Pre-opening Session |
 Introduction to the HKEx's Pre-opening Session |
Q. |
What is the Pre-opening Session? What are the features? |
A. |
The Pre-opening Session is an additional trading session of 30 minutes (9:30 am - 10:00 am HKT), which takes place before the Morning Trading Session. It allows orders entered into the trading system, AMS/3, to be matched and executed by auction at one single price.
The Pre-opening Session comprises of four different period as follows:
| Trading Status |
Hong Kong Time |
Highlights |
Order Input Period
(15 minutes) |
9:30 am - 9:45 am |
- Input of limit orders.
- Orders are accumulated in HKEx trading system.
- Orders may be modified or cancelled.
|
Pre-order Matching Period
(5 minutes) |
9:45 am - 9:50 am |
- No input, modification or cancellation of limit orders.
|
Order Matching Period
(8 minutes) |
9:50 am - 9:58 am |
|
Blocking Period
(2 minutes) |
9:58 am - 10:00 am |
- A break between the Pre-opening and the Continuous Trading Session.
- No input, modification or cancellation of orders.
|
The final Indicative Equilibrium Price (IEP) will be used as the market-opening price for the corresponding security.
|
Q. |
How orders are matched in Pre-opening Session? |
A. |
Orders will be matched in the Order Matching Period at the final Indicative Equilibrium Price (IEP), at which the maximum number of shares can be traded. |
Q. |
Would it be possible that no order is matched in Pre-opening Session? |
A. |
Yes. There might be no order matched in the Pre-opening Session if no Indicative Equilibrium Price (IEP) is determined.
This can occur when there are only limit orders on one side, or limit orders on both sides but the highest bid price of the buy limit orders is lower than the lowest ask price of the sell limit orders. |
Detailed information on the Pre-opening Session can be found at HKEx Website:
http://www.hkex.com.hk/infra/tradmech/preopen.htm |
BOOM Pre-opening Service |
Q. |
How do I trade in the Pre-opening Session? |
A. |
Simply place your Limit Order at anytime between 4:10 pm and 9:45 am HKT. BOOM's trading system will automatically convert your Limit Order into
At-auction Limit Order (ALO)
and submit it to the HKEx for the Pre-opening Session. |
Q. |
Can I place Market Order in the Pre-opening Session? |
A. |
No. Market Order can only be placed and be processed in the Continuous Trading Session (10:00 am - 12:30 pm and 2:30 pm to 4:00 pm HKT). |
Q. |
Can I change/cancel my orders in the Pre-opening Session? |
A. |
You can change or cancel your order anytime. However, please note that the HKEx have restrictions on order cancellation or modification between 9:45 am to 10:00 am HKT. Therefore, your cancellation or modification requests made during this time will be processed at 10:00 am HKT. |
Q. |
What happens to my order if it is not filled in the Pre-opening Session? |
A. |
Unfilled orders will continue to be processed as Limit Orders in the market until they are filled, cancelled or expired on the Good-till-date you have specified. |
Q. |
What if I do not want my orders automatically enter into the Pre-opening Session? |
A. |
You can have single-day orders processed in the Continuous Trading Session for that day by placing the order any time from 9:45 am to 4:08 pm HKT. |
|
Go To Top
Glossary |
Q. |
What is At-Auction Limit Order (ALO)? |
A. |
An At-auction Limit Order (ALO) is a limit order WITH a specified price. |
Q. |
What is Indicative Equilibrium Price (IEP)? |
A. |
Indicative Equilibrium Price (IEP) is the price at which the maximum number of shares can be traded if matching occurs at that time.
An Indicative Equilibrium Price (IEP) is calculated during the Pre-opening Session and serves as the market-opening price for the corresponding security.
It will be calculated only if the highest bid price of the buy At-auction Limit Order (ALO) is equal to or higher than the lowest ask price of the sell At-auction Limit Order (ALO).
|
Q. |
What is Indicative Equilibrium Volume (IEV)? |
A. |
Indicative Equilibrium Volume (IEV) is the number of shares that could be matched at the Indicative Equilibrium Price (IEP). |
Q. |
How are Indicative Equilibrium Price (IEP) and Indicative Equilibrium Volume (IEV) determined? |
A. |
Both Indicative Equilibrium Price (IEP) and Indicative Equilibrium Volume (IEV) are continuously re-calculated and updated each time a new order is input during the Order Input Period of the Pre-Opening Session. |
|
Go To Top
|
開戶
