The maximum order size for automatch stocks is 3, board lots. Orders are accumulated over a certain period of time and matched at a pre-defined order matching period. Orders are matched in order type, price and time priority at-auction orders carry a higher matching priorityat the final Indicative Equilibrium Price "IEP".

DeltaPrint for Investor/RT - AMS Trading Group LLC

The Pre-opening Session was introduced in March Please click here for FAQ in relation to Pre-opening Session. Orders are continuously executed in strict price and time priority. An order entered into the system at an earlier time must be executed in full before an order at the same price entered at a later time is executed.

T he Closing Auction Session CAS is applicable to selected securities and consists of four periods: During the no-cancellation period, prices of new at-auction limit orders must be between the lowest ask and highest bid of the order book, and no orders can be amended or cancelled.

During the random closing period, the order rules from the no-cancellation period apply and the market closes randomly within two minutes. After the random closing period, orders for all CAS securities are matched at the final IEP.

In cases where final IEP cannot be established during the CAS, the Reference Price will be treated as the final IEP for order matching and will become the closing price of the CAS security. Order matching is based on order type, price and then time priority at-auction orders carry a higher matching priority.

AMS currently supports the following order types for automatching:. Stage 1 price limit: Stage 2 price limit is applicable to the No Cancellation Period and Random Closing Period and is set at the highest bid and the lowest ask of the order book at the end of the Order Input Period.

It enjoys a higher order matching priority than an at-auction limit order and will be matched in time priority at the final IEP. Any outstanding at-auction orders after the end of the Pre-opening Session will be cancelled before the commencement of the Continuous Trading Session. An at-auction limit order is an order with a specified price. An at-auction limit order with a specified price at or more competitive than the final IEP in case of buying, the specified price is equal to or higher than the final IEP, or in case of selling, the specified price is equal to or lower than the final IEP may be matched at the final IEP subject to availability of eligible matching order on the opposite side.

An at-auction limit order will be matched in price and time priority at the final IEP. No at-auction limit order will be matched at a price worse than the final IEP. If an IEP cannot be determined during the Closing Auction Session, the Reference Price will serve as the price for matching.

The matching of applicable at-auction orders and at-auction limit orders will occur at the Reference Price instead and the matching mechanism will be same as matching at the IEP.

Any outstanding at-auction limit orders at the end of the Pre-opening Session will be carried forward to the Continuous Trading Session and treated as limit orders provided ams trading system the specified price of that at-auction limit order does not deviate 9 times or more from the nominal price. Such orders will be put in the price queue of the input price. At the end of the continuous trading session, all outstanding orders of securities applicable for trading in the closing auction session will be automatically carried forward to the closing auction session provided that the price of buy limit orders is not higher than the allowable upper price limit or the price of sell limit orders ams trading system not lower than the allowable lower price limit prescribed for closing auction session.

All outstanding orders carried forward from the continuous trading session to the closing auction session will be treated as at-auction limit orders. Limit Order A limit order will allow matching only at the specified 60minutetrader.com observetod.bjack.hop.clickbank.net option trading. The sell order input price cannot be made at a price below the best bid futures spread trading the complete guide download, if available whereas the buy order input price cannot be made at a price above the best ask price, if available.

Any outstanding enhanced limit order will be treated as a limit order and put in the price queue of the input price. A special limit order has no restriction on the input price as long as the order input price is at or below the best bid price for a sell order or at or above the best ask price for a buy order. A non-direct forex audit program transaction refers to the business transacted by two Exchange Participants, one as buyer and the other as seller.

Order and trade information is disseminated to the market and investors through the market forex dmi indicator feed, the Exchange's website and other information systems.

There is also a news system to display compliance and Exchange news and news on listed companies in both English and Chinese to enhance information dissemination to Exchange Participants and dry stock trading uk limited public. The first bid or ask order entered into the trading system on each trading day is governed by the opening quotation rule. The first order if it is a bid must be higher than or equal to the previous closing price minus twenty-four spreads.

The first order if it is an ask must be lower than or equal to the previous closing price plus twenty-four spreads. The first order, whether it is a bid or ask, shall not in any case deviate 9 times or more from the previous closing price. Quotations for buy and sell orders other than the opening quotations are governed by another set of quotation rules and a scale of spreads. In particular, a buy order or a sell order shall not be made at a price that deviates 9 times or more from the nominal price.

However, quotation rules stock exchange listed companies in singapore general do not apply to at-auction limit orders, except that a buy at-auction limit order or a sell at-auction limit order shall not be made at a price that deviates 9 times or more from the nominal price.

The spread table is available under the Second Schedule of the Rules of the Exchange. During the cooling-off period, trading is allowed within a pre-defined price band. Normal trading without restriction will resume after cooling-off period. The VCM is only applicable to board lot order input during certain periods of the Continuous Trading Session.

AMS/ and MDS/ System Upgrades

For details of VCM, please visit our designated VCM and CAS web corner under the Market Operations — Securities Trading Infrastructure webpage. The third generation of the AMS is a trading system developed by the Stock Exchange of Hong Kong Ltd. TRADING MECHANISM OF THE EXCHANGE The trading system of the Exchange is an order-driven system. During the Pre-opening Session, the system accepts at-auction and at-auction limit orders only.

Automatic Order Matching and Execution System "AMS" Trading Sessions Pre-opening Session The maximum order size for automatch stocks is 3, board lots.

Wärtsilä Aquarius EC Ballast Water Management System granted US Coast Guard AMS acceptance

Continuous Trading Session The maximum order size for automatch stocks is 3, board lots. Closing Auction Session T he Closing Auction Session CAS is applicable to selected securities and consists of four periods: Order Types AMS currently supports the following order types for automatching: Any outstanding limit order will be put in the price queue of the input price.

Trade Types AMS currently supports the following trade types: Direct Business Transaction A direct business transaction refers to the business transacted by an Exchange Participant who acts for both the buyer and the seller, whether as principal or agent. Non-Direct Business Transaction A non-direct business transaction refers to the business transacted by two Exchange Participants, one as buyer and the other as seller.

Auction Matching Trade An auction matching trade refers to the automatic order matching of the auction orders during the order matching period in the Pre-opening Session and the Closing Auction Session. During order matching period, automatic order matching of the auction orders shall be conducted in accordance with Rule 1 a and no order shall be input into the AMS, amended or cancelled.

All transactions concluded based on the methodology specified in Rule 1 a during the order matching period shall be deemed to have been concluded at the commencement of the order matching period. Pre-opening Trade A pre-opening trade is a trade concluded before the commencement of the Pre-opening Session, including that concluded on the previous day but not recorded in the AMS.

Quotation Rules The first bid or ask order entered into the trading system on each trading day is governed by the opening quotation rule. A limit order will allow matching only at the specified price. A direct business transaction refers to the business transacted by an Exchange Participant who acts for both the buyer and the seller, whether as principal or agent.

An auction matching trade refers to the automatic order matching of the auction orders during the order matching period in the Pre-opening Session and the Closing Auction Session. A pre-opening trade is a trade concluded before the commencement of the Pre-opening Session, including that concluded on the previous day but not recorded in the AMS.