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        What is the market volatility regulation mechanism (VCM)

        When the price of the stock / futures contract reaches the trigger price range, the market volatility regulation mechanism (VCM) will be triggered, starting a five-minute cooling-off period, so that the transaction will be limited to the specified price limit, and the normal transaction will be restarted in 5 minutes.

        Trigger price range
        Securities market: reference price changes by more than ±10% Derivatives market: reference price changes by more than ±5% Reference price: last transaction 5 minutes ago

        Market scope
        Hang Seng Index of State-owned Enterprises Index (81 at present) and related index futures contracts (currently 8).

        Applicable time period
        Applies only to continuous trading periods, excluding 15 minutes in the morning and the first 15 minutes in the afternoon and the last 15 minutes in the afternoon. During the 5-minute cooling-off period, the transaction price can only be within the trigger price limit, that is, ±10% / ±5% of the reference price (depending on the market).

        This presentation is for informational and educational use only and is not a recommendation or endorsement of any particular investment or investment strategy. Investment information provided in this content is general in nature, strictly for illustrative purposes, and may not be appropriate for all investors.  It is provided without respect to individual investors’ financial sophistication, financial situation, investment objectives, investing time horizon, or risk tolerance. You should consider the appropriateness of this information having regard to your relevant personal circumstances before making any investment decisions. Past investment performance does not indicate or guarantee future success. Returns will vary, and all investments carry risks, including loss of principal. Moomoo makes no representation or warranty as to its adequacy, completeness, accuracy or timeliness for any particular purpose of the above content.