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
(15 minutes) |
9:45 am - 9:50 am |
- No input, modification or cancellation of limit orders.
|
Order Matching Period
(2 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 and the Closing Auction Session for that day by placing the order any time from 9:45 am to 4:08 pm HKT. |
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Closing Auction Session |
Introduction to the HKEx's Closing Auction Session |
Q. |
What is the Closing Auction Session? What are the features? |
A. |
The Closing Auction Session is an additional trading session of 10 minutes, from 4:00 pm to 4:10 pm (or from 12:38 pm to 12:40 pm HKT for half-trading day), which takes place after the Afternoon Session of the Continuous Trading Session.
All unfilled limit orders from the Continuous Trading Session will be carried to the Closing Auction Session to be matched and executed by auction at one single price.
The Closing Auction Session comprises of three different period as follows:
| Trading Status |
Hong Kong Time |
Highlights |
Order Input Period
(8 minutes) |
4:00 pm - 4:08 pm /
12:30 pm - 12:38 pm* |
- Input of limit orders.
- Orders are accumulated in HKEx trading system.
- Orders may be modified or cancelled.
|
Pre-order Matching Period
(2 minutes) |
4:08 pm - 4:10 pm /
12:38 pm - 12:40 pm* |
- No input, modification or cancellation of limit orders.
|
| Order Matching Period |
4:10 pm - Closing /
12:40 pm - Closing* |
|
| * Half day trading hour |
There is no fixed time for the day close. Day close will immediately follow once Order Matching is completed. The final Indicative Equilibrium Price (IEP) will be used as the closing price for the corresponding security.
|
Q. |
How orders are matched in Closing Auction 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 Closing Auction Session? |
A. |
Yes. There might be no order matched in the Closing Auction 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. |
Q. |
How to determine the closing price for a security if no matching in Closing Auction Session? |
A. |
If no matching in Closing Auction Session, there is also no Indicative Equilibrium Price (IEP). The market closing price will then use the median price of the five snapshot nominal prices of corresponding security in the last minute of trading. |
|
Detailed information on the Closing Auction Session can be found at HKEx Website:
http://www.hkex.com.hk/infra/cas/cas.htm |
BOOM Closing Auction Service |
Q. |
How do I trade in the Closing Auction Session? |
A. |
If your Limit Order is not matched in the Continuous Trading Session, it will be automatically carried to the Closing Auction Session.
Besides, you can place your Limit Order at anytime before 4:08 pm HKT (or before 12:38 pm HKT for half-trading day). BOOM's trading system will automatically convert your Limit Order into
At-auction Limit Order (ALO) and submit it to the HKEx for the Closing Auction Session. |
Q. |
Can I place Market Order in the Closing Auction Session? |
A. |
No. Market Order can only be placed and be processed in the Continuous Trading Session (10:00 am to 12:30 pm and 2:30 pm to 4:00 pm HKT). |
Q. |
Can I place Sell Stop-Limit Order in the Closing Auction Session? |
A. |
Yes. Sell Stop-Limit Order can be placed in the Closing Auction Session. However, it will only be processed in the Continuous Trading Session (10:00 am to 12:30 pm and 2:30 pm to 4:00 pm HKT). |
Q. |
Can I change/cancel my orders in the Closing Auction Session? |
A. |
You can change or cancel your order anytime. However, please note that the HKEx have restrictions on order cancellation or modification between 4:08 pm - 4:10 pm HKT (or 12:38 pm - 12:40 pm HKT for half-trading day). Therefore, your cancellation or modification requests made during this time will be processed after the market is closed. |
Q. |
What happens to my order if it is not filled in the Closing Auction Session? |
A. |
Unfilled day order will be expired and cancelled. Other unfilled Good-till-date orders will be carried to the next trading day and 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 Closing Auction Session? |
A. |
You can cancel your orders before 4:08 pm HKT (or 12:38 pm HKT for half-trading day). |
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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.
- during the Closing Auction Session and serves as the market-closing 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 and the Closing Auction Session. |
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