Dah Sing Bank, Limited - Wealth Management - "Power Trade" Securities Services - i-Securites Services
Trade – Order Types


1. What types of order are provided by i-Securities Services?
 

Regarding Hong Kong Share, i-Securities Services provides the following 4 types of orders:-

  • At-auction Limit Order
    An at-auction limit order 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 nine times or more from the nominal price or is one ninth or less of that price. Such orders will be put in the price queue of the input price.
    Good-till-date instruction is available for an at-auction limit order.

  • 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 join the price queue of the input price.
    Good-till-date instruction is available for a limit order.

  • Enhanced Limit Order
    An enhanced limit order is similar to a limit order except that it will allow matching of up to 10 price queues (i.e. the best price queue and up to the 10th queue at nine spreads away) at one time provided that the traded price is not worse than the input price. The sell order input price can be made at a price of nine spreads below the current bid price whereas the buy order input price can be made at a price of nine spreads 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.
    Good-till-date instruction is available for an enhanced limit order.

  • Special Limit Order
    A special limit order will allow matching of up to 10 price queues (i.e. the best price queue up to the 10th queue at nine spreads away) at one 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.
    Good-till-date instruction with expiration date more than 1 day is not available for a special limit order.

Note: The above definitions of order type are sourced from HKEx. Please refer to relevant web sites for the latest definition.

Regarding Shanghai A Share, i-Securities Services provides Limit Order. Limit Order can be matched at the specified or better price.

2. Can I place orders anytime?
  Regarding Hong Kong Share, you can place orders at the following times:

Order type Service Time
At-auction Limit Order At-auction Limit Orders placed before 9:15 a.m. will be processed in the Pre-Opening Session.

Limit Order

Enhanced Limit Order

Special Limit Order

24-hours

Orders placed before 9:30 a.m. will be processed after 9:30 a.m. when the Continuous Trading Session begins.

*Orders placed during the lunch break session (12:00 p.m. – 1:00p.m.) will be proceeded in the afternoon session

There is no afternoon session on the eves of Christmas, New Year and Lunar New Year and no trading sessions for Hong Kong public holidays.

Regarding Shanghai A Share, limit order can be placed anytime.

You can still place an order after the above trading sessions via i-Securities Services and your order will be processed on next trade day.

Hong Kong Share Pre-opening session:
You can perform auction trading during Pre-opening Session and details are as follows:

Time Session Status Order Type

New Order

Amendment

Cancellation

9:00a.m. - 9:15a.m. Order Input Period At-auction Limit Order

9:15a.m. - 9:20a.m. Pre-order Matching Period At-auction Limit Order

*

*

9:20a.m. - 9:28a.m. Order Matching Period At-auction Limit Order

*

*

9:28a.m. - 9:30a.m. Blocking Period At-auction Limit Order

*

*

*The amendment / cancellation instruction will be processed after 9:30a.m. when the Continuous Trading Session begins. If the order is fully executed before the amendment / cancellation instruction is sent to market, the amendment / cancellation instruction will be voided.

Shanghai A Share Pre-opening session:

You can perform auction trading during Pre-opening Session and details are as follows:

Time Session Status
9:15a.m. - 9:25a.m. Opening Call Auction

Note:-

  • 09:20-09:25: SSE will not accept order cancellation;
  • 09:10-09:15; 09:25-09:30; 12:55-13:00: Orders and order cancellations can be accepted by SEHK but will not be processed by SSE until SSE's market open;
  • Orders that are not executed during the opening call auction session will automatically enter the continuous auction session.