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Financial Services
Order Type
(A) Explanatory Notes for Order Types
1.1 Enhanced limit order (ELO)
ELO is similar to the limit order except that it will allow matching of up to ten price queues at a time. The ask order price of ELO can be inputted at nine spreads lower than the current bid or the bid order price can be inputted at nine spreads higher than current ask price. Any unfilled quantity of ELO after matching will be stored in the System as a normal limit order at the input order price. The number of price queues allowed for matching can be increased in future if necessary.
Example 1: Enhanced Limit Order (ELO) - fully matched
Table 1 (a): Original Position
Enhanced Limit Order: to buy 650,000@ $30.50
Table 1 (b): After Execution
Trade executed
80,000 @ 30.05
70,000 @ 30.10
160,000 @ 30.15
50,000 @ 30.20
60,000 @ 30.25
50,000 @ 30.30
40,000 @ 30.35
45,000 @ 30.40
25,000 @ 30.45
70,000 @ 30.50
Unfilled
None
Example 2: Enhanced Limit Order (ELO) - with unfilled quantity
Table 2 (a): Original Position
Enhanced Limit Order: to buy 680,000 @ $30.50
Table 2 (b): After Execution
Trade executed
80,000@ 30.05
70,000@ 30.10
160,000@ 30.15
50,000@ 30.20
60,000@ 30.25
50,000@ 30.30
40,000@ 30.35
45,000@ 30.40
25,000@ 30.45
70,000@ 30.50
Unfilled
30,000 @ $30.50 as limit order
1.2 Special Limit Order (SLO)
A limit price has to be input for SLO but there is no restriction on the limit price with respect to the best price on the other side of the market. SLO will match up to ten price queues (i.e. the best price queue and up to the tenth queue at 9 spreads away) as long as the traded price is not worse than the input limit price. Any unfilled quantity of SLO after matching will be cancelled and not stored in the System. The number of price queues allowed for matching can also be increased in future if necessary.
Example 3: Special Limit Order (SLO)
Table 3 (a): Original Position
Special Limit Order: to buy 660,000 @ $30.55
Table 3 (b): After Execution
Trade executed
80,000@ 30.05
70,000@ 30.10
160,000@ 30.15
50,000@ 30.20
60,000@ 30.25
50,000@ 30.30
40,000@ 30.35
45,000@ 30.40
25,000@ 30.45
70,000@ 30.50
Unfilled quantity
10,000 cancelled, not stored in the System.
(B) Comparison of Limit Order, Enhanced Limit Order and Special Limit Order
The following example illustrates the effect on the central order book if a sell order of 600K shares of XYZ stock is input at different selling prices and with different order types:
Bid
Bid
Bid
Bid
Bid
Bid
Price
Volume ('000)
Price
Volume ('000)
Price
Volume ('000)
Price
Volume ('000)
Price
Volume ('000)
Price
Volume ('000)
Price
Volume ('000)
Price
Volume ('000)
Price
Volume ('000)
Price
Volume ('000)
Price
Volume ('000)
Price
Volume ('000)
Ask
Ask
Ask
Ask
Ask
Ask
$29.70
100
$30.55
80
$29.65
150
$29.45
150
$30.60
55
$29.60
18
$29.40
50
$30.65
50
$29.80
180
$29.80
180
$29.80
180
$30.30
60
$29.80
180
$29.80
180
$30.25
60
$30.75
20
$30.25
60
$30.75
20
$30.25
60
$30.75
20
$29.55
36
$29.55
36
$29.55
36
$30.05
25
$29.55
36
$29.55
36
$31.00
15
$31.00
15
$31.00
15
$29.35
20
$29.35
20
$29.35
20
$29.85
70
$29.35
20
$29.35
20
$30.70
25
$31.20
35
$30.70
25
$31.20
35
$30.70
25
$31.20
35
$30.00
$30.00
$30.00
$30.50
$30.00
$30.00
$30.05
$30.55
$30.05
$30.55
$30.05
$30.55
100
100
100
30
100
100
80
80
80
80
80
80
$29.75
$29.75
$29.75
$30.25
$29.75
$29.75
$30.80
$30.80
$30.80
34
34
34
20
34
34
70
70
70
$29.85
$29.85
$29.85
$30.35
$29.85
$29.85
$30.20
$30.70
$30.20
$30.70
$30.20
$30.70
60
60
60
40
60
60
50
25
50
25
50
25
$29.60
$29.60
$30.10
$29.60
$29.60
$30.95
$30.95
$30.95
18
18
30
18
18
70
70
70
$29.40
$29.40
$29.90
$29.40
$29.40
$31.15
$30.65
$31.15
$30.65
$31.15
50
50
10
50
50
30
50
30
50
30
$29.95
$29.95
$29.95
$30.45
$29.95
$29.95
$30.10
$30.60
$30.10
$30.60
$30.10
$30.60
90
90
90
200
90
90
70
55
70
55
70
55
$29.70
$29.70
$30.20
$29.70
$29.70
$30.85
$30.85
$30.85
100
100
15
100
100
20
20
20
$29.50
$29.50
$29.50
$30.00
$29.50
$29.50
$31.05
$30.55
$31.05
$30.55
$31.05
200
200
200
28
200
200
25
80
25
80
25
$29.90
$29.90
$29.90
$30.40
$29.90
$29.90
$30.15
$30.65
$30.15
$30.65
$30.15
$30.65
80
80
80
50
80
80
160
50
160
50
160
50
$29.65
$29.65
$30.15
$29.65
$29.65
$30.90
$30.90
$30.90
150
150
10
150
150
10
10
10
$29.45
$29.45
$29.95
$29.45
$29.45
$31.10
$30.60
$31.10
$30.60
$31.10
150
150
20
150
150
60
55
60
55
60
$30.35
40
$30.40
45
$30.45
25
$30.50
70
$30.30
50
$30.50
70
$30.30
50
$30.45
25
$30.35
40
$30.40
45
$30.50
70
$30.30
50
$30.45
25
$30.35
40
$30.40
45
* The 9-times restriction, as stipulated in Rule 505A of the Rules of the Exchange
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