Asia Stock Exchanges

July 7, 2009

This article is to summarise the trading rules of some Asia stock
exchanges. Those rules are very important to know if we need to develop
any trading system against those exchanges.

1. Hong Kong Stock Exchange

1.1 Order Type

Order types trading in security market are:

Order Type

Description

Allowed in Session

At-auction order

Order will be matched at Indicative Equilibrium
Price (“IEP”). Unfilled quantity of market order will be cancelled
after market open

Exchange will accept At-auction order when
there is no IEP available. However, the order can not be traded if
there is not IEP at matching time.

Open auction and close auction

At-auction Limit
order

Order will be matched to price or IEP,
whichever is better. Unfilled quantity of order will be carried over to
continuous trading session.

Open auction and close auction

Limit order

Order will be only matched exactly at the order
price.

Continuous trading

Enhanced Limit
Order(ELO)

Order price can be matched up to 5 price
spread. Unfilled quantity will remain in the market and become limit
order in the market.

Continuous trading

Special Limit
Order(SLP)

Order price can be matched up to 5 price
spread. Unfilled quantity will be cancelled from market.

Continuous trading

1.2 Sessions

The trading sessions for the main board are:

Sessions

Time

Notes

Order Input

09:30 – 09: 45

-        At-auction orders and at-auction limit orders
can be entered, modified and cancelled.

-        Short selling is not allowed.

-        Reporting of pre-open trades by brokers is
allowed.

Pre-order Matching
Period

09:45 – 09:50

-        Only at-auction orders can be entered.

-        Short selling is not allowed. Orders cannot be
modified and cancelled.

-        Reporting of pre-open trades by brokers is
allowed.

Order Matching
Period

09:50 – 09:58

-        Orders will be matched in order type, price and
time priority at the final IEP.

-        Unmatched at-auction orders will be cancelled
after order matching.

-        Unmatched at-auction limit orders will be
converted into limit orders and carried forward to the Morning Trading
Session provided that the specified price of an at-auction limit order
does not deviate 9 times or more from the nominal price.

Blocking Period

09:58 – 10:00

-        This is a break between the Pre-opening Session
and the Morning Trading Session

Morning Session

10:00 – 12:30

-        Orders are continuously entered and matched

Lunch break

12:30 – 14:00

-        Orders in market are not allowed to be entered,
amended and cancelled.

Pre-afternoon
Session

14:00 – 14:30

-        Orders are allowed to be cancelled only

Afternoon Session

14:30 – 16:00

-        Orders are continuously entered and matched

Pre-close Order
Input

(currently
suspended) 

16:00 – 16:08

-        At-auction orders and at-auction limit orders
can be entered, modified and cancelled.

-        Short selling is not allowed.

Pre-close Matching

(currently
suspended) 

16:08 – 16:10

-        Only at-auction orders can be entered.

-        Short selling is not allowed. Orders cannot be
modified and cancelled.

1.3 Lot Size

HKEX trade stocks in lots. The lot size is
stock specific which would require a database to store those
information for each stock.

1.4 Maximum order size

HKEX allows up to order size of 3000 lots.

1.5 Price Tick Table

From $

To $

Tick

0.01

0.25

0.001

0.25

0.50

0.005

0.50

10.00

0.010

10.00

20.00

0.020

20.00

100.00

0.050

100.00

200.00

0.100

200.00

500.00

0.200

500.00

1000.00

0.500

1000.00

2000.00

1.000

2000.00

5000.00

2.000

5000.00

9995.00

5.000

1.6 Price volatility limit

HKEX has imposed a price
validation on the order entered into the market. Subject to sessions
and existing orders in market, any order with price of over 24-spread
of last price or nominal price will be rejected.

2. Australia
Stock Exchange

2.1
Order Types

Order Type

Description

Allowed in Session

Limit(LMT)

Order will be traded at the limit price or
better

Continuous trading session and auction

Market

Order will be traded at the best available
price in the market.

Continuous trading

Market to Limit
(MTL)

Order will be priced as the best bid(sell) or
best ask(buy) once entered into market

Continuous trading and auction

Best (BST)

Order will be priced as the best bid(buy) or
best ask(sell) once entered into market

Continuous trading and auction
 

2.2 Time
Validity

Time validity is the order attribute controls the life of an order in
market. ASX supports the following time validity:

Time Validity

Description

Day order

Order will stay in market until the end of day
unless get fully traded

Good Till
Cancel(GTC)

Order will stay in market until the date or
number of days user specifies, unless get fully traded

Fill and Kill(FAK)

Order will get traded as much as the order
condition and market price/liquidity allow, the rest will be cancelled
immediately from market.

Fill or Kill(FoK)

Order will get traded FULLY or cancelled from
market immediately.

2.3 Sessions

Sessions

Time

Notes

Pre-Open

07:00 – 10:00

Allows:

-        Order entry

-        Order Amendment

-        Order Cancellation

-        Order activation

-        Order inactivation

-        Trade Reporting

-        Trade Cancellation

Open

10:00 – 10:10

Stocks in alphabetic  groups are matched and
opened for continuous trading as below:

Markets 1 AB – 10:00:00

Markets 2 CF – 10:02:15

Markets 3 GM – 10:04:30

Markets 4 NR – 10:06:45

Markets 5 SZ – 10:09:00

Continuous Trading

10:00 – 16:00

Allows:

-        Order entry

-        Order Amendment

-        Order Cancellation

-        Order activation

-        Order inactivation

-        Trade Reporting

-        Trade Cancellation

Pre-Close(Pre CSPA)

16:00 – 16:10

Same as pre-open

Close(CSPA)

16:10 – 16:12

Close auction is conducted at the commencement
of this session. Outstanding orders are carried forward to next session

2.4
Lot Size

ASX trades at no lot size limit.

2.5 Maximum Order Size

999,000,000

2.6 Price ticks

The price step is defined by products and price ranges, The details can
be found in

2.7 Short Sell Rules

-    Short sell order price can not be lower
than previous close price during pre-open

-    Short sell order price can not be lower
than last trade price during continuous trading

-    Short sell order price can not be lower
than best ask during pre-close

-    No more than 10% of the securities on
issue may be short sold.

3. Taiwan Stock Exchange

3.1 Order Types

Order Type

Description

Allowed in Session

Limit(LMT)

Order will be traded at the limit price or
better

Continuous trading session and pre-open

Market

Exchange doesn’t support this native

  

3.2 Sessions

Sessions

Time

Notes

Pre-Open

08:30 – 09:00

Allows:

-        Order entry

-        Order Amendment

-        Order Cancellation

Open Auction

9:00

Orders are matched

Continuous Trading

9:00 – 13:25

Allows:

-        Order entry

-        Order Amendment

-        Order Cancellation

Pre-close

13:25 – 13:30

Allows:

-        Order entry

-        Order Amendment

-        Order Cancellation

-        No matching

Off-hour Trading

14:00 – 14:30

  

Odd-lot Trading

13:40 – 14:30

Block Trading

09:30 – 09:40

11:30 – 11:40

13:35 – 13:50

3.3 Lot Size

Lot size for most of stocks are 1000.

3.4 Maximum Order Size

499 Lots

3.5 Price Tick Table

From

To

Tick

0

10

0.01

10

50

0.05

50

100

0.10

100

500

0.50

500

1000

1.00

1000

-

5.00

3.6 Volatility Control

Exchange will only allow a stock
price to fluctuate +/- 7% of previous close, which means any order
price is out of 7% of previous close range will be rejected.

In
order to control volatility, additional checks are in place. When the
exchange system detects that the potential execution price of a
specific stock is likely to fall out of a specified range (+/-3.5%) of
the last traded price, matching for that stock is postponed for two to
three minutes. Market participants are informed of this situation and
may modify their existing orders or enter new orders to cope with the
order imbalance of that security. However, this information is not
visible to our traders in any of the ETT application stack.

However,
volatility interruption is not applicable during the opening session
and the last 10 minutes of regular trading hours (i.e. 1:20 p.m. to
1:30 p.m.). Those stocks whose reference price for the opening call
auction is below 1 NT$ or whose matching is restricted to every 5 or 10
minutes are not subject to intra-day volatility interruption.

4. Korea Stock Exchange

Korea
stock exchange(KRX) was created through integration of three exchanges,
two of which allow stock trading – KOSDAQ(Korea Securities Dealer
Automated Quotations) and KSE(Korea Stock Exchange)

4.1 Order Types

Order Type

Description

Allowed in Session

Limit(LMT)

Order will be traded at the limit price or
better

All sessions

Market

Order will be traded at the market price

All sessions

Limit-to-Market

The order is places in the market as limit
order, but any outstanding unfilled portion of the order at 14:50 us
converted into a market order for the closing auction

All sessions

Immediately
Executable Limit Order

The order is sent down to
exchange without a limit price specified, but at the time it hits
exchange it takes the best price from opposite side. Any unexecuted
portion of the order sits in exchange at that price.

All sessions

Best Limit Order

The order price is set to the
best bid(for buy order) and the best ask(for sell order) upon hitting
the market

All sessions

4.2 Time Validity

Time Validity

Description

Fill or Kill(FoK)

Order will get traded FULLY or cancelled from
market immediately.

Immediate or
Cancel(IOC)

Order will get traded as much as it can upon
hitting the market, left quantity will be cancelled from market.

4.3 Sessions

Sessions

Time

Notes

Pre-hour session

07:30 – 08:30

Allows:

-        Order entry

-        Order Amendment

-        Order Cancellation

At previous close price only. Orders get
matched continuously since buy/sell is the same price

Pre-Open

08:00 – 09:00

Allows:

-        Order entry

-        Order Amendment

-        Order Cancellation

No order matching

 

Open Auction

9:00

Orders are matched

Continuous Trading

9:00 – 14:50

Allows:

-        Order entry

-        Order Amendment

-        Order Cancellation

Pre-Close

14:50 – 15:00

Allows:

-        Order entry

-        Order Amendment

-        Order Cancellation

No order matching

Close Auction

15:00

Orders are matched

4.4 Lot Size

Exchange

Previous Close

Lot Size

KOSDAQ

Any

1

KSE

< KRW 50,000

10

>= KRW 50,000

1

In addition, some changes to lot size were made for KSE effective from
11 Feb 2008. And according to the new rule

“The Korea Exchange (KRX) has announced that where certain stocks in
the Stock Market division (KSE) see a sudden surge in

quotations,
they will amend the standard trading unit from the usual 10 shares to
100 shares. The stock will be designated by the Korea Exchange, which
will advise investors two to three days in advance of the change taking
effect”

4.5 Maximum Order Size

10 Billion WON is the maximum value per order

4.6 Price Tick Table

Price Range 

KOSDAQ

KSEE

ETF

< KRW 5,000

KRW 5

KRW 5

KRW 5

KRW 5,000<= Price < KRW 10,000

KRW 10

KRW 10

KRW 5

KRW 10,000<= Price < KRW 50,000

KRW 50

KRW 50

KRW 5

KRW 50,000<= Price < KRW 100,000

KRW 100

KRW 100

KRW 5

KRW 100,000<= Price < KRW 500,000

KRW 100

KRW 500

KRW 5

KRW 50,0000<= Price

KRW 100

KRW 1000

KRW 5

5. Singapore Stock Exchange

Singapore Exchange Limited
(SGX) is Asia-Pacific’s first demutualised and integrated securities
and derivatives exchange. The focus of this section is Singapore cash
stock exchange SGX-ST.

5.1 Order Types

The only order type allowed by SGX-ST is limit.

Order condition FOK is also supported at SGX-ST (IOC is not natively
supported)

5.2 Sessions

Sessions

Time

Notes

Pre-Open

08:30 – 08:59

-        Order Entry

-        Order Amendment

-        Order Cancellation

-        No trades

Open auction

08:59 – 09:00

Matching auction orders

Morning Session

09:00 – 12:30

-        Order Entry

-        Order Amendment

-        Order Cancellation

Adjust

12:30 – 13:59

-        Order Entry

-        Order Amendment

-        Order Cancellation

-        No trades

Block

13:59 – 14:00

Trading activity is frozen

Afternoon Session

14:00 – 17:00

-        Order Entry

-        Order Amendment

-        Order Cancellation

Pre-Close

17:00 – 17:05

-        Order Entry

-        Order Amendment

-        Order Cancellation

-        No order matching

Close Auction

17:05 – 17:06

Matching auction orders

5.3 Lot Size

Lot sizes for stocks are mostly 1000.

5.4 Price Tick Table

SGX allows stocks to be traded with different currencies.

Denomination
Currency

Price Range

Minimum Bids

Forced Bids

S$

Price
< $1

$0.005

+/- 10

$1 <=
Price < $10

$0.010

Price
>=$10

$0.020

HK$

Price
< $0.25

$0.001

+/- 10

$0.25
<= Price < $0.50

$0.005

$0.50
<= Price < $10.00

$0.010

$10.00
<= Price < $20.00

$0.020

$20.00
<= Price < $100.00

$0.050

$100.00
<= Price < $200.00

$0.100

$200.00
<= Price < $500.00

$0.200

JPY ¥

Price
< ¥2,000

¥1

+/- 10

¥2,000 <= Price <¥3,000

¥5

¥3,000 <= Price <¥30,000

¥10

¥30,000 <= Price < ¥50,000

¥50

¥50,000 <= Price < ¥100,000

¥100

Price
>= ¥100,000

¥1,000

5.5 Maximu Order Size

999,999,999

5.6 Short Sell

Short sell is not allowed in SGX.

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