At-auction Market Order
The pre-market opening session helps establish an orderly market open when the trading system is loaded with large numbers of orders and provides the market with a fair mechanism to determine the calculated opening prices (COP) at which the largest possible number of transactions may be traded, based on a predetermined formula. This helps to maintain order at the market open and minimise price fluctuation.
Hong Kong stock auction market transactions are divided into pre-opening auction session and closing auction session. Investors only need to enter the auction market orders during the pre-opening auction period or the closing auction period to participate in the auction market transactions, including:
1. Pre opening at-aution Market Order
1.1 Available time
Investors can place orders from 16:10 on the trading day to 09:20 on the next trading day. Auction market orders placed before 09:00 on the trading day will be saved by Futu's trading system and will be automatically submitted after 09:00 To the exchange.
1.2 Matchmaking time
9:20-9:28 before market opening
1.3 Description and precautions
1.3.1 Cannot be changed or cancelled after 9:15
1.3.2 At aution market orders are matched in order based on the order placing time
1.3.3 All securities that can be traded on the Hong Kong Stock Exchange can be bought at auction. Due to the risk control relationship, auction buying will freeze a part of the buying power, and the freezing ratio of different stocks is different. The frozen funds will be automatically refunded after the order is completed or cancelled.
1.3.4 Any unsold auction market orders will be automatically cancelled before the official opening of the market
2. The closing At- aution Market Order
2.1 Available time
16:01-16:10 (of which 16:08-16:10 is a random closing period, if the market has been closed, you cannot place an order)
2.2 Matching time
2.3 Instructions and precautions
2.3.1 All auction market orders cannot be changed or cancelled after 16:06
2.3.2 At aution market orders are matched in order
2.3.3 Out of the risk control relationship, bid buying will freeze a part of the purchasing power, and the freezing ratio of different stocks is different. The frozen funds will be automatically refunded after the order is completed or cancelled.
2.3.4 Any unsold auction market order will be automatically cancelled after the random closing
For more details about the closing auction, please refer to the information of the HKEX.
The at aution market order is a convenient transaction method provided by Futu for customers. Futu provides stable services as much as possible, but it cannot guarantee its absolute reliability. If there are other physical factors such as network interruption and server abnormality that result in the at aution market order not being executed, Futu will not be liable for any loss or damage caused thereby.