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3.3.1 The Exchange trading system is open to order routing from the Exchange members between 9:15-11:30 and 13:00- 15:00 of each trading day.
The Exchange trading system is closed to orders cancellation during 9:20-9:25 and 14:57-15:00 of each trading day. During the open hours, unexecuted orders can be removed, effective upon confirmation of the Exchange.
During 9:25-9:30 of each trading day, the Exchange is open to orders routing from members, but does not process orders or process cancellation of orders.
The pre-opening call auction session may be adjusted when considered necessary by the Exchange
3.3.2 Order routing by an Exchange member to the Exchange trading system shall be conducted in order of precedence of acceptance of clients' instructions.
3.3.3 The Exchange accepts limit orders and market orders from the members.
3.3.4 The Exchange may accept the following types of market orders in line with market needs:
(1) "Counterparty Best Price" order;
(2) "Same Side Best Price" order;
(3) "Five Best Orders Immediate or Cancel" order;
(4) "Immediate or Cancel" order;
(5) "Fill or Kill" order; and
(6) other types of orders as specified by the Exchange.
"Counterparty BestPrice" order is the best price quotation based on prices of the opposite side in the order book at the time the order is routed into the Exchange trading system.
"Same Side Best Price" order is an order whose quotation price is set at the best price on the same side in the central order book at the time the order is routed into the Exchange trading system.
"Five Best Orders Immediate or Cancel" order is an unpriced order that is executed in sequence against the five best orders on the opposite side in the central order book at the time the order is routed into the Exchange trading system, with the portion of the unexecuted order, if any, cancelled automatically.
"Immediate or Cancel" order is an unpriced order that is executed in sequence against all the orders on the opposite side in the central order book at the time the order is routed into the Exchange trading system, with the portion of the unexecuted order, if any, cancelled automatically.
"Fill or Kill" order is an unpriced order to be executed in its entirety against all the orders on the opposite side in the central order book at the time the order is routed into the Exchange trading system, otherwise the entire order shall be cancelled automatically.
3.3.5 Market orders apply only to the continuous auction of securities whose prices are subject to a daily price limit. During other trading sessions, the Exchange trading system does not accept market orders.
3.3.6 In case of absence of orders on the same side in the central book order at the time a "Same Side Best Price" order is routed into the Exchange trading system, the order is cancelled automatically.
In case of absence of orders on the opposite side in the central book order at the time an order of any other type is routed into the Exchange trading system, the order is cancelled automatically.
3.3.7 A limit order shall include information on client securities account, securities to be traded, trading seat involved, buy or sell, quantity and price of securities to be traded.
A market order shall include such information as the order type, securities account number, securities code, trading seat involved, buy or sell and quantity of securities to be traded.
Orders must be routed in the format as specified by the Exchange.
3.3.8 Purchase of stocks or mutual funds in auction trading shall be in a board lot of 100 shares (units) or the multiple thereof.
Sales of stocks or mutual fund with less than 100 shares (units) shall be made in one order.
3.3.9 Purchase of bonds in auction trading shall be in a board lot of 10 units or the multiple thereof. Orders for bond collateral repo shall be made in a board lot of 10 units or the multiple thereof.
Sales of bonds with less than 10 units shall be made in one order.
Each bond unit is par valued at RMB 100, while in bond collateral repo, the standard bond par valued at RMB 100 is considered one unit.
3.3.10 Each order to trade in stocks or mutual funds in auction is limited to a maximum volume of one million shares. A ceiling of 100,000 units is imposed on order for bonds and bond collateral repo.
3.3.11 Quotation unit for different instruments varies. Equity quotation refers to price per share. Mutual fund quotation refers to price per unit. Bond quotation refers to price per RMB 100 par value. Bond collateral repo quotation refers to yearly yield-to-maturity per RMB 100 par value.
3.3.12 The tick size of the quotation price of an order for A shares, mutual bonds and bond collateral repo is RMB 0.01 and that for funds and B shares are RMB 0.001 and HKD 0.01, respectively.
3.3.13 The Exchange may adjust the maximum quantityof one order and the tick size of a quotation based on market needs.
3.3.14 The Exchange imposes a daily price limit of 10% on trading of stocks and mutual fund, while stocks under special treatment (ST shares or *ST shares) are subject to a price limit of 5%.
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The price limit is calculated as follows: price limit = previous closingprice × (1± price limit percentage) .
The calculation result shall be rounded to the tick size.
In any of the following cases, stocks are subject to no price limit on their first trading day:
(1) listing of IPO shares;
(2) listing of new shares;
(3) listing resumption; or
(4) other cases as recognized by the Exchange or the CSRC.
The Exchange may adjust the daily price limit with the approval of the CSRC.
3.3.15 To trade in securities imposed a price limit, orders within the price limit are valid. Those extending the limit are invalid orders. .
In the continuous auction trading of securities that are listed on the SME Board and subject to a daily price limit, a valid order whose quotation price exceeds the current valid price range is not accepted instantly by the Exchange trading system for auction but lined up till when its quotation price falls within the valid price range with the fluctuation of the stock price.
3.3.16 In the trading of securities that are not subject to a daily price limit, an order whose quotation price exceeds the valid price range for the auction is not accepted instantly for auction by the Exchange trading system but lined up till its quotation price falls within the valid price range with the fluctuation of the stock price.
3.3.17 An order is valid on the day of placement. Any portion of a order not executed in its entirety at one time continues to line up for auction within the day of trading, with the exception of market orders as specified in (3), (4) and (5) of Section 3.3.4. |
