The nominal price is determined by comparing the current bid price, the current ask price and the last recorded price in accordance with Rule of the Rules of the Exchange. A reference price is first determined using the existing closing price calculation method mentioned above.
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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. 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. 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.
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Any outstanding limit order will join the price queue of the input price. An Enhanced Limit Order is similar to a Limit Order except that it will allow matching of up to 10 price queues i.
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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. A Special Limit Order will allow matching of up to 10 price queues i. 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.
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. For details of opening quotations, please refer to Rule of the Rules of the Exchange.
The Rules of the Exchange are available here. 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 A of the Rules of the Exchange. 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.
The spread of security depends on its share price.
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The following is the spread table for all securities other than debt. 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. Non-automatched trades must also be reported to the Stock Exchange and the information of these trades will be disseminated to the market. These trades are:.
Securities of less than one trading unit i. 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. 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.
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.
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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. 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. 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.
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A list of designated securities for short selling is available here. Investors should contact their dealers for arrangement details before short selling. 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. 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.
Investors may refer to results announcements and financial reports of listed companies for their financial conditions. 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 HKEXnews website. 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. 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.
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. These persons may have broken the law. They will be prosecuted and given severe punishment. 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. 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. Furthermore, any SFC licensee found to have taken part in any insider dealing may have their licence suspended or revoked. It was launched in February OTP-C aims to offer a scalable, flexible and high performing cash equity trading platform based on open systems technology.
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.
The effect of a closing call auction on market quality and trading strategies
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. Site failover will normally take 45 minutes to 1. 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.