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HSBC Internet Banking Info

Pre-Opening Session(9am to 9.30am)

During 9.00am to 9.22am of the Pre-Opening Session, you can input At-auction Limit Order within price range and At-auction Order. Please refer to the table below for the arrangement of order input, cancellation and amendment and price limit in the Pre-Opening Session. 

 

Note you are not able to place multiple day orders for At-auction limit orders.
Time
 Session
 Description

9.00am - 9.15am

Pre-opening Session -

Order Input Period (15 mins)
  • Price Limit: +/-15% of previous closing price or the adjusted closing price for securities that have undergone corporate actions (except for newly listed stock, stocks resuming from trading suspension). For listing day of ETFs and L&I Products, pre-IPO net asset value per unit (NAV) will be used as the POS reference price for price validation.
  • Order Type Allowed: At-auction Order, At-auction Limit Order
  • Order Input, Cancellation & Amendment: Allow Input, Cancel & Amend
9.15am - 9.20am

Pre-opening Session -

No-Cancellation Period (5 mins)
  • Price Limit: within lowest ask & highest bid (recorded at the end of order input period)
  • Order Type Allowed: At-auction Order, At-auction Limit Order
  • Order Input, Cancellation & Amendment: Input Allowed, Cancel & Amend Not Allowed
9.20am - 9.22am

Pre-opening Session -

Random Matching Period (2 mins)
  • Price Limit: within lowest ask & highest bid (recorded at the end of order input period)
  • Order Type Allowed: At-auction Order, At-auction Limit Order
  • Order Input, Cancellation & Amendment: Input Allowed, Cancel & Amend Not Allowed
9.22am - 9.30am

Pre-opening Session -

Blocking Period (8 mins)
  • Order Input, Cancellation & Amendment: Input, Cancel & Amend Not Allowed 
  • Unfilled at-auction limit orders will be carried forward to CTS as limit orders if it is within the price limit

Pre-Opening Session(9am to 9.30am)

During 9.00am to 9.22am of the Pre-Opening Session, you can input At-auction Limit Order within price range and At-auction Order. Please refer to the table below for the arrangement of order input, cancellation and amendment and price limit in the Pre-Opening Session. 

 

Note you are not able to place multiple day orders for At-auction limit orders.
Time

9.00am - 9.15am
Session

Pre-opening Session -

Order Input Period (15 mins)
Description
  • Price Limit: +/-15% of previous closing price or the adjusted closing price for securities that have undergone corporate actions (except for newly listed stock, stocks resuming from trading suspension). For listing day of ETFs and L&I Products, pre-IPO net asset value per unit (NAV) will be used as the POS reference price for price validation.
  • Order Type Allowed: At-auction Order, At-auction Limit Order
  • Order Input, Cancellation & Amendment: Allow Input, Cancel & Amend
Time
 9.15am - 9.20am
Session

Pre-opening Session -

No-Cancellation Period (5 mins)
Description
  • Price Limit: within lowest ask & highest bid (recorded at the end of order input period)
  • Order Type Allowed: At-auction Order, At-auction Limit Order
  • Order Input, Cancellation & Amendment: Input Allowed, Cancel & Amend Not Allowed
Time
 9.20am - 9.22am
Session

Pre-opening Session -

Random Matching Period (2 mins)
Description
  • Price Limit: within lowest ask & highest bid (recorded at the end of order input period)
  • Order Type Allowed: At-auction Order, At-auction Limit Order
  • Order Input, Cancellation & Amendment: Input Allowed, Cancel & Amend Not Allowed
Time
 9.22am - 9.30am
Session

Pre-opening Session -

Blocking Period (8 mins)
Description
  • Order Input, Cancellation & Amendment: Input, Cancel & Amend Not Allowed 
  • Unfilled at-auction limit orders will be carried forward to CTS as limit orders if it is within the price limit

Note. 

  1. Only eligible stocks can participate in the Pre-opening Session: all equities (including depository receipts, investment companies, preference shares and stapled securities), funds (including Exchange Traded Funds (ETFs) and REITs) and leveraged and inverse products (L&I Products).  Please refer to the Stock Exchange of Hong Kong (HKEX) website for eligible stocks list (available from 19 Oct 2020).
  2. Auction matching ends randomly within the 2-minute period from 9.20am to 9.22am, randomly determined by the HKEX's system.

Closing Auction Session (4pm - 4.10pm)

During 4.01pm to 4.10pm of the Closing Auction Session, you can input At-auction Limit Order within price range and At-auction Order. Please refer to the table below for the arrangement of order input, cancellation and amendment and price limit in the Closing Auction Session.

 

Note you are not able to place multiple day orders for At-auction limit orders.
Time Session Description
9.30pm - 12.00noon 1.00pm - 4.00pm
 Continuous Trading Session
 Reference price based on the median of 5-snapshot nominal prices in the last minute of Continuous Trading Session
4.00pm - 4.01pm
 Closing Auction Session - Reference Price Fixing Period (1 min)
  • Calculate & publish reference price 
  • No Input, Cancel & Amend 
  • Orders within price limit will be automatically carried forward
4.01pm - 4.06pm
 Closing Auction Session - 
Order Input Period (5 mins)
  • Price Limit: 5% of Reference Price
  • Order Type Allowed: At-auction Order At-auction Limit Order
  • Order Input, Cancellation & Amendment:
    Allow Input, Cancel & Amend
4.06pm - 4.08pm
 Closing Auction Session - 
No-Cancellation Period (2 mins)
  • Price Limit: 5% of Reference Price
  • Order Type Allowed: At-auction Order At-auction Limit Order
  • Order Input, Cancellation & Amendment: Input Allowed, Cancel & Amend Not Allowed
4.08pm - 4.10pm
 Closing Auction Session - 
Random Closing Period (2 mins)
  • Price Limit: Within lowest ask & highest bid
  • Order Type Allowed: At-auction Order At-auction Limit Order
  • Order Input, Cancellation & Amendment: Input Allowed, Cancel & Amend Not Allowed

Closing Auction Session (4pm - 4.10pm)

During 4.01pm to 4.10pm of the Closing Auction Session, you can input At-auction Limit Order within price range and At-auction Order. Please refer to the table below for the arrangement of order input, cancellation and amendment and price limit in the Closing Auction Session.

 

Note you are not able to place multiple day orders for At-auction limit orders.
Time 9.30pm - 12.00noon 1.00pm - 4.00pm
Session Continuous Trading Session
Description Reference price based on the median of 5-snapshot nominal prices in the last minute of Continuous Trading Session
Time 4.00pm - 4.01pm
Session Closing Auction Session - Reference Price Fixing Period (1 min)
Description
  • Calculate & publish reference price 
  • No Input, Cancel & Amend 
  • Orders within price limit will be automatically carried forward
Time 4.01pm - 4.06pm
Session Closing Auction Session - 
Order Input Period (5 mins)
Description
  • Price Limit: 5% of Reference Price
  • Order Type Allowed: At-auction Order At-auction Limit Order
  • Order Input, Cancellation & Amendment:
    Allow Input, Cancel & Amend
Time 4.06pm - 4.08pm
Session Closing Auction Session - 
No-Cancellation Period (2 mins)
Description
  • Price Limit: 5% of Reference Price
  • Order Type Allowed: At-auction Order At-auction Limit Order
  • Order Input, Cancellation & Amendment: Input Allowed, Cancel & Amend Not Allowed
Time 4.08pm - 4.10pm
Session Closing Auction Session - 
Random Closing Period (2 mins)
Description
  • Price Limit: Within lowest ask & highest bid
  • Order Type Allowed: At-auction Order At-auction Limit Order
  • Order Input, Cancellation & Amendment: Input Allowed, Cancel & Amend Not Allowed

Note.

  1. Only eligible stocks can participate in the Closing Auction Session. Please refer to the Stock Exchange of Hong Kong (HKEX) website for eligible stocks list. 
  2. Auction matching ends randomly within the 2-minute period from 4.08pm to 4.10pm, randomly determined by the HKEX's system. 
  3. For half day trading, the Closing Auction Session will be from 12.00noon to 12.10noon.

Order Type in Auction Period

At-auction limit order

An at-auction limit order is a buy order or a sell order in Pre-opening Session and Closing Auction Session, with a specified price input. When the specified price is (in the case of a buy order) equal to or higher than final IEP*, or (in the case of a sell order) equal to or lower than the final IEP*, the order will be matched at the final IEP* (subject to the HKEX order automatic matching result). Multiple day order is not allowed for At Auction limit order.

In Pre-opening Session, any unmatched at-auction limit order would be converted to a limit order and carried forward to the Continuous Trading Session if it is within the price limit. In Closing Auction Session, any unmatched today order will be unexecuted at the end of the trading session.

At-auction order

An at-auction order is a buy order or a sell order in Pre-opening Session and Closing Auction Session, with no specified price input. The order will be matched at the final IEP* (subject to the HKEX order automatic matching result). Please note that the execution price of At-auction Order may substantially deviate from the stock price at the time you submitted the order.

Any unmatched order will be unexecuted at the end of the trading session.

 

* Indicative Equilibrium Price (IEP) refers to the price where the maximum number of shares can be traded if order matching occurs at that time. Final IEP will be the opening price of the relevant stock in Pre-opening Session, and closing price in Closing Auction Session. Please refer to the HKEX website for detailed definition.

 

Please refer to HKEX website for details of Auction Trading Period.

Disclaimer 

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