Poems Various Order Type
L- 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 be put in the price queue of the input price.
I - At-Auction Limit Order
||With a specified price
||An at-auction limit order with a specified price at or more competitive than the final IEP (Indicative Equilibrium Price), in case of buying, the specified price is equal to or higher than the final IEP; in case of selling, the specified price is equal to or lower than the final IEP. It may also be matched at the final IEP.
||Any unfilled at-auction limit orders will be converted into limit orders 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.
Limit orders that are traded on Poems will be converted into at-auction limit orders automatically during 9:00 a.m.-9:15 a.m.
A - At-Auction Order
||No specified price
||An order is entered into the trading system for execution at the final IEP.
||Any unfilled at-auction orders will be cancelled before the commencement of the Continuous Trading Session
Pre-opening at-auction orders are traded on Poems during 9:00 a.m.-9:20 a.m., which only approve selling orders but not buying orders. Closing at-auction orders approve both buying and selling orders.
Closing at-auction orders trading rules
For details, please refer to the website of HKEX:http://www.hkex.com.hk/cas/en/index.htm
*Information Source: HKEX ( Based on the announcement of HKEX if any change)