![]() During the continuous trading session, the trading system will match orders input into the system in price priority based on the order they are received. The continuous trading session covers periods from 9:30 am to 12:00 noon and 1:00 pm to 4:00 pm in each trading day. Orders can no longer be entered, amended or cancelled during the Blocking Period. Once order matching is completed, the Blocking Period starts immediately and continues until 9:30am. In cases where the final IEP cannot be established during the POS, no order matching will occur.īlocking Period (after order matching - 9:30am) Order matching is based on order type (at-auction orders first and then at-auction limit orders), price and then time priority. ![]() Order Matching (at a random time between 9:20am and 9:22am)Īt the end of the Random Matching Period, orders for all POS Securities are matched at the final Indicative Equilibrium Price (IEP). The Random Matching Period will end immediately upon the start of order matching. In the third period (Random Matching Period which is up to two minutes in length), the order rules from the No-cancellation Period apply, and order matching takes place randomly within the two-minute period. Random Matching Period (9:20am - up to 9:22am) However, these passive orders will not be matched during the POS.īoth at-auction orders and at-auction limit orders can be entered during the No-cancellation Period, but no orders can be amended or cancelled. In order to build an order book with deeper liquidity after the market opens, passive at-auction limit orders will still be accepted provided that these orders are within ☑5% from the previous closing price. ![]() ![]() Starting from the second period (a 5-minute No-cancellation Period), the allowable price limits are tightened, and the prices of new at-auction limit orders that aim to be executed in the POS must be between the highest bid & lowest ask recorded at the end of Order Input Period (i.e. Orders can also be amended or cancelled during this period. In the first period (a 15-minute Order Input Period), at-auction orders and at-auction limit orders within ☑5% of the previous closing price can be entered for POS Securities. ![]()
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