Personal Banking
Securities Order Types
We offer various order types at each trading channel for your selection.
| Trading Channel | Enhanced Limit Order | Market Order | At-auction Limit Order | At-auction Order (Applicable to Sell Order Only) |
|---|---|---|---|---|
| Internet Banking | Yes | Yes | Yes | Yes |
| Mobile Banking | Yes | Yes | Yes | Yes |
| Manned investment trading hotline | Yes | Yes | Yes | Yes |
| Branches | Yes | Yes | Yes | Yes |
Enhanced Limit Order (ELO)
ELO will allow matching of up to 10 price queues (i.e. the best price queue and up to the 10th queue at 9 spreads away) at a time provided that the matched price is equal to or better than the limit price. The sell order price of an ELO can be matched up to 9 spreads lower than the current bid price but not a price of 10 spreads (or more) below the current bid price. The buy order price can be matched up to 9 spreads higher than the current ask price but not a price of 10 spreads (or more) above the current ask price. Any unfilled quantity of the ELO after matching will be converted to a typical Limit Order at the limit price specified previously for further matching.
Example 1 (for illustration only):
Customer has placed an Enhanced Limit Order to buy 20,000 shares of a stock at HKD8.00 each.
The Bank will calculate the required transaction amount and trading related charges based on the customer’s order price (i.e. HKD8.00) and the sum will be withheld from the customer’s available investment amount. The Bank will submit the order to the market for matching once up to the 10 best price queues at prices equal to or lower than the customer’s buy order price (i.e. HKD8.00).
Scenario A
The price queues in the market:
| Ask Price (HKD) | Quantity | Filled quantity (Buy) |
|---|---|---|
| 7.91 | 1,000 | 1,000 shares@HKD7.91 |
| 7.92 | 2,000 | 2,000 shares@HKD7.92 |
| 7.93 | 2,000 | 2,000 shares@HKD7.93 |
| 7.94 | 3,000 | 3,000 shares@HKD7.94 |
| 7.95 | 2,000 | 2,000 shares@HKD7.95 |
| 7.96 | 3,000 | 3,000 shares@HKD7.96 |
| 7.97 | 2,000 | 2,000 shares@HKD7.97 |
| 7.98 | 1,000 | 1,000 shares@HKD7.98 |
| 7.99 | 1,000 | 1,000 shares@HKD7.99 |
| 8.00 | 4,000 | 3,000 shares@HKD8.00 |
| 8.01 | 5,000 | Total: 20,000 shares |
|
Transaction Result: The Enhanced Limit Order is fully executed by buying all 20,000 shares after matching with the 10 best price queues in the prevailing market. |
||
Scenario B
The price queues in the market:
| Ask Price (HKD) | Quantity | Filled quantity (Buy) |
|---|---|---|
| 7.90 | 1,000 | 0 share |
| 7.91 | 1,000 | |
| 7.92 | 2,000 | Unfilled quantity (Buy) |
| 7.93 | 2,000 | 20,000 shares |
| 7.94 | 3,000 | |
| 8.95 | 2,000 | |
| 7.96 | 3,000 | |
| 7.97 | 2,000 | |
| 7.98 | 1,000 | |
| 7.99 | 1,000 | |
| 7.80 | 4,000 | |
|
Transaction Result: Since the customer’s order price (i.e. HKD8.00) is higher than the current ask price (i.e. HKD7.90) for more than 9 spreads, the Enhanced Limit Order will be rejected by the market and no quantity will be filled. Customer may place a new order if he/she wants to buy the shares. |
||
Example 2 (for illustration only):
Customer has placed an Enhanced Limit Order to sell 20,000 shares of a stock at HKD8.00 each.
The Bank will submit the order to the market for matching once up to the 10 best price queues at prices equal to or higher than the customer’s sell order price (i.e. HKD8.00).
The price queues in the market:
| Bid Price (HKD) | Quantity | Filled quantity (Sell) |
|---|---|---|
| 8.02 | 1,000 | 1,000 shares@HKD8.02 |
| 8.01 | 1,000 | 1,000 shares@HKD8.01 |
| 8.00 | 5,000 | 5,000 shares@HKD8.00 |
| 7.99 | 1,000 | Total: 7,000 shares |
| 7.98 | 4,000 | |
| 7.97 | 3,000 | Unfilled quantity (Sell) |
| 7.96 | 4,000 | 13,000 shares |
| 7.95 | 5,000 | |
| 7.94 | 2,000 | |
| 7.93 | 2,000 | |
| 7.92 | 1,000 | |
|
Transaction Result: The Enhanced Limit Order is only partially executed by buying a total of 7,000 shares after matching with the 3 price queues at the prices equal to or higher than the customer’s order price (i.e. HKD8.00). The unfilled quantity of the order (i.e. 13,000 shares) will be converted to a typical Limit Order at the limit price of HKD8.00 specified previously for further matching. |
||
Market Order (MO)
Market Order is an order which customers do not specify the price. A Market Order that is entered into the trading system during the Continuous Trading Session will be executed at the current bid/ask price at the time when the order is processed. Upon customers’ confirmation of any Market Order placement, the Bank will submit the buy/sell order to the market by matching it once up to 10 best price queues in the prevailing market and up to a maximum of 10 spreads above/below the nominal price at the time when the order is processed, provided that the order price is not lower than 0.01 of the denominated currency of the relevant stock. Any unfilled quantity of the Market Order resulting from completion of the above procedure will be automatically cancelled at once. After placement of a Market Order, customers are advised to check the order status and execution result. Customers should also be aware that the final execution price may deviate considerably from the nominal price at order placement, especially for illiquid stocks and/or at the beginning of Morning and Afternoon Trading Sessions due to handling of the orders that have been accumulated before the market opens.
Example 1 (for illustration only):
Customer has placed a Market Order to buy 20,000 shares of a stock.
Assume that the prevailing nominal price of that stock is HKD8.00 with a price spread of HKD0.01.
The Bank will calculate the required transaction amount and trading related charges based on the 10 spreads above the nominal price of the stock (i.e. HKD8.10) and the sum will be withheld from the customer’s available investment amount. The Bank will submit the order to the market for matching once up to the 10 best price queues at prices equal to or lower than the nominal price plus 10 spreads (i.e. HKD8.10).
Scenario A
The price queues in the market:
| Ask Price (HKD) | Quantity | Filled quantity (Buy) |
|---|---|---|
| 8.00 | 3,000 | 3,000 shares@HKD8.00 |
| 8.01 | 2,000 | 2,000 shares@HKD8.01 |
| 8.02 | 1,000 | 1,000 shares@HKD8.02 |
| 8.03 | 1,000 | 1,000 shares@HKD8.03 |
| 8.04 | 3,000 | 3,000 shares@HKD8.04 |
| 8.05 | 2,000 | 2,000 shares@HKD8.05 |
| 8.06 | 3,000 | 3,000 shares@HKD8.06 |
| 8.07 | 1,000 | 1,000 shares@HKD8.07 |
| 8.08 | 1,000 | 1,000 shares@HKD8.08 |
| 8.09 | 4,000 | 3,000 shares@HKD8.09 |
| 8.10 | 1,000 | Total: 20,000 shares |
|
Transaction Result: The Market Order is fully executed by buying all 20,000 shares after matching with the 10 best price queues in the prevailing market. |
||
Scenario B
The price queues in the market:
| Ask Price (HKD) | Quantity | Filled quantity (Buy) |
|---|---|---|
| 8.00 | 3,000 | 3,000 shares@HKD8.00 |
| 8.01 | 0 | 1,000 shares@HKD8.02 |
| 8.02 | 1,000 | 1,000 shares@HKD8.03 |
| 8.03 | 1,000 | 2,000 shares@HKD8.05 |
| 8.04 | 0 | 1,000 shares@HKD8.07 |
| 8.05 | 2,000 | 1,000 shares@HKD8.08 |
| 8.06 | 0 | Total: 9,000 shares |
| 8.07 | 1,000 | |
| 8.08 | 1,000 | Unfilled Quantity (Buy) |
| 8.09 | 0 | 11,000 shares |
| 8.10 | 1,000 | |
|
Transaction Result: The Market Order is only partially executed by buying a total of 9,000 shares after matching with the 10 best price queues in the prevailing market. The unfilled quantity of the order (i.e. 11,000 shares) will be automatically cancelled. Customer may place a new order if he/she wants to buy the unfilled quantity. |
||
Example 2 (for illustration only):
Customer has placed a Market Order to sell 20,000 shares of a stock.
Assume that the prevailing nominal price of that stock is HKD6.00 with a price spread of HKD0.01.
The Bank will submit the order to the market for matching once up to the 10 best price queues at prices equal to or higher than the nominal price minus 10 spreads (i.e. HKD5.90).
Scenario A
The price queues in the market:
| Bid Price (HKD) | Quantity | Filled quantity (Sell) |
|---|---|---|
| 5.97 | 4,000 | 4,000 shares@HKD5.97 |
| 5.96 | 2,000 | 2,000 shares@HKD5.96 |
| 5.95 | 1,000 | 1,000 shares@HKD5.95 |
| 5.94 | 1,000 | 1,000 shares@HKD5.94 |
| 5.93 | 2,000 | 2,000 shares@HKD5.93 |
| 5.92 | 1,000 | 1,000 shares@HKD5.92 |
| 5.91 | 1,000 | 1,000 shares@HKD5.91 |
| 5.90 | 2,000 | 2,000 shares@HKD5.90 |
| 5.89 | 1,000 | Total: 14,000 shares |
| 5.88 | 2,000 | |
| 5.87 | 3,000 | Unfilled quantity (Sell) |
| 6,000 shares | ||
|
Transaction Result: The Market Order is only partially executed by selling a total of 14,000 shares after matching with the 8 price queues at the prices equal to or higher than the nominal price of the stock minus 10 spreads (i.e. HKD5.90). The unfilled quantity of the order (i.e. 6,000 shares) will be automatically cancelled. Customer may place a new order if he/she wants to sell the unfilled quantity. |
||
Scenario B
The price queues in the market:
| Bid Price (HKD) | Quantity | Filled quantity (Sell) |
|---|---|---|
| 5.89 | 1,000 | 0 share |
| 5.88 | 1,000 | |
| 5.87 | 0 | Unfilled quantity (Sell) |
| 5.86 | 1,000 | 20,000 shares |
| 5.85 | 0 | |
| 5.84 | 3,000 | |
| 5.83 | 2,000 | |
| 5.82 | 1,000 | |
| 5.81 | 5,000 | |
| 5.80 | 6,000 | |
| 5.79 | 2,000 | |
|
Transaction Result: Since the nominal price deviates from the market bid price by more than 10 spreads, the Market Order is not executed and no quantity is filled. The unfilled quantity of the order (i.e. 20,000 shares) will be cancelled. Customer may place a new order if he/she wants to sell the unfilled quantity. |
||
Example 3 (for illustration only):
Customer has placed a Market Order to sell 100,000 shares of a stock.
Assume that the prevailing nominal price of that stock is HKD0.012 with a price spread of HKD0.001.
Under the condition that the order price must not be lower than $0.01 (while the prices will fall below $0.01 based on the 10 spreads below the nominal price in this case), the Bank will submit the order to the market for matching once up to the 10 best price queues at prices equal to or higher than HKD0.01.
The price queues in the market:
| Bid Price (HKD) | Quantity | Filled quantity (Sell) |
|---|---|---|
| 0.012 | 10,000 | 10,000 shares@HKD0.012 |
| 0.011 | 0 | 20,000 shares@HKD0.010 |
| 0.010 | 20,000 | Total: 30,000 shares |
| Unfilled quantity (Sell) | ||
| 70,000 shares | ||
|
Transaction Result: The Market Order is only partially executed by selling a total of 30,000 shares after matching with the 3 price queues at the prices equal to or higher than HKD0.01. The unfilled quantity of the order (i.e. 70,000 shares) will be automatically cancelled. Customer may place a new order if he/she wants to sell the unfilled quantity. |
||
At-auction Limit Order (AUO)
An At-auction Limit Order is an order with a specified price input during the Pre-opening Session. A Buy Order with a specified price higher than or equal to the final Indicative Equilibrium Price (IEP), or a Sell Order with a specified price lower than or equal to the final Indicative Equilibrium Price will be matched at the final Indicative Equilibrium Price. Any unfilled At-auction Limit Order will be converted to Limit Order and carried forward to the Continuous Trading Session provided that the specified price of that At-auction Limit Order does not deviate 9 times or more from the nominal price. If the order remains unfilled in the Continuous Trading Session, it will be cancelled automatically after the market closes.
At-auction Order (AUC) (Applicable to Sell Order Only)
An At-auction Order is an order with no specified price and enjoys a higher matching priority than an At-auction Limit Order (AUO). Once an At-auction Order is entered into the trading system during the Pre-opening Session, it will be matched at the final Indicative Equilibrium Price (IEP). Any unfilled At-auction Order will be cancelled automatically before the commencement of the Continuous Trading Session. Please note that the final trade price (i.e. the final Indicative Equilibrium Price) is not known at the time of order input and may not fall within or may largely deviate from your expected price range.
Risk Disclosure
The following risk disclosure statements cannot disclose all the risks involved. You should undertake your own research and study before you trade or invest. You should carefully consider whether trading or investment is suitable in light of your own financial position and investment objectives. You are advised to seek independent financial and professional advice before you trade or invest. You should seek independent professional advice if you are uncertain of or have not understood any aspect of the following risk disclosure statements or the nature and risks involved in trading or investment.
Risk of Securities Trading
The prices of securities fluctuate, sometimes dramatically. The price of a security may move up or down, and may become valueless. It is as likely that losses will be incurred rather than profit made as a result of buying and selling securities.
Risk of Securities Margin Service
The risk of loss in financing a transaction by deposit of collateral is significant. Due to the prices of securities fluctuate, sometimes dramatically, You may sustain losses in excess of your cash and any other assets deposited as collateral with us. Market conditions may make it impossible to execute contingent orders, such as “stop-loss” or “stop-limit” orders so as to limit your losses. You may be called upon at short notice to make additional margin or interest payments. If the required margin or interest payments are not made within the prescribed time, your collateral may be liquidated without your consent. Moreover, you will remain liable for any resulting deficit in your account and interest charged on your account. You should therefore carefully consider whether such a financing arrangement is suitable in light of your own financial position and investment objectives. It is likely that losses will be incurred rather than profits made as a result of buying and selling securities.