For more details about the Hong Kong Securities Market, please visit the website: https://www.hkex.com.hk
Trading is conducted on Monday to Friday (excluding public holidays) at the following times:
|Full Day Trading||Half Day Trading|
|Auction Session||Pre-opening Session||9:00 a.m. - 9:30 a.m.||9:00 a.m. - 9:30 a.m.|
|Continuous Trading Session||Morning Session||9:30 a.m. - 12:00 noon||9:30 a.m. - 12:00 noon|
|Extended Morning Session||12:00 noon - 1:00 p.m.||Not applicable|
|Afternoon Session||1:00 p.m. - 4:00 p.m.||Not applicable|
|Auction Session||Closing Auction Session||4:00 p.m. to a random closing between 4:08 p.m. and 4:10 p.m.||12:00 noon to a random closing between 12:08 p.m. and 12:10 p.m.|
Note: There is no Extended Morning Session and Afternoon Session on the eves of Christmas, New Year and Lunar New Year. There will be no Extended Morning Session if there is no Morning Session.
Orders are accumulated over a certain period of time and matched at a pre-defined order matching period. Orders are matched in order type, price and time priority (at-auction orders carry a higher matching priority), at the final Indicative Equilibrium Price ("IEP").
“Continuous Trading Session”
Orders are continuously executed in strict price and time priority. An order entered into the system at an earlier time must be executed in full before an order at the same price entered at a later time is executed.
Remarks: The Extended Morning Session is for the trading of Extended Trading Securities which currently include iShares Korea (4362) and iShares Taiwan (4363) only.
“Closing Auction Session”
A closing auction is a commonly used trading mechanism which allows trades to be executed at the closing price. During a closing auction, market participants may input buy and sell orders, with the price that most volume can be traded at forming the closing price. All orders will then be executed at that price. The closing auction session begins immediately after the continuous session.
(a) “Pre-opening Session”
The Pre-opening Session is an additional trading session of 30 minutes which takes place before the Morning Trading Session. It allows orders to be entered into the trading system, OTP-C, for a single price auction, and transactions concluded before the commencement of the Morning Trading Session to be reported by Exchange Participants.
The Pre-opening Session consists of “an order input period”, “a pre-order matching period”, “an order matching period” and “a blocking period” as follows:
|Order Input Period||From 9:00 a.m. to 9:15 a.m.|
|Pre-order Matching Period||From 9:15 a.m. to 9:20 a.m.|
|Order Matching Period||From 9:20 a.m. to 9:28 a.m.|
|Blocking Period||From 9:28 a.m. to 9:30 a.m.|
During the order input period, only at-auction orders and at-auction limit orders are accepted. Orders are accumulated and updated in OTP-C continuously and may be modified or cancelled. Input of pre-open trades is allowed during this period.
During the pre-order matching period, only at-auction orders are accepted and modification or cancellation of orders in OTP-C will not take place. It can avoid significant changes in the Indicative Equilibrium Price (IEP) and adjust the IEP to a fair market price. Input of pre-open trades is allowed during this period.
During the order matching period, no input, modification and cancellation of orders are allowed. Orders will be matched in order type (at-auction order first), price and time priority at the final IEP. No input of pre-open trades is accepted during this period. During the blocking period, no order and trade activities are allowed. It is a break between the Pre-opening Session and the Morning Trading Session.
(b) “Continuous Auction Session (CAS)”
CAS would last for about 8 to 10 minutes and consists of a Reference Price fixing period, an order input period, a no-cancellation period and a random closing period as follows:
|Full Day Trading||Half Day Trading|
|Reference Price Fixing Period||4:00 p.m. - 4:01 p.m.||12:00 noon - 12:01 p.m.|
|Order Input Period||4:01 p.m. - 4:06 p.m.||12:01 p.m. - 12:06 p.m.|
|No-Cancellation Period||4:06 p.m. - 4:08 p.m.||12:06 p.m. - 12:08 p.m.|
|Random Closing Period||4:08 p.m. - 4:10 p.m.||12:08 p.m. - 12:10 p.m.|
* Eves of Christmas, New Year and Lunar New Year
In the “Reference Price Fixing Period”, a Reference Price, which sets the allowable price limit of CAS (±5 per cent from the Reference Price), is calculated for each CAS Security.
In the “Order Input Period”, at-auction orders and at-auction limit orders within the ±5 per cent price limit could be entered, amended or cancelled on CAS Securities.
Starting from the “No-Cancellation Period”, at-auction orders and at-auction limit orders could be entered. However, the prices of new at-auction limit orders must be between the lowest ask and highest bid of the order book, and no orders could be amended or cancelled.
In the “Random Closing Period”, the order rules from the No-Cancellation period apply and the market closes randomly within two minutes. In cases where final IEP cannot be established during the CAS, the Reference Price will be treated as the final IEP for order matching and will become the closing price of the CAS security. Order matching is based on order type, price and then time priority (at-auction orders carry a higher matching priority).
CAS will be applicable to all equities (including depositary receipts, investment companies, preference shares and stapled securities) and funds (including ETFs and REITs).
(c) “Volatility Control Mechanism (VCM)”
HKEX has adopted a dynamic price limit VCM model for the securities and derivatives markets, which would trigger a cooling-off period in case of abrupt price volatility detected at the instrument level.
- The VCM is only applicable for board lot order input during the Continuous Trading Session (CTS), but not for any orders input during the Pre-opening Session (POS) and the CAS.
- During the CTS, the potential trade price of a VCM security will be continuously checked against a dynamic price limit of ±10% based upon the reference price (±5%, for the derivatives market) which is the last traded price 5 minutes ago.
- The VCM is triggered if a stock is ±10% away (or if a futures contract is ±5% away) from the last traded price 5-min ago; A 5-min cooling-off period will start.
- For each VCM instrument, there will be a maximum of one VCM trigger in each trading session (Morning Session and Afternoon Session are counted as two separate trading sessions).
- Normal trading without restriction will resume on the VCM-triggered instrument after the cooling-off period. There will not be any VCM monitoring on the VCM-triggered instrument within the same trading session.
Trading is conducted on Monday to Friday (excluding non-Northbound Trading days) at the following times:
|SSE/SZSE Trading Hours||Time for Eps to input Northbound orders|
|Opening Call Auction||9:15 a.m. - 9:25 a.m.||9:10 a.m. - 11:30 a.m.|
|Continuous Auction (Morning)||9:30 a.m. - 11:30 a.m.||9:10 a.m. - 11:30 a.m.|
|Continuous Auction (Afternoon)||1:00 p.m. - 2:57 p.m.||12:55 p.m. - 3:00 p.m.|
|Closing Call Auction||2:57 p.m. - 3:00 p.m.||12:55 p.m. - 3:00 p.m.|
|9:20 a.m. - 9:25 a.m.||SSE/SZSE will not accept order cancellation|
|2:57 p.m. - 3:00 p.m.|
|9:10 a.m. - 9:15 a.m.
9:25 a.m. - 9:30 a.m.
12:55 p.m. - 1:00 p.m.
|Orders and order cancellations can be accepted
by SEHK but will not be processed by SSE/SZSE until SSE’s and SZSE’s market open.
Orders that are not executed during the opening call auction session will automatically enter the continuous auction session.
Trading (US time) is conducted on Monday to Friday (excluding US holidays) at the following times:
|US trading hours||HK trading hours
(US Winter Time)
|HK trading hours
(US Summer Time)
|9:30 a.m. - 4:00 p.m.||10:30 p.m. - 5:00 a.m.||9:30 p.m. - 4:00 a.m.|