Order Types
| Limit order |
An order to buy a specified product at or below a specified price, or to sell at or above a specified price |
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Conditional Order:
Stop Limit
Up Trigger
Down Trigger |
Type of order that allows an investor to specify conditions upon which the order would occur. If those conditions are not met, then the investor's specific order will not be executed.
Unmatched orders will remain in the central order book until the market close of the day in accordance of different exchanges.
Outstanding and Unmatched orders will remain in the central order book until the close-out of the day (Winter time: 07:00; Summer time: 06:00)
P.S.
Stop limit/ Up trigger/ Down trigger order is according to the last executed price in the market (not supported in NYBOT and SGX). Order may not be triggered for product with low liquidity although the designate price of the product is reached in other market. Order will fail to be executed after triggering due to low turnover.
Taifook will not be responsible in any manner for direct, indirect, special or consequential damages incurred by the user as a result of any delay, incomplete, or failed execution of the conditional order(s). |
Stop Limit
Example
Up Trigger
Example
Down Trigger
Example |
| FAK |
Fill and Kill. It means that the order is to be matched, immediately after submission, as much as possible, up to quantity specified in the Qty field and the remaining unmatched portion, if any, will be cancelled automatically by the system at once.(not supported in NYBOT and SGX) |
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| FOK |
Fill or Kill. It means that the order is to be matched, immediately after submission, at the exact quantity specified in the Qty field or else it will be cancelled automatically by the system at once.(not supported in NYBOT and SGX) |
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| Inactive |
It is not a tradable order unless activated and placed to market by investor.
Inactive orders will remain in the central order book until the close-out time of the day (Winter time: 07:00; Summer time: 06:00) |
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P.S. Winter time shall apply
*Enhanced Order Types
| Enhanced Limit Order |
This order type is comprised of 2 parts:
- Toler: It acts as a simplified version of Stop Limit Order
When you place orders, you would not need to input the limit price. Instead, you will only need to choose your direction (Buy or Sell) , then enter the trigger price and toler points. Sometimes the market maybe too volatile therefore your predefined limit price may not be executed. In this case, you may use Toler function to help you stop loss.
- Trailing Stop: It enhances the function of Stop Limit Order
When you use this order type, the conditional stop limit order point will fluctuate at the same magnitude as the market index points. It can help you lower the loss points and at the same time helps you maximize profits.
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Enhanced Stop Limit Example |
| One Cancels Other (OCO) Order |
OCO Order can be used for Stop loss or Stop profit. You may, place both types of orders at the same time, however, only one of them will be executed and the other will be cancelled at the same time. OCO Orders can help you maximize your profit as well as limit your loss. |
OCO Order Example |
| Bull & Bear Order |
This order type includes both Bull and Bear order. You can place a set of buy or sell position and at the same time place your settle orders. You will open a long or short position, then when the market has moved the predetermined index points, and meet your order conditions, you positions will be settled automatically. |
Bull & Bear Order Example |
| Time to Send Order |
This time of order will be sent to market at preset date and time. |
Time to Send Order Example |
*If you wish to apply for the above enhanced orders on power futures, please contact your Account Executive or our customer service hotline: 3583 3388
Note:
- Enhanced Order Type function applies to Hong Kong Futures, Hong Kong Options and Overseas Futures. Please note some Hong Kong options and overseas futures may have low trading volume or high volatility, as a result, the trigger prices may not be executed, for example:
- Order will not be triggered if the product bid/ask price is highly volatile but without trade execution
- Stop gain and stop loss orders of OCO order may be executed simultaneously (the order is executed before cancellation) when the price is fluctuating
- Liquidity and price stability of products in NYBOT and SGX are relatively low. It is not recommended to place orders for these products using enhanced order types to avoid and wrong/inaccurate triggering.
Please pay special attention to the risk and usage of Enhanced Order Types to prevent any disputes. TFSG (Taifook Securities Group), its information providers and its licensors will under no circumstances be liable to you and/or any third party for any lost profits or lost opportunity, or any indirect, special, consequential, incidental or punitive damages whatsoever, even if TFSG, the information providers or the licensors have been advised of the possibility of such damages.
- Please ensure the scheduled time for "Time to Send" orders are during market open hours, else it will be deactivated. Moreover, the order will be rejected if the prior set price exceeds 5% of the current price at the triggering time (upper and lower limit of the system).
- Enhanced Order Type function applies to Power Futures only. Web Futures does not support this function. Use of Web Futures will be temporarily terminated if clients apply for activating the Enhanced Order Type function.
- We recommend you to read the "User Guide" in Power Futures or descriptions and examples on Taifook website before using the Enhanced Order Type functions.
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