FAQ

Trading

Type of Orders

HK Shares & Warrants

What types of orders can I submit to HKEx when trading HK shares?

There are currently seven types of orders: At-auction Order ("AAO"), At-auction Limit Order("AALO"), Limit order ("LO"), Enhanced Limit order ("ELO"), Special Limit order ("SLO"), Good Till Date Order ("GTD") and Stop Loss Limit Order("SLLO").

Last Update: 2016-07-22

What is a Limit order ("LO")?

A Limit order (LO) is an order submitted at a given price (Limit Price) that can only be matched with queued opposite orders exactly at the Limit Price. If there is a remaining portion in the order that is unmatched, that portion will remain a valid order until day end.

Please refer to HKEx website for the latest definition of order input types.

Last Update: 2016-07-22

What is an Enhanced Limit order ("ELO")?

An Enhanced Limit order (ELO) is an order submitted at a given price (Limit Price) that can be matched with queued opposite orders at the Limit Price and/or ten spreads better than the Limit Price. If there is a remaining portion in the order that is unmatched, that portion will be converted to a Limit order at the input Limit Price and remain a valid order until day end.

Please refer to HKEx website for the latest definition of order input types.

Last Update: 2016-07-22

What is a Special Limit order ("SLO")?

A Special Limit order (SLO) is effectively a market order submitted at a given price (Limit Price) that can be matched with queued opposite orders at up to ten best prices that are not worse than the input Limit Price. If there is a remaining portion in the order that is unmatched, that portion will be cancelled from the order queue.

Please refer to HKEx website for the latest definition of order input types.

Last Update: 2016-07-22

What is an At-auction Limit order ("AALO")?

An At-auction Limit order (AALO) is an order with a specified price and is entered into the trading system during the Pre-opening Session and Closing Auction Session. An AALO with a specified price at or more competitive than the final Indicative Equilibrium Price (IEP) may be matched at the final IEP.

Unmatched AALOs will be converted into Limit orders and carried forward to the Morning Trading Session provided that the specified price of that AALO does not deviate nine times or more from the nominal price.

At-auction limit orders submitted at the Pre-opening Session will be cancelled if the input price deviates 19 spreads greater than the previous closing price or the nominal price. After the pre-opening session, any outstanding At-auction limit orders will be carried forward to the Continuous Trading Session as a valid limit order.

If you prefer to talk to our dedicated dealing staff, you can call our Dealing Hotline at +852 2822 5002. Our professional and experienced dealing staff will handle your queries.

Please refer to HKEx website for the latest definition of order input types.

Last Update: 2017-12-18

What is an At-auction order ("AAO")?

An At-auction order is an order with no specified price and is entered into the AMS/3 for execution at the final Indicative Equilibrium Price ("IEP"). It enjoys a higher order matching priority than At-auction Limit order ("AALO") and will be matched in time priority at the final IEP. Depending on market conditions, not all At-auction Orders can be matched; unmatched orders will be cancelled automatically after order matching period of the pre-opening session. The executed price (i.e. final IEP) is not known at the time of order input.

Last Update: 2021-12-22

What is 'Good Till Date Order' instruction?

Under the 'Good Till Date Order' function of Securities Trading Service, you can set the expiration date of your buy/sell order in the system from the current day to the 30th calendar days unless it is executed or cancelled. For example, Today is Jan 5, 2022; you can set your valid order day until Feb 4, 2022. If your expiration date is on Feb 4, 2022, but your order is not executed (whether it is fully or partially) on or before Feb 4, 2022, your order or remaining order will be expired and cancelled in the system.

Last Update: 2022-03-28

What is 'Stop Loss Limit Order' instruction?

Stop Loss Limit Order' is a sell instruction that allows you to preset the selling price range, i.e. between Trigger Price and Lowest Selling Price. Once the current specific nominal price of the securities falls between the range of Trigger Price and Lowest Selling Price, your sell order will be submitted to the market. 'Stop Loss Limit Order' is available for Hong Kong stock trading only.

If HKEx Volatility Control Mechanism (VCM) is triggered, your submitted Stop Loss Limit order’s lowest selling price may be replaced by the VCM lower price limit if your pre-set lowest selling price is lower than the VCM lower price limit. Such sell order placed in the market during the cooling-off period will be continued until it is fully filled or the market close of that trade day, whichever is earlier. For the avoidance of doubt, if your pre-set lowest selling price is higher than the VCM lower limit, your Stop Loss Limit order will not be replaced.

For more details of the VCM mechanism and related HKEx announcement, please refer to HKEX website:
http://www.hkex.com.hk/eng/market/sec_tradinfra/vcm_cas/vcm_cas.htm

Last Update: 2021-12-22

Stock Options

What types of orders can be submitted in trading stock options?

Order types for stock options:

Rest-of-Day order
A 'Rest-of-Day' order is a Limit order with a specified price and quantity. If the order is not immediately matched, it will remain as a queued order until the market closes for the day.

Fill-or-Kill order
A 'Fill or Kill' order is a Limit order that has to immediately and exactly match the specified price and quantity, otherwise the order will be cancelled.

Fill-and-Kill order
A 'Fill and Kill' order is a Limit order that will be immediately matched with as many contracts available in the market as possible and the remaining unmatched quantity will be cancelled.

Last Update: 2016-07-08

Futures

What types of orders can I submit with 'Futures Trader Pro'?

Order types for HK Index Futures:

Rest-Of-Day order
A Rest-of-day order is a Limit order with specified price and quantity. If the order is not immediately matched, it will stay as a queued order until the market closes for the day.

Fill-oR-kill order
A Fill or Kill order is a Limit order that has to immediately and exactly match the specified price and quantity; otherwise the order will be cancelled.

Fill-and-kill order
A Fill and Kill order is a Limit order that will be immediately matched with as many contracts available in the market as possible and the remaining unmatched quantity will be cancelled.

GTC
Until Expiry. It means that unmatched orders will remain in the central order book until the market close of the expiration day of the product. Unmatched orders without expiry date will be valid until trader's further instruction, i.e. Good Till Cancel Order.

Date
Specified Date. It means that unmatched orders will remain in the central order book until the market close of the business date specified in the Date field.

Auction order
An Auction order is an order where a bid or offer price is not specified and is entered into the Hong Kong Automated Trading System (HKATS) during the pre-market opening period for execution at the *Calculated Opening Price (COP). When investors enter an Auction order, they are prepared to buy or sell at the COP. Depending on market conditions, not all Auction orders may be matched on market opening. As a result, unmatched Auction orders will be converted to Limit orders at *COP, or the best bid price or the best ask price after the market reopens.

Note: A COP (Calculated Opening Price) is calculated during the pre-market opening period and serves as the market opening price for the corresponding product. At the moment, it only applies to Hang Seng Index, H-shares Index futures and Mini-Hang Seng Index futures products. A COP will be calculated only if the highest bid price of the Limit Orders entered into HKATS is greater than or equal to the lowest ask price of the Limit Orders. If more than one price satisfies this criterion, the COP will be calculated according to the established formula set forth in the Rule 4.8.3 of Trading Procedures for Stock Index Futures and Stock Index Options Traded on the Automated Trading System of the Exchange (HKATS). For more information, please visit HKEx website.

Stop Loss order
A Stop Loss order is a pending order with a touch price and a specified price. When the touch price is reached, an order with the specified price will be sent to HKATS. The primary function of a Stop Loss order is to restrict the losses of investors. When the market price drops to a level pre-set by the investors, they may place a Stop Loss Sell order to limit their loss on a long position. On the other hand, if the investors hold a short position, they may place a Stop Loss Buy order to limit their loss when the market price increases to a level pre-set by them.

Market order
A Market order is an order that will be sent to HKATS where the order price is the market price. (applicable to spot month only)

Stop Limit
Buy Order
When the market price is larger than or equal to the stop price, the buy order will be placed in the market.

Sell Order
When the market price is less than or equal to the stop price, the sell order will be placed in the market.

Up Trigger order
You can choose either a Limit order or a Market Price order.

An Up Trigger Limit order is a pending order with a touch price and a specified price. The touch price must be higher than the last done market price. When the touch price is reached, an order with the specified price will be sent to HKATS.
An Up Trigger Market order is a pending order with a touch price whereas the touch price must be higher than the last done market price. When the touch price is reached, an order with a market price will be sent to HKATS.

Down Trigger order
You can choose either a Limit order or a Market Price order.

A Down Trigger Limit order is a pending order with a touch price and a specified price. The touch price must be lower than the last done market price. When the touch price is reached, an order with the specified price will be sent to HKATS.
A Down Trigger Market order is a pending order with a touch price whereas the touch price must be lower than the last done market price. When the touch price is reached, an order with a market price will be sent to HKATS.

UP / Down Trigger order
You can choose either a Limit order or a Market Price order.

An Up / Down Trigger Limit Order is a pending order with both Up and Down touch prices and Up and Down specified prices. When the touch price of either side is reached, an order with the specified price will be sent to HKATS. The other side of the order will be cancelled automatically.
An Up / Down Trigger Market order is a pending order with both Up and Down touch prices. When the touch price of either side is reached, an order with a market price will be sent to HKATS. The other side of the order will be cancelled automatically.

Last Update: 2016-07-08