Investment > Securities Services > Local Securities Services > Details of Auction Trading

Auction Trading to Capture Opportunities
At pre-opening session, which is 30 minutes before the commencement of the morning session of the continuous trading session

You can use this session for placing two order types: "At-auction Order" & "At-auction Limit Order". (Please note that "Order Watching Service" option is not applicable)
- At-auction Order
A market order without a specified price with higher auction matching priority than At-auction Limit Order. The executed price / volume will be determined on the final Indicative Equilibrium Price (IEP)* and Indicative Equilibrium Volume (IEV)#. Depending on market conditions, not all At-auction orders can be matched. Unfilled orders will be cancelled automatically at the end of the pre-opening session. Please note that the executed price (i.e. final IEP) is not known at the time of order input and may not fall within or largely deviate from your expected price range. The Bank reserves the right to sell the related securities to setoff the cash shortfall.
- At-auction Limit Order
A limit order with a specified price. The executed price / volume will be determined on the final Indicative Equilibrium Price (IEP)* and Indicative Equilibrium Volume (IEV)#. At pre-opening session, unfilled or partially-filled orders will continue to be processed at your specified price in the continuous trading session. If the order cannot be fully executed in the continuous trading session, unfilled orders which expires today will be cancelled after continuous trading session ended while the outstanding multiple day At-auction Limit Order will be processed in the next pre-opening session.
Notes:
* Indicative Equilibrium Price (IEP) - Price where maximum number of shares can be traded if order matching occurs at that time. IEP will be calculated only if the highest bid price of the buy At-auction Limit Order is equal to or higher than the lowest ask price of the sell At-auction Limit Order. During the pre-opening session, the IEP and IEV# will be continuously re-calculated every time a new order is entered until the completion of order matching. The final IEP (executed price) is calculated by The Stock Exchange of Hong Kong Limited.

#

 Indicative Equilibrium Volume (IEV) - Quantity of shares that could be matched at the IEP. During the pre-opening session, the IEP and IEV will be continuously re-calculated every time a new order is entered until the completion of order matching.
Auction Trading Timetable
To fully capture the opportunities in the pre-opening session for trading securities, you can refer to the following timetable for auction trading.
Pre-opening Session Timetable
Time Range Period Order Type New Order
Capture		 Amendment Cancellation
9:30 am - 9:45 am Order Input
Period^		 At-auction
At-auction Limit
9:45 am - 9:50 am Pre-order
Matching Period^		 At-auction
At-auction Limit
9:50 am - 9:58 am Order Matching
Period+		 At-auction
At-auction Limit
9:58 am -10:00 am Blocking Period At-auction
At-auction Limit



^ IEP and IEV will be calculated and displayed continuously
+ HKEx's AMS/3 host will determine the final IEP at this period and orders will be matched with the order type, price and time by order sequence. The result of executed orders will be transmitted to the Exchange Participants.
Various Trading Channels Available for Auction Trading Fast and Convenience.
You can place auction orders through all available trading channels, including:
- Internet
- Hang Seng Mobile Trading
- Hang Seng TV Securities Trading Services
- Automated Securities Trading Hotline
- Manned Hotline
- Designated branches
Notes:
1. If you are using Hang Seng Instant Order Confirmation service, execution results will then be sent to your mobile phone directly via text messages.
2. In order to ensure that we can execute At-auction Limit Order with efficiency, Hang Seng Bank Limited will only send the orders within 500 spreads of IEP or Nominal Price or Previous Closing Price as the case may be, if available, to the HKEx for queuing. Note: HKEX system rejects the order price of at-auction limit which deviates 9 times or more from the previous closing price or the nominal price or final IEP (as the case may be), if available. In this case, the Bank will not process your order and your order will become unexecuted. Please check the status of your instruction via the "Order Status" page. You can place another new at-auction limit order if you need to. The Bank reserves the right to amend the above operation from time to time without prior notice.
Should you have any queries on the above service, please contact our Customer Service Hotline 2998 9898 or visit the website of HKEx: www.hkex.com.hk.
Investment involves risks and prices of stocks may go up as well as down. Investors should read the relevant Risk Disclosure Statement before making any investment decision.