collapse panel-body" aria-expanded="false"><div class="spanHeading"><span>Any new order input or manual trade input for non CAS Securities during CAS will be rejected.</span></div></div></div><div class="panel"><a class="panel-heading collapsed" title="What would be the changes to trading hours in the securities and derivatives market as a result of the conclusion?" data-toggle="collapse" href="#collapse-74" aria-expanded="false" >What would be the changes to trading hours in the securities and derivatives market as a result of the conclusion?</a><div id="collapse-74" class="collapse panel-body" aria-expanded="false"><p><em class="spanHeading"><span>Securities market</span></em></p> <p class="spanHeading"><span>With the introduction of CAS, the securities market closing time has been extended to a random closing between 16:08 and 16:10 from today’s 16:00. </span></p> <p class="spanHeading"><span>The trading hours of the securities market under CAS model is as set out in the table below for full and half day trading respectively:</span></p> <div class="fixed-freeze-tb-container"> <table class="table table-full-width sc_default_table table-rte-generic"> <thead> <tr> <th class="leftAlign" style="text-align: left; vertical-align: top;" colspan="3"> Securities market trading hours under CAS model (Full Day)</th> </tr> </thead> <tbody> <tr> <td class="leftAlign" style="text-align: left; vertical-align: top;"> Trading sessions</td> <td class="leftAlign" style="text-align: left; vertical-align: top;"> Previous trading hours</td> <td class="leftAlign" style="text-align: left; vertical-align: top;"> Trading hours with a CAS</td> </tr> <tr> <td class="leftAlign" style="text-align: left; vertical-align: top;"> Pre-opening Session</td> <td class="leftAlign" style="text-align: left; vertical-align: top;"> 9:00-9:30</td> <td class="leftAlign" style="text-align: left; vertical-align: top;"> Remain unchanged</td> </tr> <tr> <td class="leftAlign" style="text-align: left; vertical-align: top;"> Morning Session</td> <td class="leftAlign" style="text-align: left; vertical-align: top;"> 9:30-12:00</td> <td class="leftAlign" style="text-align: left; vertical-align: top;"> Remain unchanged</td> </tr> <tr> <td class="leftAlign" style="text-align: left; vertical-align: top;"> Extended Morning Session</td> <td class="leftAlign" style="text-align: left; vertical-align: top;"> 12:00-13:00</td> <td class="leftAlign" style="text-align: left; vertical-align: top;"> Remain unchanged</td> </tr> <tr> <td class="leftAlign" style="text-align: left; vertical-align: top;"> Afternoon Session</td> <td class="leftAlign" style="text-align: left; vertical-align: top;"> 13:00-16:00</td> <td class="leftAlign" style="text-align: left; vertical-align: top;"> Remain unchanged</td> </tr> <tr> <td class="leftAlign" style="text-align: left; vertical-align: top;" colspan="3"> CAS (applicable to all CAS Securities)</td> </tr> <tr> <td class="leftAlign" style="text-align: left; vertical-align: top;"> Reference Price</td> <td class="leftAlign" style="text-align: left; vertical-align: top;"> N/A</td> <td class="leftAlign" style="text-align: left; vertical-align: top;"> 16:00-16:01</td> </tr> <tr> <td class="leftAlign" style="text-align: left; vertical-align: top;"> Order Input</td> <td class="leftAlign" style="text-align: left; vertical-align: top;"> N/A</td> <td class="leftAlign" style="text-align: left; vertical-align: top;"> 16:01-16:06</td> </tr> <tr> <td class="leftAlign" style="text-align: left; vertical-align: top;"> No Cancellation</td> <td class="leftAlign" style="text-align: left; vertical-align: top;"> N/A</td> <td class="leftAlign" style="text-align: left; vertical-align: top;"> 16:06-16:08</td> </tr> <tr> <td class="leftAlign" style="text-align: left; vertical-align: top;"> Random Closing</td> <td class="leftAlign" style="text-align: left; vertical-align: top;"> N/A</td> <td class="leftAlign" style="text-align: left; vertical-align: top;"> 16:08-16:10</td> </tr> </tbody> </table> </div> <p> </p> <div class="fixed-freeze-tb-container"> <table class="table table-full-width sc_default_table table-rte-generic"> <thead> <tr> <th class="leftAlign" style="text-align: left; vertical-align: top;" colspan="3"> Securities market trading hours under CAS model (Half Day)</th> </tr> </thead> <tbody> <tr> <td class="leftAlign" style="text-align: left; vertical-align: top;"> Trading sessions</td> <td class="leftAlign" style="text-align: left; vertical-align: top;"> Previous trading hours</td> <td class="leftAlign" style="text-align: left; vertical-align: top;"> Trading hours with a CAS</td> </tr> <tr> <td class="leftAlign" style="text-align: left; vertical-align: top;"> Pre-opening Session</td> <td class="leftAlign" style="text-align: left; vertical-align: top;"> 9:00-9:30</td> <td class="leftAlign" style="text-align: left; vertical-align: top;"> Remain unchanged</td> </tr> <tr> <td class="leftAlign" style="text-align: left; vertical-align: top;"> Morning Session</td> <td class="leftAlign" style="text-align: left; vertical-align: top;"> 9:30-12:00</td> <td class="leftAlign" style="text-align: left; vertical-align: top;"> Remain unchanged</td> </tr> <tr> <td class="leftAlign" style="text-align: left; vertical-align: top;" colspan="3"> CAS (applicable to all CAS Securities)</td> </tr> <tr> <td class="leftAlign" style="text-align: left; vertical-align: top;"> Reference Price Fixing Period</td> <td class="leftAlign" style="text-align: left; vertical-align: top;"> N/A</td> <td class="leftAlign" style="text-align: left; vertical-align: top;"> 12:00-12:01</td> </tr> <tr> <td class="leftAlign" style="text-align: left; vertical-align: top;"> Order Input</td> <td class="leftAlign" style="text-align: left; vertical-align: top;"> N/A</td> <td class="leftAlign" style="text-align: left; vertical-align: top;"> 12:01-12:06</td> </tr> <tr> <td class="leftAlign" style="text-align: left; vertical-align: top;"> No Cancellation</td> <td class="leftAlign" style="text-align: left; vertical-align: top;"> N/A</td> <td class="leftAlign" style="text-align: left; vertical-align: top;"> 12:06-12:08</td> </tr> <tr> <td class="leftAlign" style="text-align: left; vertical-align: top;"> Random Closing</td> <td class="leftAlign" style="text-align: left; vertical-align: top;"> N/A</td> <td class="leftAlign" style="text-align: left; vertical-align: top;"> 12:08-12:10</td> </tr> </tbody> </table> </div> <p><em class="spanHeading"><span> </span></em></p> <p><em class="spanHeading"><span>Derivatives market</span></em></p> <p class="spanHeading"><span>The closing times of normal trading sessions for Stock Index Futures and Options, Currency Futures and Commodity Futures has changed from 16:15 to 16:30 for a normal trading day and from 12:00 to 12:30 for a half trading day, except on the last trading day of the contracts. The opening time of After-Hours Futures Trading has changed from 17:00 to 17:15.</span></p> <p class="spanHeading"><span>In addition, trading hours on the last trading day, the final settlement price calculation algorithm and typhoon arrangements also change accordingly. Please refer to the SEHK </span><span>Circular</span><span> (Ref: <a href="/-/media/HKEX-Market/Global/Exchange/FAQ/Securities-Market/Trading/CAS/What-would-be-the-changes-to-trading-hours-in-the-securities-and-derivatives/MO_DT_056_16_e.pdf" title="MO_DT_056_16_e" class="spanHeading">MO/DT/056/16</a></span><span>) issued on 17 May 2016 for details.</span></p> <p> </p></div></div><div class="panel"><a class="panel-heading collapsed" title="Could orders which can only be input and executed at CAS (i.e. at-auction orders and at-auction limit orders) be entered during the CTS?" data-toggle="collapse" href="#collapse-75" aria-expanded="false" >Could orders which can only be input and executed at CAS (i.e. at-auction orders and at-auction limit orders) be entered during the CTS?</a><div id="collapse-75" class="collapse panel-body" aria-expanded="false"><div class="spanHeading"> <p class="spanHeading"><span>Only at-auction orders and at-auction limit orders can be input starting from 16:01 starting from the beginning of the Order Input Period in CAS.  All other order types, such as limit orders / enhanced limit orders / special limit orders / odd lots / special lots, will be rejected during CAS.  </span></p> <p class="spanHeading"><span>Currently the System only accepts limit, enhanced limit and special limit orders during the CTS and orders are continuously executed in strict price and time priority. There is no order type in the System for input order in CTS but could only be executed at CAS.</span></p> </div></div></div><div class="panel"><a class="panel-heading collapsed" title="Could an Exchange Participant perform amendment of order type from at-auction limit to at auction and vice versa during CAS?" data-toggle="collapse" href="#collapse-76" aria-expanded="false" >Could an Exchange Participant perform amendment of order type from at-auction limit to at auction and vice versa during CAS?</a><div id="collapse-76" class="collapse panel-body" aria-expanded="false"><div class="spanHeading"><span>Order type cannot be amended via order modification function.  If an EP wants to change the order type, they would need to cancel the original order and input a new order of another order type.</span></div></div></div><div class="panel"><a class="panel-heading collapsed" title="How does the price limit in CAS work?" data-toggle="collapse" href="#collapse-77" aria-expanded="false" >How does the price limit in CAS work?</a><div id="collapse-77" class="collapse panel-body" aria-expanded="false"><div class="spanHeading"> <p class="spanHeading"><span style="background: white;">A two-stage price limit is applied to control the price of limit orders which are either carried forward from the CTS to CAS, or newly input during CAS.</span></p> <div> <table class="table migrate" style="width: 100%;"> <thead> <tr> <td style="width: 15%;"></td> <td style="width: 30%; text-align: left; vertical-align: middle;">Application session</td> <th style="text-align: left; vertical-align: middle;">Time Period<br> (Full Day)</th> <td style="text-align: left; vertical-align: middle;">Scope of price limit</td> </tr> </thead> <tbody> <tr> <td style="width: 15%;">Stage 1</td> <td style="width: 30%;">Order Input Period</td> <td>16:01 - 16:06</td> <td>± 5% from Reference Price</td> </tr> <tr> <td style="width: 15%; vertical-align: middle; text-align: left;">Stage 2</td> <td style="width: 30%;">No-Cancellation Period <br> Random Closing Period </td> <td>16:06 - time of random close</td> <td>Within the lowest ask & highest bid at the end of Order Input Period as recorded at 16:06</td> </tr> </tbody> </table> </div> <p><em class="spanHeading"><span>Carry forward of outstanding orders into CAS</span></em></p> <ul> <li class="spanHeading"><span>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 CTS to CAS.  The System would treat such orders as at-auction limit orders.</span></li> </ul> <ul> <li class="spanHeading"><span>In Stage 1, aggressive orders with price outside the permissible price limit (i.e. buy order > upper limit and sell order < lower limit) will be cancelled by the System with an order cancellation message returned to the relevant 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 CAS.  In Stage 2, any at-auction limit orders with limit price outside the price limits when the second stage price limit takes effect will not be cancelled by the system but would not be executable during CAS.</span><em class="spanHeading"></em></li> </ul> <p class="spanHeading"><em class="spanHeading">New order input during CAS</em></p> <ul> <li class="spanHeading"><span>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 CAS and which has a limit price is outside the permissible price limit will be rejected by the System.</span></li> </ul> <ul> <li class="spanHeading"><span>Starting from the No-Cancellation Period, 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.</span></li> </ul> </div></div></div><div class="panel"><a class="panel-heading collapsed" title="What would happen if an order for CAS has been entered outside the permissible price limit?" data-toggle="collapse" href="#collapse-78" aria-expanded="false" >What would happen if an order for CAS has been entered outside the permissible price limit?</a><div id="collapse-78" class="collapse panel-body" aria-expanded="false"><div> <p class="spanHeading"><span>An at-auction limit order that is input during CAS and which has a limit price outside the permissible price limit will be rejected by the System. </span><span> For example, if the Reference Price is $100, the System will reject buy and sell orders with prices lower than $95 or higher than $105.  During the No-Cancellation Period and Random Closing Period, the System will reject new buy and sell orders with prices outside the highest bid and lowest ask recorded at the end of Order Input Period (i.e. 16:06).</span></p> </div></div></div><div class="panel"><a class="panel-heading collapsed" title="Some market participants asked for a 2 per cent price limit for CAS. What was the rationale for the 5 per cent limit HKEX proposed and did HKEX consider changing it after reviewing the comments it received? " data-toggle="collapse" href="#collapse-79" aria-expanded="false" >Some market participants asked for a 2 per cent price limit for CAS. What was the rationale for the 5 per cent limit HKEX proposed and did HKEX consider changing it after reviewing the comments it received? </a><div id="collapse-79" class="collapse panel-body" aria-expanded="false"><div class="spanHeading"> <p class="spanHeading"><span>HKEX acknowledged the market’s concern on price volatility in CAS, so it proposed implementing a price limit.  It should be noted that most markets do not have a price limit in their closing auction, and a 5 per cent price limit is the narrowest among those with a price limit.     </span></p> <p class="spanHeading"><span>When HKEX had a closing auction in 2008, it announced at one point that it would implement a 2 per cent price limit, but the closing auction was suspended before the limit was implemented.  The price limit was the only proposed measure to curb price instability then and hence a 2 per cent limit was proposed, although many market participants commented then that it would be too restrictive to trading.  CAS has a number of other price control measures so the price limit need not be as restrictive as a 2 per cent limit. </span></p> <p class="spanHeading"><span>Based on daily trading statistics, a 2 per cent limit would be overly restrictive to trading and would make it difficult for many stocks orders to be completed at the close both on normal days as well as on index rebalancing days.  Market participants might place orders with more aggressive prices or trade ahead of the market close under such circumstances and hence reduce the utility of CAS.  Also, HKEX noted that even today, some stocks may fluctuate more than 5 per cent within a few minutes, and the 5 per cent price limit is still not wide enough for these stocks.</span></p> <p class="spanHeading"><span>HKEX have therefore decided to proceed with the original proposal, i.e. introducing a 5 per cent price limit first during the Order Input Period, which balances retail and institutional market feedback and the strong need to address the price volatility issue.  The 5 per cent price limit may be subject to review in the future. </span></p> </div></div></div><div class="panel"><a class="panel-heading collapsed" title="In a rare case, what would be the price limit if the highest bid or lowest ask fall outside the 5% price limit at the end of Order Input Period?" data-toggle="collapse" href="#collapse-80" aria-expanded="false" >In a rare case, what would be the price limit if the highest bid or lowest ask fall outside the 5% price limit at the end of Order Input Period?</a><div id="collapse-80" class="collapse panel-body" aria-expanded="false"><div> <p class="spanHeading"><span>At any time during CAS, order price must not deviate more than 5% from the Reference Price.</span></p> </div></div></div><div class="panel"><a class="panel-heading collapsed" title="What happen to the orders that are outside the price limit after the second stage price limit takes effect on and after 16:06? Can they be cancelled by EPs? Will they be executable?" data-toggle="collapse" href="#collapse-81" aria-expanded="false" >What happen to the orders that are outside the price limit after the second stage price limit takes effect on and after 16:06? Can they be cancelled by EPs? Will they be executable?</a><div id="collapse-81" class="collapse panel-body" aria-expanded="false"><div> <p class="spanHeading"><span>Any at-auction limit orders with limit price outside the price limits at 16:06 when the second stage price limit takes effect will not be cancelled by the system but would not be executable during CAS.</span></p> </div></div></div><div class="panel"><a class="panel-heading collapsed" title="If there is no overlap in CAS limit order book at the end of Order Input Period (e.g. highest bid (e.g. at $98) is lower than the lowest ask (e.g. at $101), IEP is not available for this case), how will the second stage price limit for No Cancellation Period and Random Closing Period be determined?" data-toggle="collapse" href="#collapse-82" aria-expanded="false" >If there is no overlap in CAS limit order book at the end of Order Input Period (e.g. highest bid (e.g. at $98) is lower than the lowest ask (e.g. at $101), IEP is not available for this case), how will the second stage price limit for No Cancellation Period and Random Closing Period be determined?</a><div id="collapse-82" class="collapse panel-body" aria-expanded="false"><div class="spanHeading"><span>The price limit for No Cancellation Period and Random Closing Period is still set within the highest bid and the lowest ask of the order book at the end of the Order Input Period as recorded at 16:06.  For this case, the upper price limit is $101 while the lower limit is $98.</span></div></div></div><div class="panel"><a class="panel-heading collapsed" title="Is there still a price check validation during CAS, and if so is CAS going to adopt a 9 times rule or a 24 spread rule or simply a 5% upper/lower limit rule? Would the existing price warning mechanism apply in CAS?" data-toggle="collapse" href="#collapse-83" aria-expanded="false" >Is there still a price check validation during CAS, and if so is CAS going to adopt a 9 times rule or a 24 spread rule or simply a 5% upper/lower limit rule? Would the existing price warning mechanism apply in CAS?</a><div id="collapse-83" class="collapse panel-body" aria-expanded="false"><div> <p class="spanHeading"><span>In CAS, orders would subject to the </span><span>± 5% </span><span>price limit and 9-time rule checking but the 24-spread rule is not applicable for CAS.  The existing price warning mechanism would continue to apply in CAS.</span></p> </div></div></div><div class="panel"><a class="panel-heading collapsed" title="Will trade matching occur if there is no Indicative Equilibrium Price (IEP)?" data-toggle="collapse" href="#collapse-84" aria-expanded="false" >Will trade matching occur if there is no Indicative Equilibrium Price (IEP)?</a><div id="collapse-84" class="collapse panel-body" aria-expanded="false"><div class="spanHeading"><span style="background: white;">In cases where no final IEP is established during CAS, the Reference Price would be treated as the final IEP for order matching and would become the closing price of CAS Security.  This price would also be used for order matching based on matching priority, i.e. by order type, price and then time.</span></div></div></div><div class="panel"><a class="panel-heading collapsed" title="If there is no overlap in CAS limit order book (i.e. no IEP) at the end of CAS, how will the closing price be calculated?" data-toggle="collapse" href="#collapse-85" aria-expanded="false" >If there is no overlap in CAS limit order book (i.e. no IEP) at the end of CAS, how will the closing price be calculated?</a><div id="collapse-85" class="collapse panel-body" aria-expanded="false"><div> <p class="spanHeading"><span>The Reference Price will be the closing price.</span></p> </div></div></div><div class="panel"><a class="panel-heading collapsed" title="If there is a one-sided order book (i.e. either no buyers or no sellers) in the final minutes of CAS, how will the closing price be calculated?" data-toggle="collapse" href="#collapse-86" aria-expanded="false" >If there is a one-sided order book (i.e. either no buyers or no sellers) in the final minutes of CAS, how will the closing price be calculated?</a><div id="collapse-86" class="collapse panel-body" aria-expanded="false"><div> <p class="spanHeading"><span>The Reference Price will be the closing price.</span></p> </div></div></div><div class="panel"><a class="panel-heading collapsed" title="If the Reference Price is at $100, and at the end of CAS the order book only has 1 at-auction limit buy order at $99 and 1 at-auction sell order, will these orders be matched? " data-toggle="collapse" href="#collapse-87" aria-expanded="false" >If the Reference Price is at $100, and at the end of CAS the order book only has 1 at-auction limit buy order at $99 and 1 at-auction sell order, will these orders be matched? </a><div id="collapse-87" class="collapse panel-body" aria-expanded="false"><div><span style="background: white;">As IEP cannot be formed, the Reference Price ($100) will become the closing price. However, as the limit order buy at $99 is lower than closing price ($100), the two orders will not be matched.</span></div></div></div><div class="panel"><a class="panel-heading collapsed" title="If the Reference Price is at $100, and at the end of CAS the order book only has 1 at-auction limit sell order at $99 and 1 at-auction buy order, will these orders be matched?" data-toggle="collapse" href="#collapse-88" aria-expanded="false" >If the Reference Price is at $100, and at the end of CAS the order book only has 1 at-auction limit sell order at $99 and 1 at-auction buy order, will these orders be matched?</a><div id="collapse-88" class="collapse panel-body" aria-expanded="false"><div> <p class="spanHeading"><span>Yes, since IEP cannot be formed, the Reference Price ($100) will be the closing price and the limit sell order ($99) is matchable at $100.</span></p> </div></div></div><div class="panel"><a class="panel-heading collapsed" title="If the Reference Price is at $100, and at the end of CAS the order book only has 1 at-auction sell order and 1 at-auction buy order, will these orders be matched? " data-toggle="collapse" href="#collapse-89" aria-expanded="false" >If the Reference Price is at $100, and at the end of CAS the order book only has 1 at-auction sell order and 1 at-auction buy order, will these orders be matched? </a><div id="collapse-89" class="collapse panel-body" aria-expanded="false"><div class="spanHeading"><span style="background: white;">Yes, the closing price will be at $100 and the orders will be matched at that price.</span></div></div></div><div class="panel"><a class="panel-heading collapsed" title="If the Reference Price is set at $100, and at the end of CAS if the best bid is set at $101 and best offer is set at $102 and no other at-auction order (i.e. no overlap in limit order book), how will the closing price be calculated and will there be order matching?" data-toggle="collapse" href="#collapse-90" aria-expanded="false" >If the Reference Price is set at $100, and at the end of CAS if the best bid is set at $101 and best offer is set at $102 and no other at-auction order (i.e. no overlap in limit order book), how will the closing price be calculated and will there be order matching?</a><div id="collapse-90" class="collapse panel-body" aria-expanded="false"><div class="spanHeading"><span style="background: white;">The Reference Price will be the closing price and there will be no order matching.</span></div></div></div><div class="panel"><a class="panel-heading collapsed" title="Is short selling allowed in CAS? What would happen on outstanding short sell orders input during the CTS?" data-toggle="collapse" href="#collapse-91" aria-expanded="false" >Is short selling allowed in CAS? What would happen on outstanding short sell orders input during the CTS?</a><div id="collapse-91" class="collapse panel-body" aria-expanded="false"><div class="spanHeading"> <p class="spanHeading"><span>In Phase 2, input of short selling orders in CAS, as at-auction limit orders with a price not lower than the CAS Reference Price (“tick rule in CAS”), will be allowed for designated CAS securities which are eligible for short selling.  However, input of short selling at-auction orders will continue to be disallowed.  In addition, other price checks applied on the existing at-auction limit orders today, such as the two-staged price limit, will also be applicable to short selling orders input in CAS.</span></p> <p class="spanHeading"><span>It should also be noted that outstanding short selling orders, which are input during the CTS and with order prices higher than or equal to the lower price limit (i.e. order price >=95% of Reference Price), will be automatically carried forward to CAS.  All these orders will be treated as at-auction limit orders.</span></p> <span>For the short selling orders carried forward to CAS, EPs are allowed to cancel and reduce the quantity of the orders during CAS and in such cases the original order priority is maintained.  EPs are also allowed to change the order price or increase the quantity of these orders during CAS but in such cases the original order priority will be lost and the amended order will be subject to checking against the tick rule in CAS.</span></div></div></div><div class="panel"><a class="panel-heading collapsed" title="If a short sell order is submitted prior to 16:00, yet its price is lower than the Reference Price but higher than the lower price limit in the first stage, will the short sell order be carried over to CAS?" data-toggle="collapse" href="#collapse-92" aria-expanded="false" >If a short sell order is submitted prior to 16:00, yet its price is lower than the Reference Price but higher than the lower price limit in the first stage, will the short sell order be carried over to CAS?</a><div id="collapse-92" class="collapse panel-body" aria-expanded="false"><div class="spanHeading"><span style="background: white;">Yes, provided that the price of this short selling order is higher than the lower price limit.</span></div></div></div><div class="panel"><a class="panel-heading collapsed" title="There is a tick rule in the CTS where the short selling order price cannot be lower than the best current ask price. Will something similar be implemented for short selling in CAS?" data-toggle="collapse" href="#collapse-93" aria-expanded="false" >There is a tick rule in the CTS where the short selling order price cannot be lower than the best current ask price. Will something similar be implemented for short selling in CAS?</a><div id="collapse-93" class="collapse panel-body" aria-expanded="false"><p class="spanHeading"><span>Yes, unlike short selling order input during CTS which cannot be made at a price below the best current ask price, short selling order input during CAS cannot be made at a price lower than CAS Reference Price (tick rule in CAS).</span></p> <p class="spanHeading"><span>In addition, similar to the arrangement in CTS, short selling of ETFs by all participants, as well as short selling of other CAS Securities eligible for short selling by certain participants will be exempted from application of tick rule in CAS.  These include Designated Index Arbitrage Short Selling by a Designated Index Arbitrage Short Selling Participant, Stock Futures Hedging Short Selling by a Designated Stock Futures Hedging Short Selling Participant, and Options Hedging Short Selling by an Options Market Maker or an Options Hedging Participant.</span></p> <span style="background: white;">Structured Product Liquidity Provider Short Selling by a Structured Product Liquidity Provider and Structured Product Hedging Short Selling by a Structured Product Hedging Participant, however, will be disallowed in CAS as structured product trading is excluded in CAS.</span></div></div><div class="panel"><a class="panel-heading collapsed" title="Can I input short sell orders in CAS as at-auction orders? " data-toggle="collapse" href="#collapse-94" aria-expanded="false" >Can I input short sell orders in CAS as at-auction orders? </a><div id="collapse-94" class="collapse panel-body" aria-expanded="false"><span style="background: white;">No. Only at-auction limit orders are allowed for short sell orders in CAS.  At-auction orders are not allowed because these orders might be transacted at a price lower than the Reference Price, which is opposed to the tick rule in CAS.</span></div></div><div class="panel"><a class="panel-heading collapsed" title="What is the time of dissemination of Closing Price (62) for CAS Securities and non-CAS Securities?" data-toggle="collapse" href="#collapse-95" aria-expanded="false" >What is the time of dissemination of Closing Price (62) for CAS Securities and non-CAS Securities?</a><div id="collapse-95" class="collapse panel-body" aria-expanded="false"><p class="spanHeading"><span>The Closing Price (62) of both CAS and Non-CAS eligible securities are disseminated shortly after market close which can take place at anytime during the 2-minute Random Closing period from 16:08 to 16:10.</span></p></div></div><div class="panel"><a class="panel-heading collapsed" title="Why is Reference Price (43) received twice at 16:00 and 16:06 for certain securities?" data-toggle="collapse" href="#collapse-96" aria-expanded="false" >Why is Reference Price (43) received twice at 16:00 and 16:06 for certain securities?</a><div id="collapse-96" class="collapse panel-body" aria-expanded="false"><p class="spanHeading"><span>Reference Price for all CAS and Non-CAS eligible securities is calculated and published in Reference Price (43) message, shortly after the start of Reference Price Fixing Period (RP). For CAS Securities, the upper and lower price limit disseminated in the Reference Price (43) at 16:00 may be adjusted after the end of Order Input session at 16:06.  Reference Price (43) message for each CAS eligible security would be sent again at the end of Order Input session to provide the lower and upper price limits, regardless of whether there is any change.</span> </p></div></div><div class="panel"><a class="panel-heading collapsed" title="Would Trade (50) / Trade Ticker (52) be received during CAS? If so, what are those trades?" data-toggle="collapse" href="#collapse-97" aria-expanded="false" >Would Trade (50) / Trade Ticker (52) be received during CAS? If so, what are those trades?</a><div id="collapse-97" class="collapse panel-body" aria-expanded="false"><div> <p class="spanHeading"><span style="background: white;">Similar to the current Pre-Opening Session (POS),  Trade (50) / Trade Ticker (52) message of auction trade would be disseminated if auction orders and auction limit orders input in CAS session are matched.  In addition, as manual trades are allowed to be reported during CAS, Trade (50) / Trade Ticker (52) for such trades may also be disseminated during CAS.</span></p> </div></div></div><div class="panel"><a class="panel-heading collapsed" title="Is it true that the Reference Price and closing price of Non-CAS eligible securities are always the same?" data-toggle="collapse" href="#collapse-98" aria-expanded="false" >Is it true that the Reference Price and closing price of Non-CAS eligible securities are always the same?</a><div id="collapse-98" class="collapse panel-body" aria-expanded="false"><div> <p class="spanHeading"><span style="background: white;">Yes.  For Non-CAS Securities, the Reference Price disseminated at Reference Price Fixing Period (RP) will be the closing price after Closing Auction Matching (MA).</span></p> </div></div></div><div class="panel"><a class="panel-heading collapsed" title="When would the Indicative Equilibrium Price (IEP) message be generated?" data-toggle="collapse" href="#collapse-99" aria-expanded="false" >When would the Indicative Equilibrium Price (IEP) message be generated?</a><div id="collapse-99" class="collapse panel-body" aria-expanded="false"><div> <span style="background: white;">IEP messages are generated when IEP is changed during the POS or CAS.  For CAS, you receive IEP(41) messages at Order Input (OI) (i.e. TradingSessionSubID =5), No Cancellation (NW) (i.e. TradingSessionSubID = 106), Random Close (RC) (i.e TradingSessionID = 107) & Matching (MA (i.e. TradingSessionSubID =4).</span> </div></div></div><div class="panel"><a class="panel-heading collapsed" title="Are structured products (i.e. derivative warrants and callable bull/bear contracts (CBBC)) covered by CAS?" data-toggle="collapse" href="#collapse-100" aria-expanded="false" >Are structured products (i.e. derivative warrants and callable bull/bear contracts (CBBC)) covered by CAS?</a><div id="collapse-100" class="collapse panel-body" aria-expanded="false"><span style="background: white;">Structured products (derivative warrants and CBBCs)</span><span> </span><span style="background: white;">are not covered under CAS.  In addition, investors should note that it is possible that the market closing time for a structured product would be different from its underlying security (i.e. if the underlying security is a CAS Security).</span></div></div><div class="panel"><a class="panel-heading collapsed" title="Is it possible for a CBBC to have a mandatory call event (MCE) during CAS?" data-toggle="collapse" href="#collapse-101" aria-expanded="false" >Is it possible for a CBBC to have a mandatory call event (MCE) during CAS?</a><div id="collapse-101" class="collapse panel-body" aria-expanded="false"><span style="background: white;">Yes.  A CBBC could be called (i.e. undergo an MCE) when its underlying hits the call price at the end of CAS.</span></div></div><div class="panel"><a class="panel-heading collapsed" title="How does CAS in the securities market affect the final settlement price of derivatives products?" data-toggle="collapse" href="#collapse-102" aria-expanded="false" >How does CAS in the securities market affect the final settlement price of derivatives products?</a><div id="collapse-102" class="collapse panel-body" aria-expanded="false"><div class="spanHeading"> <p><em class="spanHeading"><span>Hang Seng Index Futures, H-shares Index Futures, Mini-Hang Seng Index Futures, Mini H-shares Index Futures, Section Index Futures and Stock Futures</span></em></p> <p class="spanHeading"><span>The final settlement price (FSP) calculation algorithm remains unchanged, except the last reading in the FSP calculation algorithm is taken when the closing indices and closing underlying stock prices are disseminated at the end of CAS in the SEHK.  The mechanism to take the other readings remains unchanged as compared to before CAS implementation.<br> </span></p> <p><em class="spanHeading"><span>Stock Options</span></em></p> <p class="spanHeading"><span>As Stock Options are physically settled, no FSP is calculated.  Open options contracts which are 1.5% or more in-the-money are auto-exercised upon expiration, given there are no prior overriding instructions from the broker.  Please note the auto-exercise of Stock Options makes references to the closing price of the underlying stock, which would be determined in CAS for names that are eligible.<br> </span></p> <p><em class="spanHeading"><span>Volatility Index Futures</span></em></p> <p class="spanHeading"><span>The FSP determination period on full day trading remains unchanged, whereas on half day trading the FSP determination period is changed from 11:15 – 11:45 to 11:30 – 12:00.</span></p> <span style="background: white;">Note: There will be no CAS in the securities market for that trading day if trading terminates because of severe weather conditions and is not resumed by 15:45 (for full day trading) or 11:45 (for half day trading).</span></div></div></div><div class="panel"><a class="panel-heading collapsed" title="How are the trading hours for derivatives market on last trading day affected by CAS?" data-toggle="collapse" href="#collapse-103" aria-expanded="false" >How are the trading hours for derivatives market on last trading day affected by CAS?</a><div id="collapse-103" class="collapse panel-body" aria-expanded="false"><p class="spanHeading"><span>The following arrangement is applicable to <strong><span style="text-decoration: underline;">spot month contracts on last trading day</span></strong> after CAS implementation.</span></p> <p class="spanHeading"><span>The trading hours remain unchanged for the following products:</span></p> <ul> <li class="spanHeading"><span>Hang Seng Index Futures & Options (Including Flexible Index Options) </span></li> <li class="spanHeading"><span>H-shares Index Futures & Options (Including Flexible Index Options) </span></li> <li class="spanHeading"><span>Mini-Hang Seng Index Futures & Options </span></li> <li class="spanHeading"><span>Mini H-shares Index Futures & Options</span></li> <li class="spanHeading"><span>HSI Volatility Index (VHSI) Futures </span></li> <li class="spanHeading"><span>Sector Index Futures </span></li> <li class="spanHeading"><span>CES China 120 Index Futures </span></li> <li class="spanHeading"><span>Stock Futures & Options </span></li> <li class="spanHeading"><span>Currencies Futures & Options</span></li> <li class="spanHeading"><span>HIBOR Futures</span></li> <li class="spanHeading"><span>MOF T-Bond Futures</span></li> </ul> <p class="spanHeading"><span>For the following products, the closing time has been changed from 16:15 to 16:30 for full day trading and from 12:00 to 12:30 for half day trading.</span></p> <ul> <li class="spanHeading"><span>HSI Dividend Point Index Futures</span></li> <li class="spanHeading"><span>H-shares Dividend Point Index Futures</span></li> <li class="spanHeading"><span>IBOVESPA Futures</span></li> <li class="spanHeading"><span>MICEX Index Futures</span></li> <li class="spanHeading"><span>S&P BSE Sensex Index Futures</span></li> <li class="spanHeading"><span>FTSE/JSE Top40 Futures</span></li> </ul> <span style="background: white;">For London Metal Mini Futures, the last trading time on last trading day remains unchanged, except if the last trading day is a half trading day, the closing time has been changed from 12:00 to 12:30.</span> </div></div><div class="panel"><a class="panel-heading collapsed" title="Is input of manual trade allowed during CAS?" data-toggle="collapse" href="#collapse-104" aria-expanded="false" >Is input of manual trade allowed during CAS?</a><div id="collapse-104" class="collapse panel-body" aria-expanded="false"><div class="spanHeading"><span style="background: white;">Manual trades input for CAS Securities are accepted by the System during Order Input period, No Cancellation period and Random Closing period.</span></div></div></div><div class="panel"><a class="panel-heading collapsed" title="After the launch of CAS in the securities markets, will there be any impact on the automatic exercise of stock options contracts on the expiry date?" data-toggle="collapse" href="#collapse-105" aria-expanded="false" >After the launch of CAS in the securities markets, will there be any impact on the automatic exercise of stock options contracts on the expiry date?</a><div id="collapse-105" class="collapse panel-body" aria-expanded="false"><div> <span style="background: white;">The procedure for automatic exercise of stock options remains unchanged.  But investors should note that, for CAS Securities, the stock closing price is disseminated after the end of CAS.</span> </div></div></div><div class="panel"><a class="panel-heading collapsed" title="Would there be any impact on Stock Connect?" data-toggle="collapse" href="#collapse-106" aria-expanded="false" >Would there be any impact on Stock Connect?</a><div id="collapse-106" class="collapse panel-body" aria-expanded="false"><span style="background: white;">CAS is applicable to Stock Connect Southbound brokers and investors, and would include current Stock Connect stocks for Southbound trading (i.e. stocks allowed for both buying and selling).</span></div></div><div class="panel"><a class="panel-heading collapsed" title="Aside from the amount of the investment, what other charges are involved when dealing in shares?" data-toggle="collapse" href="#collapse-107" aria-expanded="false" >Aside from the amount of the investment, what other charges are involved when dealing in shares?</a><div id="collapse-107" class="collapse panel-body" aria-expanded="false"><div>For more details of fees apply to each securities(HK) transaction, please refer to <a rel="noopener noreferrer" href="https://www.hkex.com.hk/Services/Rules-and-Forms-and-Fees/Fees/Securities-(Hong-Kong)/Trading/Transaction?sc_lang=en" target="_blank">here</a>. <div> <ol></ol> </div> <p>There are no charges levied by Hong Kong Securities Clearing Company Limited (HKSCC) on investors who settle with brokers or custodians outside the Central Clearing and Settlement System (CCASS). However, dealers or custodians have to pay HKSCC fees for use of the clearing, settlement, custody and nominee services offered by CCASS. The decision on whether to pass these fees on to investors is at the discretion of the brokers or custodians. For details of the CCASS service fees, please refer to <a href="/Services/Rules-and-Forms-and-Fees/Fees/Securities-(Hong-Kong)/Clearing-and-Settlement/Operational?sc_lang=en">here</a>.</p> <p>*  HKEX publishes information about the exchange rates for Hong Kong dollars against renminbi and US dollars on its website by 11:00am on each trading day for calculation of stamp duty and other trading-related fees, including transaction levy, investor compensation levy (currently exempted) and trading fee, on transactions in the respective currencies in its securities market.   Please refer to <a href="/Services/Trading/Securities/Stamp-Duty-Reporting-and-Payment/Exchange-rates-for-stamp-duty-Calculation?sc_lang=en">here</a> for the exchange rate information.  </p> </div></div></div><div class="panel"><a class="panel-heading collapsed" title="What are the trading hours of the securities market?" data-toggle="collapse" href="#collapse-108" aria-expanded="false" >What are the trading hours of the securities market?</a><div id="collapse-108" class="collapse panel-body" aria-expanded="false"><div> Trading in the securities market is conducted on Monday to Friday (except public holidays) at the following times: <p> </p> <table class="migrate-table__noborder" style="width: 100%;"> <tbody> <tr> <td style="width: 40%;"><strong>Auction Session</strong></td> <td></td> </tr> <tr> <td style="width: 40%;">Pre-opening Session</td> <td>9:00 am to 9:30 am</td> </tr> <tr> <td style="width: 40%;"> </td> <td> </td> </tr> <tr> <td style="width: 40%;"><strong>Continuous Trading Session</strong></td> <td></td> </tr> <tr> <td style="width: 40%;">Morning Session</td> <td>9:30 am to 12:00 noon</td> </tr> <tr> <td style="width: 40%;">Extended Morning Session</td> <td>12:00 noon to 1:00 pm</td> </tr> <tr> <td style="width: 40%;">Afternoon Session</td> <td>1:00 pm to 4:00 pm</td> </tr> <tr> <td style="width: 40%;"> </td> <td> </td> </tr> <tr> <td style="width: 40%;"><strong>Auction Session</strong></td> <td rowspan="2">4:00 pm to a random closing between 4:08 pm and 4:10 pm </td> </tr> <tr> <td style="width: 40%;">Closing Auction Session</td> </tr> </tbody> </table> <p class="spanHeading"><span>There is no </span><span>E</span><span>xtended Morning Session and Afternoon Session on the eves of Christmas, New Year and Lunar New Year. </span></p> </div></div></div><div class="panel"><a class="panel-heading collapsed" title="What is the Pre-opening Session?" data-toggle="collapse" href="#collapse-109" aria-expanded="false" >What is the Pre-opening Session?</a><div id="collapse-109" class="collapse panel-body" aria-expanded="false"><div class="spanHeading"> <div> <p class="spanHeading">The POS is an additional trading session of 30 minutes which takes place before the Morning Trading Session.  It allows orders to be entered into the trading system, OTP-C, for a single price auction.  It also allows manual transactions concluded before the commencement of the Morning Trading Session to be reported by Exchange Participants.</p> <p class="spanHeading"> The POS will consist of an Order Input Period, a No-cancellation Period, a Random Matching Period and a Blocking Period as follows:</p> <table class="table migrate" cellspacing="0" cellpadding="0"> <thead> <tr> <th> <p style="text-align: center; margin-top: 0px; margin-bottom: 0px;"><strong class="spanHeading"><strong>Periods</strong></strong></p> </th> <th style="text-align: center;"> <p style="margin-top: 0px; margin-bottom: 0px;"><strong><strong class="spanHeading">Trading Hours</strong></strong></p> </th> <th style="text-align: center;"> <p style="margin-top: 0px; margin-bottom: 0px;"><strong class="spanHeading"><strong>Duration</strong></strong></p> </th> </tr> </thead> <tbody> <tr> <td style="text-align: center;"> <p class="spanHeading"><strong>Order Input Period</strong></p> </td> <td style="text-align: center;"> <p class="spanHeading">9:00am – 9:15am</p> </td> <td style="text-align: center;"> <p class="spanHeading">15 mins</p> </td> </tr> <tr> <td style="text-align: center;"> <p class="spanHeading"><strong>No-cancellation Period</strong></p> </td> <td style="text-align: center;"> <p class="spanHeading">9:15am – 9:20am</p> </td> <td style="text-align: center;"> <p class="spanHeading">5 mins</p> </td> </tr> <tr> <td style="text-align: center;"> <p class="spanHeading"><strong>Random Matching Period</strong></p> <p><em class="spanHeading">(order matching will start randomly during this period)</em></p> </td> <td style="text-align: center;"> <p class="spanHeading">9:20am – up to 9:22am</p> </td> <td style="text-align: center;"> <p class="spanHeading">0-2 mins</p> </td> </tr> <tr> <td style="text-align: center;"> <p class="spanHeading"><strong>Blocking Period</strong></p> </td> <td style="text-align: center;"> <p class="spanHeading">After matching – 9:30am</p> </td> <td> <p class="spanHeading" style="text-align: center;">8-10 mins</p> </td> </tr> </tbody> </table> </div> <div><strong class="spanHeading"></strong></div> <div><strong class="spanHeading"> </strong></div> <div><strong class="spanHeading">Order Input Period (9:00am - 9:15am)</strong> <p class="spanHeading">In the first period (a 15-minute Order Input Period), at-auction orders and at-auction limit orders within ±15% of the previous closing price can be entered for POS Securities.  Orders can also be amended or cancelled during this period.  </p> <p><strong class="spanHeading">No-cancellation Period (9:15am - 9:20am)</strong></p> <p class="spanHeading">Starting from the second period (a 5-minute No-cancellation Period), the allowable price limits are tightened, and the prices of new at-auction limit orders that aim to be executed in the POS must be between the highest bid & lowest ask recorded at the end of Order Input Period (i.e. recorded at 9:15am).  </p> <p class="spanHeading">In order to build an order book with deeper liquidity after the market opens, passive at-auction limit orders will still be accepted provided that these orders are within ±15% from the previous closing price. However, these passive orders will not be matched during the POS.</p> <p class="spanHeading">Both at-auction orders and at-auction limit orders can be entered during the No-cancellation Period, but no orders can be amended or cancelled.</p> <p><strong class="spanHeading">Random Matching Period (9:20am - up to 9:22am)</strong></p> <p class="spanHeading">In the third period (Random Matching Period which is up to two minutes in length), the order rules from the No-cancellation Period apply, and order matching takes place randomly within the two-minute period.  The Random Matching Period will end immediately upon the start of order matching.</p> <p><strong class="spanHeading">Order Matching (at a random time between 9:20am and 9:22am)</strong></p> <p class="spanHeading">At the end of the Random Matching Period, orders for all POS Securities are matched at the final Indicative Equilibrium Price (IEP).  Order matching is based on order type (at-auction orders first and then at-auction limit orders), price and then time priority.  In cases where the final IEP cannot be established during the POS, no order matching will occur.  </p> <p><strong class="spanHeading">Blocking Period (after order matching - 9:30am)</strong></p> <p class="spanHeading"> Once order matching is completed, the Blocking Period starts immediately and continues until 9:30am.  Orders can no longer be entered, amended or cancelled during the Blocking Period.</p> </div> </div></div></div><div class="panel"><a class="panel-heading collapsed" title="What is the Continuous Trading Session?" data-toggle="collapse" href="#collapse-110" aria-expanded="false" >What is the Continuous Trading Session?</a><div id="collapse-110" class="collapse panel-body" aria-expanded="false"><div> The continuous trading session covers periods from 9:30 am to 12:00 noon and 1:00 pm to 4:00 pm in each trading day. During the continuous trading session, the trading system will match orders input into the system in price priority based on the order they are received. An order entered into the system at an earlier time must be executed in full before an order at the same price entered at a later time can be executed. <p>During the continuous trading session, the system accepts Limit Orders, Enhanced Limit Orders and Special Limit Orders only, with an option for an All-or-Nothing Qualifier that confines the order to be either executed immediately in full or rejected, without being written into the central order book.</p> <p>Further, the order price input into the trading system (i) must not deviate nine times or more from the nominal price, if available, or is one-ninth or less of that price and (ii) must follow the quotation rules unless the restriction is waived. In addition, the maximum order size is 3,000 board lots.</p> <p class="spanHeading"><span>Investors may refer <a href="/Services/Trading/Securities/Overview/Trading-Mechanism?sc_lang=en">here</a> for details.</span></p> </div></div></div><div class="panel"><a class="panel-heading collapsed" title="What is the Closing Auction Session?" data-toggle="collapse" href="#collapse-111" aria-expanded="false" >What is the Closing Auction Session?</a><div id="collapse-111" class="collapse panel-body" aria-expanded="false"><div> <span class="spanHeading">Closing auction, which allows execution at the closing price, is a trading mechanism commonly used in securities markets across the globe.  During a closing auction, market participants interested in trading at the closing price may input buy and sell orders.  Then their orders interact with each other to form a consensus closing price for each security and orders are executed at that price. </span> <p class="spanHeading"><span>HKEX’s Closing Auction Session (CAS) is designed to meet the diverse trading needs of investors by enabling trade execution at the securities’ closing prices, which is a key investment mandate of some funds such as index trackers. </span></p> <p class="spanHeading"><span>The CAS lasts for about 8 to 10 minutes and consists of a reference price fixing period, an order input period, a no-cancellation period and a random closing period as follows:</span></p> <div> <table class="table migrate"> <thead> <tr class="ms-rteTableHeaderRow-2"> <th class="ms-rteTableHeaderOddCol-2"> </th> <th class="ms-rteTableHeaderEvenCol-2" style="vertical-align: top; text-align: left;"> <p class="spanHeading"><span>Full Day Trading</span></p> </th> <th class="ms-rteTableHeaderOddCol-2" style="vertical-align: top; text-align: left;"> <p class="spanHeading"><span>Half Day Trading*</span></p> </th> </tr> </thead> <tbody> <tr class="ms-rteTableOddRow-2"> <td class="ms-rteTableOddCol-2"> <span class="spanHeading">Reference Price Fixing Period</span> </td> <td class="ms-rteTableEvenCol-2"> <span class="spanHeading">16:00 – 16:01</span> </td> <td class="ms-rteTableOddCol-2"> <span class="spanHeading">12:00 – 12:01</span> </td> </tr> <tr class="ms-rteTableEvenRow-2"> <td class="ms-rteTableOddCol-2"> <span class="spanHeading">Order Input Period</span> </td> <td class="ms-rteTableEvenCol-2"> <span class="spanHeading">16:01 – 16:06</span> </td> <td class="ms-rteTableOddCol-2"> <span class="spanHeading">12:01 – 12:06</span> </td> </tr> <tr class="ms-rteTableOddRow-2"> <td class="ms-rteTableOddCol-2"> <span class="spanHeading">No-Cancellation Period</span> </td> <td class="ms-rteTableEvenCol-2"> <span class="spanHeading">16:06 – 16:08</span> </td> <td class="ms-rteTableOddCol-2"> <span class="spanHeading">12:06 – 12:08</span> </td> </tr> <tr class="ms-rteTableEvenRow-2"> <td class="ms-rteTableOddCol-2"> <span class="spanHeading">Random Closing Period</span> </td> <td class="ms-rteTableEvenCol-2"> <span class="spanHeading">16:08 – 16:10</span> </td> <td class="ms-rteTableOddCol-2"> <span class="spanHeading">12:08 – 12:10</span> </td> </tr> </tbody> </table> </div> <div> </div> <div class="spanHeading"><span>* Eves of Christmas, New Year and Lunar New Year</span></div> <p class="spanHeading"><span>During the Reference Price Fixing Period, a reference price, which sets the allowable price limit of the CAS (±5 per cent from the reference price), is calculated for each CAS security.  The reference price is determined by taking the median of 5 nominal prices in the last minute of the Continuous Trading Session (CTS) and the system will take 5 snapshots on the nominal prices at 15-second interval starting from 15:59:00.</span></p> <p class="spanHeading"><span class="spanHeading">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 for CAS securities.</span></p> <p class="spanHeading"><span class="spanHeading">During the No Cancellation Period, at-auction orders and at-auction limit orders can be entered.  However, the prices of new at-auction limit orders must be between the lowest ask and highest bid recorded at the end of Order Input Period (i.e. recorded at 16:06), and no orders can be amended or cancelled.</span></p> <p class="spanHeading"><span>During the Random Closing Period, the order rules from the No Cancellation period apply and the market closes randomly within two minutes.</span></p> <p class="spanHeading"><span>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.</span></p> <p>Investors may refer to <a href="/Services/Trading/Securities/Overview/Trading-Mechanism?sc_lang=en">here</a> for details. </p> </div></div></div><div class="panel"><a class="panel-heading collapsed" title="On what basis is the closing price calculated?" data-toggle="collapse" href="#collapse-112" aria-expanded="false" >On what basis is the closing price calculated?</a><div id="collapse-112" class="collapse panel-body" aria-expanded="false"><div> <span style="text-decoration: underline;">1. For non-Closing Auction Session (CAS) securities</span> <p class="spanHeading"><span>Under normal operation environment, the closing price of a stock is determined by taking the median of 5 nominal prices in the last minute of the continuous trading session. The system will take up 5 snapshots on the nominal prices at 15-second interval starting from 3:59:00 p.m.</span></p> <p class="spanHeading"><span>The following example will illustrate the calculation:</span> </p> <table cellspacing="0" cellpadding="0" class="migrate-table__noborder" width="100%"> <tbody> <tr> <td style="text-align: center; vertical-align: top;"> <p><span style="text-decoration: underline;">Snapshot</span></p> </td> <td style="text-align: center; vertical-align: top;"> <p><span style="text-decoration: underline;">Time</span></p> </td> <td style="text-align: center; vertical-align: top;"> <p><span style="text-decoration: underline;">Bid Price</span></p> </td> <td style="text-align: center; vertical-align: top;"> <p><span style="text-decoration: underline;">Ask Price</span></p> </td> <td style="text-align: center; vertical-align: top;"> <p><span style="text-decoration: underline;">Last Recorded Price</span></p> </td> <td style="text-align: center; vertical-align: top;"> <p><span style="text-decoration: underline;">Nominal Price#</span></p> </td> </tr> <tr> <td style="text-align: center; vertical-align: top;"> <p class="spanHeading"><span>1st</span></p> </td> <td style="text-align: center; vertical-align: top;"> <p class="spanHeading"><span>3:59:00 p.m.</span></p> </td> <td style="text-align: center; vertical-align: top;"> <p class="spanHeading"><span>$39.40</span></p> </td> <td style="text-align: center; vertical-align: top;"> <p class="spanHeading"><span>$39.45</span></p> </td> <td style="text-align: center; vertical-align: top;"> <p class="spanHeading"><span>$39.45</span></p> </td> <td style="text-align: center; vertical-align: top;"> <p><strong class="spanHeading"><span>$39.45</span></strong></p> </td> </tr> <tr> <td style="text-align: center; vertical-align: top;"> <p class="spanHeading"><span>2nd</span></p> </td> <td style="text-align: center; vertical-align: top;"> <p class="spanHeading"><span>3:59:15 p.m.</span></p> </td> <td style="text-align: center; vertical-align: top;"> <p class="spanHeading"><span>$39.40</span></p> </td> <td style="text-align: center; vertical-align: top;"> <p class="spanHeading"><span>$39.45</span></p> </td> <td style="text-align: center; vertical-align: top;"> <p class="spanHeading"><span>$39.45</span></p> </td> <td style="text-align: center; vertical-align: top;"> <p><strong class="spanHeading"><span>$39.45</span></strong></p> </td> </tr> <tr> <td style="text-align: center; vertical-align: top;"> <p class="spanHeading"><span>3rd</span></p> </td> <td style="text-align: center; vertical-align: top;"> <p class="spanHeading"><span>3:59:30 p.m.</span></p> </td> <td style="text-align: center; vertical-align: top;"> <p class="spanHeading"><span>$39.40</span></p> </td> <td style="text-align: center; vertical-align: top;"> <p class="spanHeading"><span>$39.45</span></p> </td> <td style="text-align: center; vertical-align: top;"> <p class="spanHeading"><span>$39.40</span></p> </td> <td style="text-align: center; vertical-align: top;"> <p><strong class="spanHeading"><span>$39.40</span></strong></p> </td> </tr> <tr> <td style="text-align: center; vertical-align: top;"> <p class="spanHeading"><span>4th</span></p> </td> <td style="text-align: center; vertical-align: top;"> <p class="spanHeading"><span>3:59:45 p.m.</span></p> </td> <td style="text-align: center; vertical-align: top;"> <p class="spanHeading"><span>$39.35</span></p> </td> <td style="text-align: center; vertical-align: top;"> <p class="spanHeading"><span>$39.45</span></p> </td> <td style="text-align: center; vertical-align: top;"> <p class="spanHeading"><span>$39.40</span></p> </td> <td style="text-align: center; vertical-align: top;"> <p><strong class="spanHeading"><span>$39.40</span></strong></p> </td> </tr> <tr> <td style="text-align: center; vertical-align: top;"> <p class="spanHeading"><span>5th</span></p> </td> <td style="text-align: center; vertical-align: top;"> <p class="spanHeading"><span>4:00:00 p.m.</span></p> </td> <td style="text-align: center; vertical-align: top;"> <p class="spanHeading"><span>$39.30</span></p> </td> <td style="text-align: center; vertical-align: top;"> <p class="spanHeading"><span>$39.35</span></p> </td> <td style="text-align: center; vertical-align: top;"> <p class="spanHeading"><span>$39.35</span></p> </td> <td style="text-align: center; vertical-align: top;"> <p><strong class="spanHeading"><span>$39.35</span></strong></p> </td> </tr> </tbody> </table> <p class="spanHeading"><span>The five snapshot nominal prices are arranged in ascending order as follows:</span></p> <table cellspacing="2" cellpadding="2" class="migrate-table__noborder" width="100%"> <thead> </thead> <tbody> <tr> <td> <p>$39.35</p> </td> <td> <p>$39.40</p> </td> <td> <p>$39.40</p> </td> <td> <p>$39.45</p> </td> <td> <p>$39.45</p> </td> </tr> </tbody> </table> <p class="spanHeading"><span>The median (i.e. the middle one) is $39.40, which will then be taken as the closing price. Choosing the median of five snapshot nominal prices ensures that the closing price will not be biased by one single trade.</span></p> <p class="spanHeading"><span># The nominal price is determined by comparing the current bid price, the current ask price and the last recorded price in accordance with Rule 101 of the Rules of the Exchange.</span></p> <p><span style="text-decoration: underline;">2. For CAS securities</span></p> <p class="spanHeading"><span>A reference price is first determined using the existing closing price calculation method mentioned above.</span></p> <p class="spanHeading"><span>The Indicative Equilibrium Price (IEP) at the end of the CAS would be the final IEP, and the final IEP will serve as the closing price of a CAS security.  If an IEP cannot be determined at the end of the CAS, the reference price will become the final IEP and therefore the closing price. </span></p> </div></div></div><div class="panel"><a class="panel-heading collapsed" title="There are five types of orders accepted by the Exchange. They are At-auction Order, At-auction Limit Order, Limit Order, Enhanced Limit Order and Special Limit Order. What are their distinctive features?" data-toggle="collapse" href="#collapse-113" aria-expanded="false" >There are five types of orders accepted by the Exchange. They are At-auction Order, At-auction Limit Order, Limit Order, Enhanced Limit Order and Special Limit Order. What are their distinctive features?</a><div id="collapse-113" class="collapse panel-body" aria-expanded="false">During the Pre-opening Session and the Closing Auction Session, the trading system of the Exchange accepts only At-auction Order and At-auction Limit Order. <p>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 after the end of the Pre-opening Session will be cancelled before the commencement of the Continuous Trading Session. </p> <p>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. </p> <p>During the Continuous Trading Session, the trading system of the Exchange accepts only Limit Order, Enhanced Limit Order and Special Limit Order.</p> <p class="spanHeading">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 join the price queue of the input price.  <span></span></p> <p class="spanHeading"><span>An Enhanced Limit Order is similar to a Limit Order except that it will allow matching of up to 10 price queues (i.e. the best price queue and up to the 10th queue at nine spreads away) at one time provided that the traded price is not worse than the input price. The sell order input price can be made at a price of nine spreads below the current bid price whereas the buy order input price can be made at a price of nine spreads 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.  </span><span></span></p> <p class="spanHeading"><span>A Special Limit Order will allow matching of up to 10 price queues (i.e. the best price queue up to the 10th queue at nine spreads away) at one 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.</span></p> <p class="spanHeading"><span>Investors may refer to <a href="/Services/Trading/Securities/Overview/Trading-Mechanism?sc_lang=en">here</a> for details.</span></p></div></div><div class="panel"><a class="panel-heading collapsed" title="What are the Exchange’s quotation rules and spread table?" data-toggle="collapse" href="#collapse-114" aria-expanded="false" >What are the Exchange’s quotation rules and spread table?</a><div id="collapse-114" class="collapse panel-body" aria-expanded="false">The first bid or ask order entered into the trading system on each trading day is governed by the opening quotations rules. During the Pre-opening Session, the first order shall not in any case deviate nine times or more from the previous closing price (if available) or is one-ninth or less of that price. <p>During the Continuous Trading Session, the first order (if it is a bid order) must be at a price higher than or equal to the previous closing price minus 24 spreads. The first order (if it is an ask order) must be at a price lower than or equal to the previous closing price plus 24 spreads. The first order (bid or ask) must not in any case deviate nine times or more from the previous closing price or is one-ninth or less of that price. A spread refers to the smallest allowable change in share price.</p> <p class="spanHeading"><span>For details of opening quotations, please refer to Rule 503 of the Rules of the Exchange. The Rules of the Exchange are available <a href="/Services/Rules-and-Forms-and-Fees/Rules/SEHK/Rules-of-the-Exchange?sc_lang=en">here</a>.</span></p> <p>Quotations for buy and sell orders other than the opening quotations are governed by another set of quotation rules and a scale of spreads. In particular, a buy order or a sell order must not be made at a price that deviates nine times or more from the nominal price or is one-ninth or less of that price. The spread table is available under the Second Schedule of the Rules of the Exchange. For quotations for buy and sell orders other than opening quotations, please see Rules 505-507A of the Rules of the Exchange.</p> <p>Quotation rules in general do not apply to at-auction limit orders, except that a buy at-auction limit order or a sell at-auction limit order must not be made at a price that deviates nine times or more from the nominal price or is one-ninth or less of that price.</p> <p>The spread of security depends on its share price.  The following is the spread table for all securities other than debt.</p> <table cellspacing="2" cellpadding="2" class="migrate-table__noborder" width="100%"> <thead> </thead> <tbody> <tr> <td colspan="3"> <p>Prices of Securities</p> </td> <td> <p>Minimum Spread</p> </td> </tr> <tr> <td> <p>From</p> </td> <td> <p>0.01 to</p> </td> <td> <p>0.25</p> </td> <td> <p>0.001</p> </td> </tr> <tr> <td> <p>Over</p> </td> <td> <p>0.25 to</p> </td> <td> <p>0.50</p> </td> <td> <p>0.005</p> </td> </tr> <tr> <td> <p>Over</p> </td> <td> <p>0.50 to</p> </td> <td> <p>10.00</p> </td> <td> <p>0.010</p> </td> </tr> <tr> <td> <p>Over</p> </td> <td> <p>10.00 to</p> </td> <td> <p>20.00</p> </td> <td> <p>0.020</p> </td> </tr> <tr> <td> <p>Over</p> </td> <td> <p>20.00 to</p> </td> <td> <p>100.00</p> </td> <td> <p>0.050</p> </td> </tr> <tr> <td> <p>Over</p> </td> <td> <p>100.00 to</p> </td> <td> <p>200.00</p> </td> <td> <p>0.100</p> </td> </tr> <tr> <td> <p>Over</p> </td> <td> <p>200.00 to</p> </td> <td> <p>500.00</p> </td> <td> <p>0.200</p> </td> </tr> <tr> <td> <p>Over</p> </td> <td> <p>500.00 to</p> </td> <td> <p>1,000.00</p> </td> <td> <p>0.500</p> </td> </tr> <tr> <td> <p>Over</p> </td> <td> <p>1,000.00 to</p> </td> <td> <p>2,000.00</p> </td> <td> <p>1.000</p> </td> </tr> <tr> <td> <p>Over</p> </td> <td> <p>2,000.00 to</p> </td> <td> <p>5,000.00</p> </td> <td> <p>2.000</p> </td> </tr> <tr> <td> <p>Over</p> </td> <td> <p>5,000.00 to</p> </td> <td> <p>9,995.00</p> </td> <td> <p>5.000</p> </td> </tr> </tbody> </table></div></div><div class="panel"><a class="panel-heading collapsed" title="What are the trading parameters for the Orion Trading Platform – Securities Market (OTP-C)?" data-toggle="collapse" href="#collapse-115" aria-expanded="false" >What are the trading parameters for the Orion Trading Platform – Securities Market (OTP-C)?</a><div id="collapse-115" class="collapse panel-body" aria-expanded="false">The trading parameters of OTP-C generally include: <ul> <li>The range for order input price is:<br> <br> <ul> <li>for limit order, bid (ask) price is within the range of the best ask (bid) and not lower (higher) than 24 spreads of the best bid (ask) price</li> <li>for enhanced limit order, ask price is nine spreads lower than the current bid or the bid price nine spreads higher than current ask</li> <li>or special limit order has no restriction on the limit price with respect to the best price on the other side of the market</li> </ul> </li> <p>In all circumstance, an order shall not be made at a price that deviates nine times or more from the nominal price, if available, or is one-ninth or less of that price.</p> <li> the maximum order size is 3,000 board lots per order </li> <li> no restriction on number of outstanding orders per broker ID </li> <li> the maximum number of outstanding orders per price queue is 40,000 </li> </ul> <p>Non-automatched trades must also be reported to the Stock Exchange and the information of these trades will be disseminated to the market.</p></div></div><div class="panel"><a class="panel-heading collapsed" title="Securities are traded in board lots. How many shares are there in one board lot? Are odd lots (less than one board lot) tradable on the Exchange?" data-toggle="collapse" href="#collapse-116" aria-expanded="false" >Securities are traded in board lots. How many shares are there in one board lot? Are odd lots (less than one board lot) tradable on the Exchange?</a><div id="collapse-116" class="collapse panel-body" aria-expanded="false"><div> <span>The term "board lot" is commonly used in </span><span>Hong Kong</span><span>'s securities market to refer to a trading unit. Unlike the Mainland markets where the board lot size is 100 shares, the board lot size of a listed security in </span><span>Hong Kong</span><span> is determined by the issuer. Investors may check the board lot size of a security <a href="/Market-Data/Securities-Prices/Equities/Equities-Quote?sc_lang=en">here</a> by inputting the stock code or company name in the relevant field.</span> <p>Securities of less than one trading unit (i.e. one board lot) is commonly known as an odd lot in Hong Kong. Odd lots are not accepted by the Exchange’s trading system for auto-matching, but there is a special lot market in the system for odd lots trading. Exchange Participants (EPs) may post their odd lot orders onto a designated screen on the trading system for matching by other EPs. In general, share prices of odd lots are slightly lower than that of the same security in the board lot market due to their lower liquidity. </p> <p>Moreover, securities worth less than $0.01 per share (below the lowest price limit in the board lot market) may also be traded in the odd lot market although they are of a quantity equal to one board lot. For example, when the nominal price of a security is at $0.01, the order price in the odd lot market can be as low as $0.001, which is the system’s lowest limit.  However, the order price must not deviate nine times or more from the nominal price or is one-ninth or less of that price. Like the board lot market, the Exchange will provide the market via information vendors with real-time information about the odd lot market to enhance market transparency.</p> </div></div></div><div class="panel"><a class="panel-heading collapsed" title="What channels are there for investors to place orders? How are orders executed in the trading system of HKEX?" data-toggle="collapse" href="#collapse-117" aria-expanded="false" >What channels are there for investors to place orders? How are orders executed in the trading system of HKEX?</a><div id="collapse-117" class="collapse panel-body" aria-expanded="false"><div> In general, investors can place orders by Internet, phone or in person, subject to the services offered by the securities companies.  Investors should check with the securities companies. <p>After received instructions from clients, the securities company will confirm the instruction with the client and route the order to the trading system of HKEX. The trading system is an order-driven system. Orders are executed in price and time priority. When there is a corresponding order at the same price, they will be matched automatically. Otherwise, the order will join the queue of orders at the same price, moving up as preceding orders are matched.</p> </div></div></div><div class="panel"><a class="panel-heading collapsed" title="How can investors amend or cancel their trading instructions? Can a cancellation request be made for orders that became error trades after they were input wrongly by investors or securities companies?" data-toggle="collapse" href="#collapse-118" aria-expanded="false" >How can investors amend or cancel their trading instructions? Can a cancellation request be made for orders that became error trades after they were input wrongly by investors or securities companies?</a><div id="collapse-118" class="collapse panel-body" aria-expanded="false"><div> After received instruction from client, the securities company will confirm the instruction with the client and route the order to the trading system of HKEX.  If an investor wishes to cancel or amend his instruction, he should contact his broker to check whether his order has been matched.  <p>The trading system of the HKEX securities market is an order-driven system.  All orders input into the system are valid and all trades concluded in the system cannot be amended or cancelled unless determined by the Board of the Stock Exchange. </p> <p>To help dealers prevent error trades, the trading system has been equipped with price warning to alert dealers when prices of orders input by them widely deviate from the market's prevailing prices.  The trading system's price warning messages are available to all trading channels such as trader terminals, multi-workstations and broker supplied systems (BSS).  However, investors should be aware that if they are trading through Internet, mobile phone or other electronic devices through which their orders are routed to their brokers' BSS, the design of brokers' BSS will determine how they receive the price warning.</p> </div></div></div><div class="panel"><a class="panel-heading collapsed" title="How can investors know that their orders have been executed and how can they check their trading records?" data-toggle="collapse" href="#collapse-119" aria-expanded="false" >How can investors know that their orders have been executed and how can they check their trading records?</a><div id="collapse-119" class="collapse panel-body" aria-expanded="false"><div> HKEX’s securities trading system confirms the closing of each transaction with the concerned Exchange Participant.  In Hong Kong, brokers issue a contract note to their clients upon the closing of a transaction or their clients will receive a daily activity statement after the market closes on the day the transaction is completed. When investors use an online trading service, acknowledgement will be issued electronically by their brokers to confirm their trades.  A statement of account will also be issued on a monthly basis.  Investors should check carefully the information on these statements. </div></div></div><div class="panel"><a class="panel-heading collapsed" title="Can investors sell securities bought earlier in the day?" data-toggle="collapse" href="#collapse-120" aria-expanded="false" >Can investors sell securities bought earlier in the day?</a><div id="collapse-120" class="collapse panel-body" aria-expanded="false"><div> Brokers can arrange for investors to sell their securities bought earlier in the day.  This is called a “day trade”. However, some brokers may require confirmation of the shareholdings of investors or need time to obtain the latest information on their shareholdings before agreeing to conduct day trading on their behalf.  Investors are advised to consult their brokers on the procedures. </div></div></div><div class="panel"><a class="panel-heading collapsed" title="What is short selling? Can investors sell shares not held by them?" data-toggle="collapse" href="#collapse-121" aria-expanded="false" >What is short selling? Can investors sell shares not held by them?</a><div id="collapse-121" class="collapse panel-body" aria-expanded="false"><div> The Securities and Futures Ordinance (SFO) forbids the sale of securities one does not own, unless the seller has or has good reason to believe that he has the legal authority to deliver the securities to the buyer at the time of the transaction. Therefore, investors who sell securities they do not own and buy them back on the same day may have breached the Securities and Futures Ordinance even though they do not have to deliver securities for settlement on the settlement day, as they do not own the securities at the time they sell them. <p class="spanHeading"><span>According to the SFO, a short selling is legal if the seller, although he does not own the securities designated for short selling, has borrowed securities from others before short selling them. After selling the securities, the seller will use the securities he has borrowed or securities others have borrowed for him to complete the settlement. A list of designated securities for short selling is available <a href="/Services/Trading/Securities/Securities-Lists/Designated-Securities-Eligible-for-Short-Selling?sc_lang=en">here</a>. Investors should contact their dealers for arrangement details before short selling.</span></p> </div></div></div><div class="panel"><a class="panel-heading collapsed" title="What is T+2? Will investors pay for their securities / receive the proceeds from the sale of their securities on T+2?" data-toggle="collapse" href="#collapse-122" aria-expanded="false" >What is T+2? Will investors pay for their securities / receive the proceeds from the sale of their securities on T+2?</a><div id="collapse-122" class="collapse panel-body" aria-expanded="false"><div> <span>Exchange Participants (i.e. brokers) are required to prepare sufficient shares for settling in the Central Clearing and Settlement System (CCASS) before 3:45 p.m. on the second Settlement Day following T-day (the transaction day), or T+2, for all transactions concluded or reported through the Exchange’s trading system on T-day.  The related money settlement will also be completed on the same day.</span> <p>However, investors should note that the T+2 arrangement is only a settlement arrangement between Exchange Participants and the clearing house. All the settlement arrangements, including securities and money settlement, between Exchange Participants and their clients are commercial agreements between them. Therefore, investors should ask their brokers before trading about the settlement arrangements, such as whether immediate payment is required upon a share purchase; or when the proceeds from a share sale can be received.</p> </div></div></div><div class="panel"><a class="panel-heading collapsed" title="How do stock codes work in Hong Kong? Will there be any risk indicators?" data-toggle="collapse" href="#collapse-123" aria-expanded="false" >How do stock codes work in Hong Kong? Will there be any risk indicators?</a><div id="collapse-123" class="collapse panel-body" aria-expanded="false"><div> <span>Stock codes are basically assigned by the Stock Exchange in sequential order.  Stock codes of delisted securities may be recycled, but only after they have been set aside for a while to avoid confusion.  A list of securities is available <a href="/Market-Data/Securities-Prices/Equities?sc_lang=en">here</a></span><span>.</span> <p>Mainland investors should note that unlike the Mainland markets, stock codes are not assigned to listed companies according to their financial conditions, and no risk indicators (eg the ST and PT used on the Mainland) are added to any stock codes.</p> <p>Investors may refer to results announcements and financial reports of listed companies for their financial conditions.  Listed companies are required to post their results announcements and financial reports on the <a href="http://www.hkexnews.hk/index.htm">HKEXnews</a> website for the public’s reference.  Those announcements/reports  also must be posted by the listed companies on their own websites for at least five years.</p> <p>Moreover, to check whether a listed company has been subject to public criticism or censure by the Exchange, is involved in delisting procedures, investors may visit the <a href="http://www.hkexnews.hk/index.htm">HKEXnews</a> website and choose Regulatory Announcement & News under the Headline Category shown on the Advanced Search page in the Listed Company Information section.  Investors may also look up the latest information about listed companies  which have had trading in their shares suspended for three months or more in Prolonged Suspension Status Report under the Issuer-related Information section on the <a href="http://www.hkexnews.hk/index.htm">HKEXnews</a> website.</p> </div></div></div><div class="panel"><a class="panel-heading collapsed" title="What is a “stop-loss order”?" data-toggle="collapse" href="#collapse-124" aria-expanded="false" >What is a “stop-loss order”?</a><div id="collapse-124" class="collapse panel-body" aria-expanded="false"><div> The primary function of a stop-loss order is to restrict the loss of investors. When the value of a security drops to a level pre-set by the investor, the investor may sell the security to limit his loss. However, it must be noted that a stop-loss order is merely an investment strategy. The ability of a dealer to execute the order for clients depends on factors such as the demand for the security in the market, the trading price at the time and the trading conditions. </div></div></div><div class="panel"><a class="panel-heading collapsed" title="What is “grey market”?" data-toggle="collapse" href="#collapse-125" aria-expanded="false" >What is “grey market”?</a><div id="collapse-125" class="collapse panel-body" aria-expanded="false"><div> There is no clear definition of a grey market or description of its legal force in the law of Hong Kong or the Rules of the Exchange. <p>In practice, securities practitioners have attached different meanings to the term. A grey market may refer to undeclared transactions concluded outside the trading system of HKEX, and the trading of new issues prior to their formal trading on HKEX by persons already in possession of or expected to be in possession of the new shares.</p> <p>Investors should note that the legal enforceability of a grey market trade comes merely from the agreement between the two parties. They are advised to seek legal opinion in advance to understand fully their legal rights and obligations.</p> </div></div></div><div class="panel"><a class="panel-heading collapsed" title="What is “insider dealing” and “market manipulation”?" data-toggle="collapse" href="#collapse-126" aria-expanded="false" >What is “insider dealing” and “market manipulation”?</a><div id="collapse-126" class="collapse panel-body" aria-expanded="false"><div> “Insider dealing” and “market manipulation” are prohibited by law. <p>The definition of insider dealing under the law is quite complicated. Basically, insider dealing normally takes place when a person connected with a listed company, i.e. an insider (e.g. director, staff member or auditor, etc.), possesses privileged information, or a person obtains from another person whom he knows is an insider privileged information of which disclosure would affect the share price of a listed company, and trades, or procures other persons to trade in the securities or derivatives of the company so as to make profits or avoid losses before the public is aware of the information. These persons may have broken the law. They will be prosecuted and given severe punishment.</p> <p>Market manipulation is the conducting of market activities to interfere with the actual supply and demand of securities or derivatives so as to create a false or misleading appearance of the price or turnover of the securities or derivatives. This can be done by creating a misleading market by driving up, suppressing or stabilising the price of the securities in question.</p> <p>The parallel civil and criminal regimes under the Securities and Futures Ordinance enable the Securities and Futures Commission (SFC) to combat market misconduct. The Market Misconduct Tribunal (MMT) handles civil cases of all forms of market misconduct including insider dealing, market manipulation and the dissemination of false and misleading information etc. The MMT will decide cases on the civil standard of proof and can impose a range of civil sanctions such as ordering the disgorgement of profits, issuing "cease and desist" and "cold shoulder" orders, and disqualifying a person from directorship of a company. On the other hand, offenders will be prosecuted where there is sufficient evidence for a criminal prosecution. If convicted, offenders of insider dealing may be subject to imprisonment for a period of up to 10 years and a fine of up to $10 million. Furthermore, any SFC licensee found to have taken part in any insider dealing may have their licence suspended or revoked.</p> </div></div></div><div class="panel"><a class="panel-heading collapsed" title="What is OTP-C?" data-toggle="collapse" href="#collapse-127" aria-expanded="false" >What is OTP-C?</a><div id="collapse-127" class="collapse panel-body" aria-expanded="false"><div> <p class="spanHeading"><span>OTP-C</span><span>, Orion Trading Platform – Securities Market, is the securities trading infrastructure developed by the Exchange. It was launched in February 2018</span><span>. OTP-C aims to offer a scalable, flexible and high performing cash equity trading platform based on open systems technology.</span><span> </span><span>New and enhanced business functionalities could be introduced to OTP-C in phases in the future, subject to the needs and priorities of market participants.</span></p> <p class="spanHeading"><span>The trading system of the Exchange is an order-driven system. During the Pre-opening Session and the Closing Auction Session, the system accepts at-auction and at-auction limit orders only. During the Continuous Trading Session, the system accepts limit, enhanced limit and special limit orders only, with an option for an ‘All-or-Nothing Qualifier’ that confines the order to be either executed immediately in full or rejected, without being written into the central order book.</span></p> For more information about OTP-C, please refer <a href="http://www.hkex.com.hk/Services/Trading/Securities/Infrastructure/Orion-Trading-Platform-_-Securities-Market-OTP_C?sc_lang=en">here</a>. </div></div></div><div class="panel"><a class="panel-heading collapsed" title="Does HKEX have contingency/recovery plans if its securities or derivatives trading system fails?" data-toggle="collapse" href="#collapse-128" aria-expanded="false" >Does HKEX have contingency/recovery plans if its securities or derivatives trading system fails?</a><div id="collapse-128" class="collapse panel-body" aria-expanded="false"><div> In the event of trading system or equipment failure, contingency measures are in place to resume trading as soon as possible. </div> <div> <p>In case of service interruptions caused by fire or major hardware failure at the OTP-C or HKATS primary site, trading will switch to the OTP-C or HKATS backup system at the backup site. Site failover will normally take 45 minutes to 1.5 hours, and reasonable time will be allowed to inform the market before trading resumes.</p> </div></div></div><div class="panel"><a class="panel-heading collapsed" title="Will HKEX compensate those who suffer losses due to market system failure?" data-toggle="collapse" href="#collapse-129" aria-expanded="false" >Will HKEX compensate those who suffer losses due to market system failure?</a><div id="collapse-129" class="collapse panel-body" aria-expanded="false">HKEX has exercised Due Diligence to ensure the normal functioning and operation of its market systems. HKEX has also developed a set of contingency arrangements to cope with system emergencies. According to the Securities and Futures Ordinance, HKEX will not incur liability in respect of anything done or omitted to be done in good faith.</div></div><div class="panel"><a class="panel-heading collapsed" title="What are the design principles behind the VCM model for Hong Kong?" data-toggle="collapse" href="#collapse-130" aria-expanded="false" >What are the design principles behind the VCM model for Hong Kong?</a><div id="collapse-130" class="collapse panel-body" aria-expanded="false"><div class="spanHeading"> <p class="spanHeading"><span>HKEX’s proposed VCM is specifically designed to safeguard market integrity from extreme price volatility arising from automated trading (“Flash Crash”, bad algorithms, etc.). It also serves to alert the market with a temporary cooling-off period for the participants to reassess their strategies and positions and make investment decisions. It is not a trading halt, does not intend to limit the ups and downs of stock prices due to fundamental events, and it also does not work the same way as the daily price limit model which sets a specific daily price range for securities trading as seen in some markets. </span></p> <p class="spanHeading"><span>Special care has been taken in the VCM design to minimise market interruption. For example, it applies to individual instrument rather than the entire market, it is based on a dynamic rather than a static reference price, the triggering level (±10%, ±15%, or ±20% for securities market depending on the stock group) is set up such that it would not trigger the VCM too often, and the VCM monitoring is not applicable in certain periods (the first 15 minutes of the morning and afternoon CTS and the last 20 minutes of the afternoon CTS [morning CTS on half-day trading day]) and to certain instruments.  </span></p> </div></div></div><div class="panel"><a class="panel-heading collapsed" title="How does the VCM model work in the securities market?" data-toggle="collapse" href="#collapse-131" aria-expanded="false" >How does the VCM model work in the securities market?</a><div id="collapse-131" class="collapse panel-body" aria-expanded="false"><div class="spanHeading"><span>HKEX has adopted a dynamic price limit VCM model, which would trigger a cooling-off period in case of abrupt price volatility detected at the instrument level. <br> <br> The following diagram illustrates the case of a VCM trigger on an applicable instrument, using 10% triggering threshold and price band in the Cooling-off Period as an example. </span></div> <p class="spanHeading"><span><img alt=""><img height="746" alt="VCM diagram_EN" width="1469" src="/-/media/HKEX-Market/Services/Trading/Securities/Overview/Trading-Mechanism/VCM-diagram_EN.png"><br> </span></p> <ul> <li class="spanHeading"><span></span> <p class="spanHeading"><span>The VCM is only applicable for board lot order input during the Continuous Trading Session (CTS), but not for any orders input during the Pre-opening Session (POS) and the CAS. </span></p> </li> <li class="spanHeading"> <p class="spanHeading">During the CTS, the potential trade price of a VCM security will be continuously checked against a dynamic price limit of ±10%, ±15% and ±20% for Hang Seng Composite LargeCap, MidCap and SmallCap Indexes constituent stocks respectively based upon the reference price which is the last traded price 5 minutes ago.</p> </li> <li class="spanHeading"> <p class="spanHeading">The VCM is triggered if a stock is ±10%, ±15% and ±20% away (for Hang Seng Composite LargeCap, MidCap and SmallCap Indexes constituent stocks respectively) from the last traded price 5-min ago; A 5-min cooling-off period will start.</p> </li> <li class="spanHeading"> <p class="spanHeading">Normal trading and VCM monitoring will resume on the VCM-triggered instrument after the cooling-off period. </p> </li> </ul></div></div><div class="panel"><a class="panel-heading collapsed" title="What instruments are covered under the VCM?" data-toggle="collapse" href="#collapse-132" aria-expanded="false" >What instruments are covered under the VCM?</a><div id="collapse-132" class="collapse panel-body" aria-expanded="false"><div class="spanHeading"> <p class="spanHeading"><span>For the securities market, the VCM covers all constituent stocks of Hang Seng Composite LargeCap, MidCap and SmallCap Indexes, SPAC Shares, SPAC Warrants, and eligible Exchange Traded Products (ETPs).<br /> </span></p> <p class="spanHeading"><span>The list of the VCM securities and their triggering thresholds are published on the HKEX website. </span></p> <p class="spanHeading"><span> Any addition of constituent stocks to the indexes will also be added to the list of VCM securities on the effective date of the addition. Similarly, any deletion of constituent stocks from the indexes will also be removed from the list VCM securities on the effective date of the deletion.</span></p> <p class="spanHeading"><span>For SPAC Shares and SPAC Warrants, they are added to the list of VCM securities on their listing date.</span></p> <p class="spanHeading"><span>The Exchange will review the list of ETPs to be included into or removed from the list of VCM securities every quarter and will announce the review result via a circular.</span></p> </div></div></div><div class="panel"><a class="panel-heading collapsed" title="Why does the VCM not apply to all stocks in the securities market?" data-toggle="collapse" href="#collapse-133" aria-expanded="false" >Why does the VCM not apply to all stocks in the securities market?</a><div id="collapse-133" class="collapse panel-body" aria-expanded="false"><p style="text-align: justify;">While a review of international practice shows that volatility controls in major exchanges in US, Europe and Asia usually cover all equities, HKEX is of the view instrument-level volatility control is much less relevant for low liquidity stocks. Expanding VCM coverage beyond Hang Seng Composite Index (HSCI) constituent stocks means that less liquid stocks that may not fully benefit from the functionality of VCM are also covered. A high number of triggers on a daily basis would also be generated for these stocks according to the back test.</p></div></div><div class="panel"><a class="panel-heading collapsed" title="What is the applicable period for VCM monitoring?" data-toggle="collapse" href="#collapse-134" aria-expanded="false" >What is the applicable period for VCM monitoring?</a><div id="collapse-134" class="collapse panel-body" aria-expanded="false"><div class="spanHeading"><span>VCM monitoring is applicable to Continuous Trading Session (CTS), excluding: </span></div> <div class="spanHeading"> <ul> <li class="spanHeading"><span>the first 15 minutes of the morning and afternoon trading session</span></li> <li class="spanHeading"><span>the last 20 minutes<span class="spanHeading">[1]</span> of the afternoon trading session (or morning CTS on half-day trading day)     </span></li> </ul> <div class="footerNote">[1] Since a cooling-off period will last for 5 minutes, the monitoring will stop 20 minutes before end of the Afternoon Session </div> </div></div></div><div class="panel"><a class="panel-heading collapsed" title="Why does the VCM not cover the auction sessions?" data-toggle="collapse" href="#collapse-135" aria-expanded="false" >Why does the VCM not cover the auction sessions?</a><div id="collapse-135" class="collapse panel-body" aria-expanded="false"><p style="text-align: justify;">For auction sessions, the current ±15% price limits in the POS and the ±5% price limits in CAS serve to mitigate excess price movements that may occur during the auction periods.</p></div></div><div class="panel"><a class="panel-heading collapsed" title="Why would trading of the related or linked instruments of a particular security / futures contract be allowed to continue if the security / futures contract has had a VCM trigger and is in a “cooling-off” period? What is the rationale behind that?" data-toggle="collapse" href="#collapse-136" aria-expanded="false" >Why would trading of the related or linked instruments of a particular security / futures contract be allowed to continue if the security / futures contract has had a VCM trigger and is in a “cooling-off” period? What is the rationale behind that?</a><div id="collapse-136" class="collapse panel-body" aria-expanded="false"><div class="spanHeading"><span>As the security / futures contract is still allowed to trade within a band during the cooling-off period, its linked or related instruments should be allowed to trade as well.  Consideration was given to whether the linked or related instruments should also trade within a band, but defining a band is not practical since the linked or related instruments are typically leveraged or may have inherently different product characteristics.  Halting trading of these linked or related instruments would not be preferred too as it may have a significant impact and amount to excessive market intervention.  Based on the market feedback received, many respondents agreed the approach taken is the preferred approach for the launch of VCM in the Hong Kong market, as it is new to the market.  HKEX would obtain feedback from the market on this arrangement after its implementation and may review it again when the market is more familiar with it.</span></div></div></div><div class="panel"><a class="panel-heading collapsed" title="Can VCM be triggered on an applicable instrument multiple times in a trading day?" data-toggle="collapse" href="#collapse-137" aria-expanded="false" >Can VCM be triggered on an applicable instrument multiple times in a trading day?</a><div id="collapse-137" class="collapse panel-body" aria-expanded="false"><div> <p class="spanHeading"><span>Yes, for each VCM instrument, there is no limitation on the number of VCM triggers in the morning or afternoon Continuous Trading Session</span><span>.</span><span> </span></p> </div></div></div><div class="panel"><a class="panel-heading collapsed" title="Does the normal price checking during the CTS apply during after a VCM is triggered?" data-toggle="collapse" href="#collapse-138" aria-expanded="false" >Does the normal price checking during the CTS apply during after a VCM is triggered?</a><div id="collapse-138" class="collapse panel-body" aria-expanded="false"><div class="spanHeading"><span>The 24 spreads rule, the 9 times rules, as well as the existing price warning mechanism would continue to be applicable during the cooling-off period.</span></div></div></div><div class="panel"><a class="panel-heading collapsed" title="Can derivative warrants or CBBCs be traded during the 5-minute cooling-off period after the triggering of the VCM?" data-toggle="collapse" href="#collapse-139" aria-expanded="false" >Can derivative warrants or CBBCs be traded during the 5-minute cooling-off period after the triggering of the VCM?</a><div id="collapse-139" class="collapse panel-body" aria-expanded="false"><div class="spanHeading"> <p class="spanHeading"><span>Since the affected underlying security or index is not suspended and continues to trade within a specified price limit during the 5-minute cooling off period after the triggering of the VCM, the derivative warrants and CBBCs can still be traded without any price limit. </span></p> <span>However, investors should note that where events surrounding VCM causes abnormal trading behavior of the underlying leading to hedging difficulties, the liquidity provision obligations of issuers could be exempted.  In this case, there may be a temporary absence of price quotes, a reduction in quote size, or a wider bid-ask spread during the 5-minute cooling-off period.</span></div></div></div><div class="panel"><a class="panel-heading collapsed" title="What will happen to Quote Requests for the warrant and CBBC, on a day when the underlying was subject to a VCM?" data-toggle="collapse" href="#collapse-140" aria-expanded="false" >What will happen to Quote Requests for the warrant and CBBC, on a day when the underlying was subject to a VCM?</a><div id="collapse-140" class="collapse panel-body" aria-expanded="false"><div class="spanHeading"><span>The issuer will commit to Quote Request obligations during the day, including during the cooling off period, unless an exemption is obtained for Quote Request.</span></div></div></div><div class="panel"><a class="panel-heading collapsed" title="How will the provision of Active Quotes be affected for a warrant/CBBC when the underlying security is subject to VCM?" data-toggle="collapse" href="#collapse-141" aria-expanded="false" >How will the provision of Active Quotes be affected for a warrant/CBBC when the underlying security is subject to VCM?</a><div id="collapse-141" class="collapse panel-body" aria-expanded="false"><div class="spanHeading"> <p class="spanHeading"><span>Investors should be aware that standards for Active Quotes described in the Industry Principles<a href="EditorPage.aspx" name="_ftnref1" class="spanHeading" title="[1]"><span class="spanHeading">[1]</span></a> are intended to apply to normal market conditions.   Provision of Active Quotes may be affected where there are abnormal or exceptional market conditions. </span></p> <p class="spanHeading"><span>Quotes provided by liquidity providers necessarily reflect the liquidity of the underlying securities or indices at any given time. If the liquidity of the underlying is impaired by conditions surrounding a VCM event, or by the VCM itself, the liquidity of the warrant or CBBC may be adversely affected in terms of quote size and spread relative to more normal market conditions.</span></p> <p class="spanHeading"><span>During the 5-minute cooling off period after triggering of the VCM, where issuers’ hedging ability is materially affected due to the uncertainty in the underlying securities or index, it is possible that the minimum service level for Active Quotes will not be fulfilled, such as no bid-ask quotations, widening of bid-ask spread and reduction in quote size.</span></p> <span>Similarly, after the 5-minute cooling off period, liquidity provision may still be affected if issuers continue to experience hedging difficulties.  Under such circumstances, Liquidity </span>Providers may not fulfil the minimum service level for Active Quotes as described in the Industry Principles.</div> <div class="spanHeading"> <span></span></div> <div class="spanHeading"> <p><span>However, issuers will use best efforts to meet quote request requirements.</span></p> </div> <p> </p> <div> <div class="footerNote"><a href="EditorPage.aspx" name="_ftn1" class="spanHeading" title="[1]">[1]</a> Industry Principles on Liquidity Provision for Listed Structured Products (July 2012) published by the Exchange, available at        </div> <div>(<a href="/-/media/HKEX-Market/Global/Exchange/FAQ/Securities-Market/Trading/VCM/How-will-the-provision-of-Active-Quotes-be-affected-for-a-warrant-CBBC/principle.pdf" class="spanHeading" title="principle">http://www.hkex.com.hk/eng/prod/secprod/dwrc/Documents/principle.pdf</a>).  </div> </div></div></div><div class="panel"><a class="panel-heading collapsed" title="When the cooling-off period is started or ended for a security, will there be relevant message broadcasted in the trading system?" data-toggle="collapse" href="#collapse-142" aria-expanded="false" >When the cooling-off period is started or ended for a security, will there be relevant message broadcasted in the trading system?</a><div id="collapse-142" class="collapse panel-body" aria-expanded="false"><p class="spanHeading"><span>A message will be broadcasted in OTP-C when the cooling-off period is triggered for the specific securities. Information includes: the start time and end time of cooling-off period, reference price and price limits of the securities during the cooling-off period.</span></p> <p class="spanHeading"><span>Since the information of cooling-off period’s end time has already been included in the message when cooling-off period is triggered, there will be no additional message broadcasted at the end of cooling-off period.</span></p></div></div><div class="panel"><a class="panel-heading collapsed" title="Would VCM Trigger (23) message be disseminated to indicate the end of the cooling-off period?" data-toggle="collapse" href="#collapse-143" aria-expanded="false" >Would VCM Trigger (23) message be disseminated to indicate the end of the cooling-off period?</a><div id="collapse-143" class="collapse panel-body" aria-expanded="false"><div class="spanHeading"><span>For each cooling-off triggered by the VCM, a VCM Trigger (23) message would be disseminated in OTP-C when the cooling-off period begins for specific securities. The message provides, among other related information, both the start time and end time of the cooling-off period. There would be no other messages to indicate the end of the cooling-off period.</span></div></div></div><div class="panel"><a class="panel-heading collapsed" title="Would I be able to retrieve the VCM Trigger (23) message by any means after the cooling-off end time has passed?" data-toggle="collapse" href="#collapse-144" aria-expanded="false" >Would I be able to retrieve the VCM Trigger (23) message by any means after the cooling-off end time has passed?</a><div id="collapse-144" class="collapse panel-body" aria-expanded="false"><div class="spanHeading"><span>In general, the VCM Trigger (23) message is available in Refresh Channel for each cooling off period triggered in a day except when the same security has more than one cooling off period triggered for the day.  In this exceptional case, only the VCM Trigger (23) message for the latest cooling-off period would be found in Refresh Channel for that security.</span></div></div></div><div class="panel"><a class="panel-heading collapsed" title="How is the Volatility Control Mechanism (“VCM”) determined for a Dual Counter Security?" data-toggle="collapse" href="#collapse-145" aria-expanded="false" >How is the Volatility Control Mechanism (“VCM”) determined for a Dual Counter Security?</a><div id="collapse-145" class="collapse panel-body" aria-expanded="false"><div class="spanHeading"><span>If a Dual Counter Security is a VCM security based on the existing eligibility criteria, all of the counters would be subject to the same VCM triggering threshold. However, when VCM is triggered in one counter, it would not automatically trigger the VCM in the other counter. </span></div></div></div><div class="panel"><a class="panel-heading collapsed" title="What are the design principles behind the SMP model for the securities market?" data-toggle="collapse" href="#collapse-146" aria-expanded="false" >What are the design principles behind the SMP model for the securities market?</a><div id="collapse-146" class="collapse panel-body" aria-expanded="false"><p class="spanHeading">SMP is an optional and free-of-charge service available in Hong Kong Securities Market that can be used by market participants <span>(i.e. EPs and/or their clients)</span> to avoid unintentional self-trades by rejecting potential self-match order(s) placed through the same Exchange Participant (EP) or multiple EPs. </p></div></div><div class="panel"><a class="panel-heading collapsed" title="How does the SMP model work in the securities market?" data-toggle="collapse" href="#collapse-147" aria-expanded="false" >How does the SMP model work in the securities market?</a><div id="collapse-147" class="collapse panel-body" aria-expanded="false"><span>To use the SMP service, market participants need to apply through EP(s) for a SMP ID from HKEX and then tag the registered SMP ID to the orders/ quotes when submitting the orders/ quotes.</span> <div> <div> <div id="_com_1"> </div> </div> </div></div></div><div class="panel"><a class="panel-heading collapsed" title="What cancellation methods are offered under the SMP?" data-toggle="collapse" href="#collapse-148" aria-expanded="false" >What cancellation methods are offered under the SMP?</a><div id="collapse-148" class="collapse panel-body" aria-expanded="false"><p class="spanHeading">Cancel aggressive (“CA”) and cancel passive (“CP”) as the order cancellation methods: Each SMP ID must be specified with either one of the two order cancellation methods.<span>  </span>Upon a potential match between two orders bearing the same SMP ID with a designated cancellation method: </p> <ol> <li>the incoming order will be cancelled if CA is chosen; or</li> <li>the resting order will be cancelled if CP is chosen.</li> </ol> <p> </p> <p><img src="/-/media/HKEX-Market/Services/Trading/Securities/Overview/Trading-Mechanism/Self-Match-Prevention/CACP_ENG.PNG?h=724&w=1210&hash=AE000705D86B340D98ACBF745E9B9236655BFEF7C67D32CDB00F580EB58BD2A9" style="height:724px; width:1210px;" alt="CACP_ENG" /></p></div></div><div class="panel"><a class="panel-heading collapsed" title="What is SMP ID? " data-toggle="collapse" href="#collapse-149" aria-expanded="false" >What is SMP ID? </a><div id="collapse-149" class="collapse panel-body" aria-expanded="false"><p class="spanHeading"><span class="spanHeading">SMP ID is a unique identifier allocated by the Exchange for market participants to tag in their orders for using SMP service.  <span class="spanHeading">Each SMP ID must be specified with either one of the cancellation methods during SMP ID application.  The cancellation method is allowed to be changed after the Exchange’s approval.</span> </span></p></div></div><div class="panel"><a class="panel-heading collapsed" title="Who can apply for SMP ID?" data-toggle="collapse" href="#collapse-150" aria-expanded="false" >Who can apply for SMP ID?</a><div id="collapse-150" class="collapse panel-body" aria-expanded="false"><p class="spanHeading"><span>EPs can apply for the use of an SMP ID for its proprietary orders and/or for its clients. For the purpose of the SMP Service, clients shall <span style="text-decoration: underline;">only</span> include direct client(s) of an EP, and where such client is itself an intermediary, the direct client of such intermediary client. </span></p> <p class="spanHeading"><span> </span></p> <em class="spanHeading"><span>(Please refer to the <a rel="noopener noreferrer" href="https://www.hkex.com.hk/-/media/HKEX-Market/Services/Rules-and-Forms-and-Fees/Forms/Securities-(Hong-Kong)/Trading/Operations/Others/Explanatory-Notes-relating-to-SMP--Securities-Market.pdf" target="_blank">Explanatory Notes</a> for more details)</span></em></div></div><div class="panel"><a class="panel-heading collapsed" title="Can EPs apply for an SMP ID for a client who is an individual?" data-toggle="collapse" href="#collapse-151" aria-expanded="false" >Can EPs apply for an SMP ID for a client who is an individual?</a><div id="collapse-151" class="collapse panel-body" aria-expanded="false"><p class="spanHeading"><span>No SMP ID may be applied for use in respect of a client who is an individual (including accounts of individuals and joint accounts of individuals).</span></p></div></div><div class="panel"><a class="panel-heading collapsed" title="How many SMP IDs can an EP apply for itself and for its clients?" data-toggle="collapse" href="#collapse-152" aria-expanded="false" >How many SMP IDs can an EP apply for itself and for its clients?</a><div id="collapse-152" class="collapse panel-body" aria-expanded="false"><p><strong><span style="text-decoration: underline;">SMP ID application for EP itself or its client other than asset management company/fund</span></strong></p> <p class="spanHeading"><span>Generally, only one SMP ID may be applied for use by an EP for its proprietary orders and only one SMP ID may be applied for each client of an EP, <span style="text-decoration: underline;">except </span>when there are other independently operated trading unit(s) within the EP or the client for which additional SMP ID(s) may be applied.</span></p> <p><strong class="spanHeading"><span> </span></strong></p> <p><strong><span style="text-decoration: underline;">SMP ID application for asset management company/fund</span></strong></p> <p class="spanHeading"><span>In the case of a client which is an <strong>asset management company, </strong>(i.e. maintains an account with the Primary EP in the name of asset management company), if there is only one SMP ID applied for and approved, the SMP ID can be used for different funds or accounts</span><span>*</span><span> managed by the same asset management company.</span></p> <p class="spanHeading"><span>Alternatively, separate SMP IDs may be applied for use for different funds or accounts<sup>*</sup> managed or controlled by <span style="text-decoration: underline;">fund managers or trading decision makers whose operations are independent from one another</span>. Each fund manager or trading decision maker can use such SMP ID for its managed or controlled funds or accounts<sup>*</sup>.</span></p> <p class="spanHeading"><span> </span></p> <p class="spanHeading"><sup class="spanHeading"><span>*</span></sup><span>Refer to accounts of which trading decision is controlled by the asset management company, e.g. discretionary accounts. </span></p> <p class="spanHeading"><span> </span></p> <em class="spanHeading"><span>(Please refer to the <a rel="noopener noreferrer" href="https://www.hkex.com.hk/-/media/HKEX-Market/Services/Rules-and-Forms-and-Fees/Forms/Securities-(Hong-Kong)/Trading/Operations/Others/Explanatory-Notes-relating-to-SMP--Securities-Market.pdf" target="_blank">Explanatory Notes</a> for more details)</span></em></div></div><div class="panel"><a class="panel-heading collapsed" title="Can different entities co-use the same SMP ID?" data-toggle="collapse" href="#collapse-153" aria-expanded="false" >Can different entities co-use the same SMP ID?</a><div id="collapse-153" class="collapse panel-body" aria-expanded="false"><p><strong class="spanHeading"><span>EP itself or its client other than asset management company/fund</span></strong></p> <p class="spanHeading"><span>An SMP ID may be applied for use by an EP for itself or for a client, as the case may be, together with any associates.  </span><span>Associates of a company means any of its holding companies, subsidiaries, or fellow subsidiaries, or any associated companies of them. Please refer to section 2, 13 and 15 of the Companies Ordinance for the meaning of associated companies, holding companies and subsidiaries respectively.</span></p> <p class="spanHeading"><span> </span></p> <p><strong><span style="text-decoration: underline;">EP’s client which is an asset management company/fund</span></strong></p> <p class="spanHeading"><span>In the case of a client which is a <strong>fund</strong>, i.e. maintain an account with Primary EP in the name of a fund, an SMP ID may be applied for use by the fund, together with other funds or accounts<sup>*</sup> managed or controlled by the <span style="text-decoration: underline;">same fund manager or trading decision maker.</span></span></p> <p class="spanHeading"> </p> <p class="spanHeading"><sup class="spanHeading"><span>*</span></sup><span>Refer to accounts of which trading decision is controlled by the asset management company, e.g. discretionary accounts. </span></p> <p class="spanHeading"><span> </span></p> <p><em class="spanHeading"><span>(Please refer to the <a rel="noopener noreferrer" href="https://www.hkex.com.hk/-/media/HKEX-Market/Services/Rules-and-Forms-and-Fees/Forms/Securities-(Hong-Kong)/Trading/Operations/Others/Explanatory-Notes-relating-to-SMP--Securities-Market.pdf" target="_blank">Explanatory Notes</a> for more details)</span></em></p></div></div><div class="panel"><a class="panel-heading collapsed" title="Are supporting documents required upon application of an SMP ID?" data-toggle="collapse" href="#collapse-154" aria-expanded="false" >Are supporting documents required upon application of an SMP ID?</a><div id="collapse-154" class="collapse panel-body" aria-expanded="false"><p class="spanHeading"><span>Applicants will not be expected to provide supporting documents when submitting their new SMP ID application.  Following an initial assessment, however, the Exchange may request for supplementary information or documentation such as organization structure, control measures relating to the use of the SMP Service and/or evidence to illustrate independence, depending on the individual circumstances of each application.     </span></p> <p class="spanHeading"><span> </span></p> <p class="spanHeading"><span>On an ongoing basis, the Exchange may also request such documentary evidence when it deems necessary for the purpose of monitoring the proper usage of the SMP Service.</span></p></div></div><div class="panel"><a class="panel-heading collapsed" title="What should EP do if there is a change to the information provided to the Exchange?" data-toggle="collapse" href="#collapse-155" aria-expanded="false" >What should EP do if there is a change to the information provided to the Exchange?</a><div id="collapse-155" class="collapse panel-body" aria-expanded="false"><span>When there is a change to the information provided to the Exchange (e.g. co-use SMP ID with an associate not specified in the “<a rel="noopener noreferrer" href="https://www.hkex.com.hk/-/media/HKEX-Market/Services/Rules-and-Forms-and-Fees/Forms/Securities-(Hong-Kong)/Trading/Operations/Others/Application-for-the-Use-and-Maintenance-of-SelfMatch-Prevention-(SMP)-ID-in-Securities-Market.pdf" target="_blank">SMP ID Maintenance Form</a>” at the time of application), the Primary EP is required to submit <strong><em><a rel="noopener noreferrer" href="https://www.hkex.com.hk/-/media/HKEX-Market/Services/Rules-and-Forms-and-Fees/Forms/Securities-(Hong-Kong)/Trading/Operations/Others/SMP-ID-Information-Update-Form--Securities-Market.pdf" target="_blank">Self-Match Prevention (SMP) ID Information Update Form - Securities Market</a></em></strong><a rel="noopener noreferrer" href="https://www.hkex.com.hk/-/media/HKEX-Market/Services/Rules-and-Forms-and-Fees/Forms/Securities-(Hong-Kong)/Trading/Operations/Others/SMP-ID-Information-Update-Form--Securities-Market.pdf" target="_blank"> <strong>(“SMP ID Information Update Form”)</strong></a> <span style="text-decoration: underline;">within 30 calendar days</span> of the change.</span></div></div><div class="panel"><a class="panel-heading collapsed" title="What should EPs be aware of and remind their clients when using the SMP Service?" data-toggle="collapse" href="#collapse-156" aria-expanded="false" >What should EPs be aware of and remind their clients when using the SMP Service?</a><div id="collapse-156" class="collapse panel-body" aria-expanded="false"><p class="spanHeading"><span>The SMP Service is an optional service</span><span>.</span></p> <p class="spanHeading"><span> </span></p> <p class="spanHeading"><span>EPs and its clients should assess their needs and tailor their use of the SMP Service as per their business models, trading strategies and any other considerations as appropriate. They shall comply with the Rules of the relevant Exchange (i.e. SEHK and HKFE), the SMP requirements prescribed by the Exchange from time to time, and the terms and conditions stipulated in respective SMP forms and take steps to prevent and detect improper trading activities, including spoofing, unusual trading practice or non-compliance with any relevant Rules and Regulations. Order cancellations via the use of the SMP Service will be treated as activities initiated by the relevant EP and/or its clients and the use of the SMP Service cannot be used as a defence of any market misconduct / manipulative behaviour.</span></p> <p class="spanHeading"><span> </span></p> <p class="spanHeading"><span>In addition, EPs and its clients should note that the approval of the use of SMP ID(s) does not constitute any endorsement of the Exchange on the trading activities related to the orders tagged with the respective SMP ID(s). </span></p> <p class="spanHeading"><span> </span></p> <p class="spanHeading"><span>In particular, Exchange’s approval of SMP IDs do not constitute any endorsement on trades executed amongst orders tagged with different SMP IDs.  Same as today, </span><span>EPs and its clients have to assess themselves as to whether their trades are in compliance with the Rules of the Exchange or any laws or regulations including the Securities and Futures Ordinance and the Code of Conduct for Persons Licensed by or Registered with the Securities and Futures Commission.</span></p></div></div><div class="panel"><a class="panel-heading collapsed" title="Will the usage of the SMP Service be monitored?" data-toggle="collapse" href="#collapse-157" aria-expanded="false" >Will the usage of the SMP Service be monitored?</a><div id="collapse-157" class="collapse panel-body" aria-expanded="false"><p class="spanHeading"><span>Yes, the usage of the SMP Service will be monitored.  Usage of the SMP Service for any non-bona fide purpose may constitute a non-compliance of the terms of the SMP Service and may violate the Exchange Rules.  EPs should remind their clients of the same.</span></p> <p class="spanHeading"><span> </span></p> <p class="spanHeading"><span>EPs should take steps to prevent and detect improper trading activities, including spoofing, and report to the Exchange when unusual trading practices are identified.</span></p></div></div><div class="panel"><a class="panel-heading collapsed" title="What is the possible consequence of misusing the SMP Service or breaching the SMP requirements? " data-toggle="collapse" href="#collapse-158" aria-expanded="false" >What is the possible consequence of misusing the SMP Service or breaching the SMP requirements? </a><div id="collapse-158" class="collapse panel-body" aria-expanded="false"><p class="spanHeading"><span>The Exchange has the sole discretion in suspending, restricting, or terminating the use of a SMP ID or the SMP Service at any time, by notice in writing to the EP,</span><span> </span><span>if there is reasonable cause to suspect or believe that any of the prescribed requirements related to SMP are not properly followed or the SMP ID has been used or involved in any market misconduct or manipulative behaviour, where parties involved in any </span><span>market misconduct and manipulative behaviour may be subject to legal or regulatory consequences.</span></p></div></div><div class="panel"><a class="panel-heading collapsed" title="What trading behaviour would be regarded as a misuse of SMP?" data-toggle="collapse" href="#collapse-159" aria-expanded="false" >What trading behaviour would be regarded as a misuse of SMP?</a><div id="collapse-159" class="collapse panel-body" aria-expanded="false"><span>Any usage of the SMP Service for improper, unethical, manipulative or non-bona fide purpose, including but not limited to spoofing and/or using the tagging of an SMP ID in an order as a cancellation instruction with an aim to cancel the relevant existing order(s), will be regarded as a misuse of SMP.  </span></div></div><div class="panel"><a class="panel-heading collapsed" title="What are the expected control measures for using the SMP Service?" data-toggle="collapse" href="#collapse-160" aria-expanded="false" >What are the expected control measures for using the SMP Service?</a><div id="collapse-160" class="collapse panel-body" aria-expanded="false"><p class="spanHeading"><span>EPs are required to, </span><span>both initially and on a continuous basis,</span><span> put in place and/or procure its direct client which is an intermediary to put in place relevant control measures to ensure the proper use of the SMP ID and detect any misuse of the SMP Service, including but not limited to measures to:</span></p> <ul> <li class="spanHeading"><span>ensure the information provided in each application of EP or its clients is accurate and fulfils the </span><span>requirements prescribed by the Exchange from time to time</span><span>; </span></li> <li class="spanHeading"><span>ensure an SMP ID is only used as stated in the respective SMP forms provided to the Exchange; </span></li> <li class="spanHeading"><span>ensure the use of the SMP Service is in compliance with the SMP requirements as prescribed by the Exchange; </span></li> <li class="spanHeading"><span>detect misuse of the SMP Service or market misconduct, e.g. spoofing. </span></li> </ul> <p class="spanHeading"><span> </span></p> <span>EPs should report to the Exchange by email to </span><span><a href="mailto:msm_smp@hkex.com.hk" class="spanHeading"><span>msm_smp@hkex.com.hk</span></a> </span><span>when it detects any potential misuse of SMP ID.</span></div></div><div class="panel"><a class="panel-heading collapsed" title="Are there any specific requirements for an EP to apply for an SMP ID for the clients of the EP’s intermediary clients?" data-toggle="collapse" href="#collapse-161" aria-expanded="false" >Are there any specific requirements for an EP to apply for an SMP ID for the clients of the EP’s intermediary clients?</a><div id="collapse-161" class="collapse panel-body" aria-expanded="false"><p class="spanHeading"><span>EPs are required to put in place and/or procure its direct client which is an intermediary to put in place relevant control measures to ensure the proper </span><span>use of the SMP ID and detect any misuse of the SMP Service.  Please refer to the FAQ </span><strong><em class="spanHeading"><span>“What are the expected control measures for using the SMP Service?”</span></em></strong><span> for more details. </span></p></div></div><div class="panel"><a class="panel-heading collapsed" title="What instruments are covered under the SMP?" data-toggle="collapse" href="#collapse-162" aria-expanded="false" >What instruments are covered under the SMP?</a><div id="collapse-162" class="collapse panel-body" aria-expanded="false"><p>All products in the securities market are available for SMP.</p></div></div><div class="panel"><a class="panel-heading collapsed" title="Is SMP applicable to Northbound Trading?" data-toggle="collapse" href="#collapse-163" aria-expanded="false" >Is SMP applicable to Northbound Trading?</a><div id="collapse-163" class="collapse panel-body" aria-expanded="false"><span>No. SMP will be available in Hong Kong market only. </span></div></div><div class="panel"><a class="panel-heading collapsed" title="What is the applicable period for the SMP?" data-toggle="collapse" href="#collapse-164" aria-expanded="false" >What is the applicable period for the SMP?</a><div id="collapse-164" class="collapse panel-body" aria-expanded="false"><p class="spanHeading"><span class="spanHeading">SMP will only be applicable in Continuous Trading Session (CTS).  SMP is not available for auction matching, while SMP ID is allowed to be tagged with At-auction Limit Order (ALO) during auction sessions.</span></p></div></div><div class="panel"><a class="panel-heading collapsed" title="Is SMP applicable to VCM?" data-toggle="collapse" href="#collapse-165" aria-expanded="false" >Is SMP applicable to VCM?</a><div id="collapse-165" class="collapse panel-body" aria-expanded="false"><span>Yes. SMP will take priority over the trigger of VCM.</span></div></div><div class="panel"><a class="panel-heading collapsed" title="Does the SMP apply to all order types?" data-toggle="collapse" href="#collapse-166" aria-expanded="false" >Does the SMP apply to all order types?</a><div id="collapse-166" class="collapse panel-body" aria-expanded="false"><p>SMP will be applied to board lot order types only during CTS, including Limit Order (LO), Enhanced Limit Order (ELO), Special Limit Order (SLO) and Quote.</p> <p class="spanHeading"><span>ALO with SMP ID carried forward from Pre-opening Session to CTS will also be available to SMP.</span></p></div></div><div class="panel"><a class="panel-heading collapsed" title="Will SMP skip matching the order of a potential self trade and move on to the next order, instead of canceling the order?" data-toggle="collapse" href="#collapse-167" aria-expanded="false" >Will SMP skip matching the order of a potential self trade and move on to the next order, instead of canceling the order?</a><div id="collapse-167" class="collapse panel-body" aria-expanded="false"><span>No, All orders are processed by the matching engine according to the price-time priority. SMP will cancel either side of the orders of a potential self trade according to the selected cancellation method.</span></div></div><div class="panel"><a class="panel-heading collapsed" title="Is SMP still applicable when the order is partially filled?" data-toggle="collapse" href="#collapse-168" aria-expanded="false" >Is SMP still applicable when the order is partially filled?</a><div id="collapse-168" class="collapse panel-body" aria-expanded="false"><span>Yes. SMP is applicable to any outstanding orders in Continuous Trading Session, as long as the orders are tagged with SMP ID. </span></div></div><div class="panel"><a class="panel-heading collapsed" title="Would an EP receive an order cancellation message due to SMP? " data-toggle="collapse" href="#collapse-169" aria-expanded="false" >Would an EP receive an order cancellation message due to SMP?<br/></a><div id="collapse-169" class="collapse panel-body" aria-expanded="false"><span>Yes, there will be an order cancellation message sent to the EP with the reject reason. </span></div></div><div class="panel"><a class="panel-heading collapsed" title="Would the order cancellation reason due to SMP or information related to SMP be disseminated to the market?" data-toggle="collapse" href="#collapse-170" aria-expanded="false" >Would the order cancellation reason due to SMP or information related to SMP be disseminated to the market?</a><div id="collapse-170" class="collapse panel-body" aria-expanded="false"><p class="spanHeading">No, the cancellation reason due to SMP or information related to SMP will not be disseminated to the market via OMD-C<span class="ui-provider">.</span></p></div></div><div class="panel"><a class="panel-heading collapsed" title="Can EPs use the existing Broker Supplied Systems (BSS) to support the SMP service?" data-toggle="collapse" href="#collapse-171" aria-expanded="false" >Can EPs use the existing Broker Supplied Systems (BSS) to support the SMP service?</a><div id="collapse-171" class="collapse panel-body" aria-expanded="false"><p class="spanHeading"><span>EPs need to enhance their BSS to support the tagging of SMP ID in their order messages. For more details, please refer to the <a href="/Services/Trading/Securities/Overview/Trading-Mechanism/Self-Match-Prevention?sc_lang=en" target="_blank">OCG-C interface specification</a>.</span> </p> <p>For EPs who do not plan to use SMP service or extend SMP service to their clients, no system change is required.</p></div></div><div class="panel"><a class="panel-heading collapsed" title="Will the use of SMP affect the order priority?" data-toggle="collapse" href="#collapse-172" aria-expanded="false" >Will the use of SMP affect the order priority?</a><div id="collapse-172" class="collapse panel-body" aria-expanded="false"><p class="spanHeading"><span class="spanHeading">There will be <span style="text-decoration: underline;">no impact</span> to order priority for orders with SMP ID. All orders are processed by the matching engine according to the time sequence upon arrival. </span></p></div></div><div class="panel"><a class="panel-heading collapsed" title="Can SMP ID be amended in the existing order?" data-toggle="collapse" href="#collapse-173" aria-expanded="false" >Can SMP ID be amended in the existing order?</a><div id="collapse-173" class="collapse panel-body" aria-expanded="false"><span>Amendment of SMP ID in the outstanding orders is not allowed.</span></div></div><div class="panel"><a class="panel-heading collapsed" title="What is the process of SMP ID registration?" data-toggle="collapse" href="#collapse-174" aria-expanded="false" >What is the process of SMP ID registration?</a><div id="collapse-174" class="collapse panel-body" aria-expanded="false"><p class="spanHeading"><span><img alt="" /><img src="/-/media/HKEX-Market/Global/Exchange/FAQ/Securities-Market/Trading/SMP/SMP-registration-process_ENG.png" style="height:321px; width:624px;" alt="SMP registration process_ENG" /></span></p> <p class="spanHeading"><span>EP should submit the “<a rel="noopener noreferrer" href="https://www.hkex.com.hk/-/media/HKEX-Market/Services/Rules-and-Forms-and-Fees/Forms/Securities-(Hong-Kong)/Trading/Operations/Others/Application-for-the-Use-and-Maintenance-of-SelfMatch-Prevention-(SMP)-ID-in-Securities-Market.pdf" target="_blank">Application for the Use and Maintenance of Self-Match Prevention (SMP) ID in Securities Market (SMP ID Maintenance Form)</a>” to create SMP ID. HKEX will review the application and assign the SMP ID to the EP if the application is successful and such EP will be the Primary EP of the SMP ID. Primary EP will be notified via SMP ID Full Image Report and SMP ID Delta Change Report on Electronic Communication Platform (ECP).</span></p></div></div><div class="panel"><a class="panel-heading collapsed" title="How to use SMP ID across multiple EPs?" data-toggle="collapse" href="#collapse-175" aria-expanded="false" >How to use SMP ID across multiple EPs?</a><div id="collapse-175" class="collapse panel-body" aria-expanded="false"><p class="spanHeading"><span class="spanHeading"></span><img alt="" /><img src="/-/media/HKEX-Market/Global/Exchange/FAQ/Securities-Market/Trading/SMP/SMP-registration-process_ENG.png" style="height:321px; width:624px;" alt="SMP registration process_ENG" /><img alt="" /></p> <p class="spanHeading"><span class="spanHeading">Primary EP should submit the “<a rel="noopener noreferrer" href="https://www.hkex.com.hk/-/media/HKEX-Market/Services/Rules-and-Forms-and-Fees/Forms/Securities-(Hong-Kong)/Trading/Operations/Others/Application-for-the-Use-and-Maintenance-of-SelfMatch-Prevention-(SMP)-ID-in-Securities-Market.pdf" target="_blank">SMP ID Maintenance Form</a>” to apply for sharing an existing SMP ID with Additional EP(s).  Additional EP(s) should also submit the “<a rel="noopener noreferrer" href="https://www.hkex.com.hk/-/media/HKEX-Market/Services/Rules-and-Forms-and-Fees/Forms/Securities-(Hong-Kong)/Trading/Operations/Others/Application-for-the-Use-of-Existing-SelfMatch-Prevention-(SMP)-ID-in-Securities-Market.pdf" target="_blank">Use of Existing SMP ID Form</a>” to apply for using the existing SMP ID of the Primary EP.</span></p> <p class="spanHeading"><span class="spanHeading">HKEX will process the sharing application after receiving both “<a rel="noopener noreferrer" href="https://www.hkex.com.hk/-/media/HKEX-Market/Services/Rules-and-Forms-and-Fees/Forms/Securities-(Hong-Kong)/Trading/Operations/Others/Application-for-the-Use-and-Maintenance-of-SelfMatch-Prevention-(SMP)-ID-in-Securities-Market.pdf" target="_blank">SMP ID Maintenance Form</a>” and “<a rel="noopener noreferrer" href="https://www.hkex.com.hk/-/media/HKEX-Market/Services/Rules-and-Forms-and-Fees/Forms/Securities-(Hong-Kong)/Trading/Operations/Others/Application-for-the-Use-of-Existing-SelfMatch-Prevention-(SMP)-ID-in-Securities-Market.pdf" target="_blank">Use of Existing SMP ID Form</a>” for the same existing SMP ID.  After the sharing of the existing SMP ID application is completed, Primary EP and Additional EP(s) of the SMP ID will be notified via SMP ID Full Image Report and SMP ID Delta Change Report on Electronic Communication Platform (ECP).</span></p></div></div> </div> </section> </main> <aside class="nav-side side-content"> </aside> </div>  <script type="text/javascript"> //<![CDATA[ theForm.oldSubmit = theForm.submit; 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