Rules and Limitations of trading Futures via APP
- 1月28日
- 讀畢需時 6 分鐘
Device Information Collection
When clients first login the Futures trading function of the APP, they need to agree to the APP collecting their device information so as to meet regulatory requirements.
【NOTICE】
Client will not be able to login their Futures trading account if they do not authorize the APP to collect their device information by selecting【Cancel】and re-selecting manually is mandatory if they wish to re-login their Futures trading account.
Authorization on Push Notification via APP
Upon logging in the first time, the client is required to configure the authorization settings for Push Notification in order to receive system messages, including but not limited to trade order status notifications, such as the success or fail of order placement and order cancellation.
【NOTICE】
Client not receiving system messages in time due to them not authorizing the APP for collecting information from their device by selecting 【Cancel】shall be fully responsible for any loss that may cause as a result. After selecting 【Cancel】, client may still be able to configure the permission settings for APP push notifications via the setting menu on their mobile device.
Futures Trading Interface
I. Holding：Display the type and number of Futures Contract(s) held
II. Queue：Display Futures trade order(s) on queue
III. Order：Display Futures trade order status, including the contract name, order price, number of contract(s), time record, valid order type and order feedback.
IV. Executed：Display executed trade order(s).
Order Placement
On the lower menu, client can first click【Trade】then【Futures】on the upper lower menu to access【My Contract】thenclick【Add】 before placing trade orders by entering the price and the number of contract.
【NOTICE】
Click the “T+1” tick box when placing order will extend the validity of the trade order onto the After-Hour Trading (AHT) Session.
Modifying or Cancelling Trade Orders
Client can first click【Queue】under the【Trade】menu，then click on the order on queue to modify or cancel.
Limit Order and Order Price Type
I. Limit Order>> Limit Order is a trade order with a price limit. Clients can enter a BUY order or a SELL order with a price according to the specifications and rules of trading that particular futures contract.>> If a client places a Limit Order in the Pre-Opening Allocation Period during the Morning Session or the Afternoon Session, the system will default the order as an Auction Limit Order and engage in Order Matching during the Open Allocation Session, any unmatched Auction Limit Order(s) will be automatically converted back to a Limit Order when the Continuous Trading Session begins.>> Futures Products available for trading: Hang Seng Index Futures (HSI), Hang Seng China Enterprises Index Futures (HHI), Mini-Hang Seng Index Futures (MHI), Mini-Hang Seng China Enterprises Index Futures (MCH) and Hang Seng Technology Index Futures (HTI)
II. Bid/Ask PriceSet the order price at the level one Bid/Ask price for matching, if the order is partially filled, the remaining unfilled order quantity will remain in queue as Limit Order.
III. Nominal PriceSet the order price at the nominal price, if the order is partially filled, the remaining unfilled order quantity will remain in queue as Limit Order.
IV. Queue PriceSet the order price at the best price queue, if the order is partially filled, the remaining unfilled order quantity will remain in queue as Limit Order.
V. Transcend PriceAfter the trade order price is entered (regardless of which of the above price type have been selected), the Transcend Price feature may be used to add extra tick(s) onto the trade order price to increase the likelihood of order matching especially given volatile market situations. Clients may pre-set the number of tick(s) under【Main Menu】> 【Trade Settings】> 【Transend Ticks】and the default number of tick is 1.
Example：
Nov HSI Futures Contract（+ 【Transcend Price】10 ticks）
Nominal Price: 16,791
Bid Price: 16,786
Ask Price: 16,791
Bid/Ask Offering Price + Transcend Price 10 ticks: Bid 16,801 / Ask 16,776
Nominal Price + Transcend Price 10 ticks: Bid 16,801 / Ask 16,781
Queue Price + Transcend Price 10 ticks: Bid 16,796 / Ask 16,781
Order Validity
I.Order Valid for the current trading session
By default, pending orders are valid until market close of the current trading session, and all unfilled orders are automatically voided after the market closes.
【NOTICE】
Unless ”GTC” or “T+1” are selected (Refer to screenshot below)。
II.Good Till Cancel（GTC）Order
Unfilled orders with GTC selected are valid until such time when order is filled or manually canceled, otherwise the validity period of the GTC order will remain until the Futures contract of that trade order expires.
After the market closes on the last trading day, Well Link Securities Limited has the right to cancel clients’ GTC orders of the current (spot) month contract that have not been executed or have not been voluntarily canceled.
【NOTICE】
Clients who choose to place GTC orders must pay attention to the latest order status of their trade orders from time to time. Well Link Securities Limited will not guarantee the validity period of GTC orders.
Futures Products available for trading during After-Hours Trading (AHT) session
Including: Hang Seng Index Futures (HSI), Hang Seng China Enterprises Index Futures (HHI), Mini-Hang Seng Index Futures (MHI), Mini-Hang Seng China Enterprises Index Futures (MCH) and Hang Seng Technology Index Futures (HTI)
(Reference Materials)
Orders placed during Day Trading session (also known as "T session") versus After-Hours Trading session (also known as "Night session" or "T+1 session")
The After-Hours Trading session is from 5:15 p.m. to 3:00 a.m. of the next day, which is classified as T+1 session. Transactions during this session will be reflected in the Daily Account Statement of the next day. Example：All trade transactions from 17:15 on October 27, 2022 to 03:00 on October 28, 2022 will be attributed to transactions on October 28, 2022.
I. Unfilled orders placed during the Day Trading session are valid until the current trading session closes by default, and all unfilled orders automatically become invalid after the market closes (16:30).
II. Unfilled order placed during the Day Trading session with [T+1] selected, and the validity period of the order will be extended to the After-Hours Trading session ([T+1]).
III. Orders placed during the After-Hours Trading session【T+1】are defaulted to the current session, and there is no need to select [T+1]. Please be aware.
IV. Regardless of whether [T+1] is selected or not, unfilled orders placed during the After-Hours Trading session will be stay valid until the current trading session closes (03:00 am) by default, and all unfilled orders will automatically become invalid after the market closes.
【Last Trade Day】Trade Order Rules（Applicable to Hong Kong Hang Seng Futures）
If clients still have pending orders or unfilled orders when the market closes at 4:00 p.m. on the [Last Trading Day] of the futures contract, it will automatically become invalid after the market closed.
Order Price Limit
The order price limit is the upper and lower limits (within 5%) of the order price in accordance with the rules of the Hong Kong Stock Exchange.
For details, please refer to the exchange website:
Order Quantity (Futures Contract) Pre-set Limit
I. The maximum number of Open Hang Seng Index Series Futures contracts held at any one time is 1,000.
II. The maximum number of order quantities (futures contracts) for a single order is limited to 100.
Trade Notifications
Clients can review their daily trade transaction records in the【Executed Orders】of the【Trade】menu of the APP, relevant trade confirmation notifications will also be sent to the clients’ registered email address.
Account Transactions Statement
Trade transactions conducted during the Day Trading session (T) will be displayed in the daily statement of that day, while trade transactions conducted during the After-Hours Trading session (T+1) will be displayed in the daily statement of the next trading day, deliver by email to the client's registered email address.
Volatility Control Mechanism (VCM) (Applicable to the Hang Seng Index Series Futures)
The VCM is only applicable to the two closest contract months (total of 10 contracts) among Hang Seng Index Futures (HSI), Mini-Hang Seng Index Futures (MHI), Hang Seng China Enterprises Index Futures (HHI), Mini-Hang Seng China Enterprises Index Futures (MCH) and Hang Seng Technology Index Futures (HTI).
If the price of an Exchange contract within the VCM deviates by more than ±5% from the last traded price 5 minutes ago (VCM reference price), a 5-minute cooling-off period will begin.
During the cooling-off period, buying and selling are allowed within price limits. After the cooling-off period, normal trading will resume.
For details, please refer to the exchange website:
