Print service provided by iDogiCat:
home logo

Home > Finance > HK Exchange

HK Exchange (HKEx)

WARNING: I found that there are quite a few visits to this page recently. Please note that this page was created in 2009. The info here is not up-to-date for there has been many changes happened at TSE. Please keep this in mind when you refer to this page.

Trading Hours

Auction Session

  • Pre-opening Session: 9:30 ~ 10:00

Continuous Trading Session

  • Morning Session: 10:00 ~ 12:30
  • Extended Morning Session: 12:30 ~ 14:30
  • Afternoon Session: 14:30 ~ 16:00

Note that

  • 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.

Trade Prices

Refer to trade prices definitions given by HKEx.

Closing price determination: the system takes 5 snapshots on nominal price in the last minute in continuous trading session, with an interval of 15 seconds (For example, if it closes at 16:00, then 15:59:00, 15:59:15, 15:59:30, 15:59:45, 16:00:00), then uses the median of them as the closing price.

Short Selling

Tick Rule:

A short sale cannot be made below the best current ask price.

This tick rule was once abolished but later reinstated again (Sep 1998).

The number of Designated Securities for short selling is revised on quarterly basis.

The list of Designated Securities Eligible for Short Selling.

Note that before putting a short selling order, one must be sure that he has the stocks to sell (for example, borrowed from someone else). And the borrowed stocks will be delivered to the buyer. If one shorts some stocks without borrowing them first, and then buys them back on the next day, although he doesn't need to deliver any stock on settlement date, he still violates the regulations.

Trading Systems

  • Stocks: AMS/3
  • Derivatives: HKATS

Clearing: T+2