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HK Securities Trading Guide

Trading Hours of HKEx (Hong Kong Time)

Pre-opening Session

9:00 am to 9:30am

Continuous Trading Hours

Morning Session 9:30am to 12:00 pm

Afternoon Session 1:00pm to 4:00pm

Closing Auction Session

4:00 pm to 4:10pm

 

Securities Settlement:

Settlement Date

Two trading days after transaction date (T+2)

Purchase Order

Clients must deposit sufficient funds before settlement date. Funds will be debited and stocks will be lodged on the settlement date

Selling Order

Stocks will be debited and funds will be credited on the settlement date.

 

Order Types

Pre-opening Session & Closing Auction Session

At-auction Limit Order

At-auction order can only operate on pre-opening session (9:00am-9:20am) and/or closing auction session (4:01pm - 4:06pm) and it 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 9 times or more from the nominal price. Such orders will be put in the price queue of the input price.  All orders will be cancelled and deleted from the system automatically at the end of the trading day.

Continuous Trading Hours

Limit Order

A limit order will allow matching only at the specified price. The sell order input price cannot be made at a price below the best bid price, if available whereas the buy order input price cannot be made at a price above the best ask price, if available.

Any outstanding limit order will be put in the price queue of the input price.

Special Limit Order

A special limit order will allow matching of up to 10 price queues (i.e. the best price queue and up to the 10th queue at 9 spreads away) at a time provided that the traded price is not worse than the input price. A special limit order has no restriction on the input price as long as the order input price is at or below the best bid price for a sell order or at or above the best ask price for a buy order.

Any outstanding special limit order will be cancelled and will not be stored in the AMS/3.

Enhanced Limit Order

An enhanced limit order will allow matching of up to 10 price queues (i.e. the best price queue and up to the 10th queue at 9 spreads away) at a time provided that the traded price is not worse than the input price. The sell order input price cannot be made at a price of 10 spreads (or more) below the current bid price whereas the buy order input price cannot be made at a price of 10 spreads (or more) above the current ask price. Any outstanding enhanced limit order will be treated as a limit order and put in the price queue of the input price.