Market Order:
When the market is opened, a market order will be executed at the best bid or ask price available. If a market order is placed when the market is closed, it will be executed at the bid or ask price when the market opens. A market order guarantees an execution but does not guarantee a price. A market order could be executed at a higher or lower price than what was quoted to you. Please note that market orders are not allowed for Hong Kong, United Kingdom, Australia and Japan trading.
Singapore Market: The Market Order type can only be entered during trading hours, from 08:30 - 17:04
Limit Order:
When you place a limit order, you are stating the price at which you wish to buy or sell a stock. If that price is not met, your order will not be executed. A limit order guarantees a price but does not guarantee an execution. A limit order can be executed at a better price than the limit price you set.
Orders on the Hong Kong Market
Limit Order:
A Limit order allows an order to be matched only at a specified price. A sell limit order cannot be below the current bid price whereas a buy limit order cannot be above the current ask price. Any unmatched quantity will be placed in the price queue.
Enhanced Limit Order (ELO) and Special Limit Order (SLO) are the two order types available to Hong Kong trading:
At-auction Order:
An at-auction order is a market order without a specified price. It is entered for execution at the final Indicative Equilibrium Price (IEP). It enjoys a higher auction matching priority than an at-auction limit order and will be matched in time priority at the final IEP. Any outstanding at-auction orders after the end of the pre-opening session will be cancelled before the commencement of the continuous trading session.
At-auction Limit Order:
An at-auction limit order is a limit order with a specified price. After order matching:
- Unfilled at-auction limit orders in the pre-opening session with input price not deviating nine times or more from the prevailing nominal price will be converted to limit orders at the input price and carried forward to the continuous trading session
Enhanced Limit Order (ELO):
An ELO is similar to a Limit order. The difference between the two is that an ELO allows an order to be matched up to 10 price queues at one time. A buy order input price can be made at a price of 9 spreads above the current ask price and a sell order input price can be made at a price of 9 spreads below the current bid price. Any unfilled quantity of an ELO after matching will be converted into a Limit Order and placed in the price queue at the order input price
Special Limit Order (SLO):
A SLO allows an order to be matched up to 10 price queues, 9 spreads away, at one time as long as the traded price is better than the input price. There are no price restrictions on a SLO. However, the buy order input price must be at or above the best ask price, whereas the sell order input price must be at or below the best bid price. Any unfilled quantity of an SLO after matching will be cancelled.
More information about ELO and SLO is available on the Hong Kong Stock Exchange (HKEX) web site.