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At-auction order

A call auction is where market participants place orders to buy or sell at certain bid or offered (ask) prices, which are then batched together and matched at predetermined time intervals. Orders collected during a call auction are all executed at the price that forms the best overall match.

The Hong Kong auction market consists of the pre-opening auction and the closing auction. Investors can participate in auction just by entering At-auction orders during the pre-opening auction period or the closing auction period.


1. At-auction orders in the Pre-opening Auction

1.1 Order time

Investors can place At-auction orders from 4:10 PM on a trading day to 9:22 AM on the next trading day. At-auction orders placed before 9:00 AM will be saved by Futu AU’s trading system and automatically submitted to the exchange after 9:00 AM.

1.2 Matching time

Random matching from 9:20 AM to 9:22 AM 

1.3 Explanations and notes

1) At-auction orders cannot be edited or cancelled after 9:15 AM.

2) At-auction orders are matched in order time priority.

3) Any unfilled At-auction orders will be automatically cancelled before market open.

4) The Pre-opening Session (POS) covers only equities (including depository receipts, investment companies, preference shares and stapled securities), funds (including exchange traded funds (ETFs) and real estate investment trusts (REITs)) and leveraged and inverse products (L&I Products) (collectively, the 「POS Securities」). Orders input on non-POS Securities during the POS will be rejected, unless they are input during the Continuous Trading Session. For more available product types, please refer to the official website of the Hong Kong Stock Exchange.

5) With a margin account, clients can buy all securities that are allowed by the Hong Kong Stock Exchange to participate in the pre-opening auction (subject to the updated securities list on the official website of the Hong Kong Stock Exchange), while with a cash account, clients can only buy the constituent stocks of the Hang Seng Index and the Hang Seng China Enterprises Index, and Hong Kong stocks with an initial margin ratio of less than 70%. Due to risk management, an additional portion of buying power will be frozen to different degrees, depending on stocks with different risks:

● For constituent stocks of the Hang Seng Index and the Hang Seng China Enterprises Index, and Hong Kong stocks with an initial margin ratio of less than 70%: about 1.2 times

● Growth Enterprise At-auction-listed stocks: about 5 times

● IPO stocks: about 2.4 times

● Others: about 1.2 times

In addition, previous closing price, issue price, and previous trading volume will also affect these multipliers, and the actual multiplier may be higher than the above values. Funds frozen while an order is pending will be automatically refunded after the order is filled or cancelled.

Due to the possibility of dynamic changes in risk factors, the strategy to be actually implemented is subject to dynamic adjustment according to risk management considerations. Please be aware that the above content is not necessarily the latest version of strategy and is for reference only.


2. At-auction orders in the Closing Auction

2.1 Order time

4:01 PM - 4:10 PM (of which 4:08 PM - 4:10 PM is the random closing period. If the market has been closed, you cannot place an order)

2.2 Matching Time

4:08 PM - 4:10 PM

2.3 Explanations and notes

1) All At-auction orders cannot be edited or cancelled after 4:06 PM.

2) At At-auction orders are matched in order time priority.

3) With a margin account, clients can buy all securities that are allowed by the Hong Kong Stock Exchange to participate in the closing auction (subject to the updated securities list on the official website of the Hong Kong Stock Exchange), while with a cash account, clients can only buy the constituent stocks of the Hang Seng Index and the Hang Seng China Enterprises Index, and Hong Kong stocks with an initial margin ratio of less than 70%. Due to risk management, about 1.1 times buying power will be frozen. In addition, previous closing price or issue price of IPO stocks will also be considered when determining the multiplier for the buying power to be frozen. Funds frozen while an order is pending will be automatically refunded after the order is filled or cancelled.

Due to the possibility of dynamic changes in risk factors, the strategy to be actually implemented is subject to dynamic adjustment according to risk management considerations. Please be aware that the above content is not necessarily the latest version of strategy and is for reference only.

● Any unfilled At-auction orders will be automatically cancelled after the random closing period.

Disclaimer

At-auction order is an advanced order type provided by Futu AU for the client's convenience. While Futu AU endeavors to provide reliable trading services, there can be no guarantee to the absolute reliability of the order algorithm. Futu AU shall not be held liable for any loss or damage arising from any failure to execute an order due to network interruption, server abnormality, and other factors beyond its control.