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Frequently asked questions (FAQs) 

Learn more about our services and make your trading experience more efficient.

Securities Enquiry
Yes. In order to ensure the quality of service, the trading system will be systematically maintained on every day from 01:00 to 06:00, the service will not be provided at the given time. In addition, client should take note on the latest status of the trading instruction(s) issued by the trading system from time to time. If the trading instruction(s) submitted after the day-end market closed is accepted, the trading instruction(s) will be treated as order(s) of next trading day. Clients can change or cancel these instruction(s) through the online platform or by calling our customer service hotline.
Every online trading order is valid for the 5 trading days in Hong Kong stock market.
Po Sang’s online trading sytem offers the following order types:

Auc. Market order (A) (Applicable to Sell Order Only):

An Auc Market order is only applicable during the Pre-opening Session and the Closing Auction Session. An Auc Market order is an order with no specified price and is entered into the trading system for execution at the final Indicative Equilibrium Price (IEP). It enjoys a higher order matching priority than other type of limit order and will be matched in time priority at the final IEP. Any outstanding Auc Market orders after the end of the Pre-opening Session will be cancelled before the commencement of the Continuous Trading Session.

Market Order (M):

Market Order is an order with no specified price. Any Market Order placed during the Continuous Trading Session will be executed at the current market bid / ask price. Upon any Market Order placement, the Company will submit the buy / sell order to the market by matching it with up to a maximum of 10 spreads above / below the nominal price at the time when the order is processed (provided that the order price is not lower than 0.01 of the denominated currency of the relevant stock) and up to 10 best price queues in the prevailing market for one time only. Any unfilled quantity of the Market Order will be automatically cancelled at once.

Price Limit order (L):

A Price Limit order is an order with a specified price. Our Price Limit order will be applicable for Pre-opening Session, Continuous Trading Session and Closing Auction Session.

During the Pre-opening Session and Closing Auction Session, the 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. The order will be matched in price and time priority at the final IEP. Any unfilled order in Pre-opening Session will be carried forward to the Continuous Trading Session until Closing Auction Session. Please note that from 9:15am to 9:30am and 4:06pm to 4:10pm, Price Limit order is not allowed to amend or cancel.

During the Continuous Trading Session, a sell order input price cannot be made at a price below the best bid price, if available, whereas the buy order input price cannot be made at a price above the best ask price, if available. Any outstanding Price Limit order will join the price queue of the input price. If the order remains unfilled in the Continuous Trading Session and it within the permissible price limit, it will be automatically carried forward from Continuous Trading Session to the Closing Auction Session for further matching.

Enhanced Limit order (E):

An Enhanced Limit order is an order with a specified price. Our Enhanced Limit order will be applicable for Pre-opening Session, Continuous Trading Session and Closing Auction Session.

During the Pre-opening Session and Closing Auction Session, the 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. The order will be matched in price and time priority at the final IEP. Any unfilled order in Pre-opening Session will be carried forward to the Continuous Trading Session until Closing Auction Session. Please note that from 9:15am to 9:30am and 4:06pm to 4:10pm, Price Limit order is not allowed to amend or cancel.

During the Continuous Trading Session, an Enhanced Limit order will allow matching of up to 10 price queues (i.e. the best price queue and up to the 10th queue at nine spreads away) at one time provided that the traded price is not worse than the input price. The sell order input price can be made at a price of nine spreads below the current bid price whereas the buy order input price can be made at a price of nine spreads above the current ask price. Any outstanding Enhanced Limit order will be treated as a Price Limit order and put in the price queue of the input price. If the order remains unfilled in the Continuous Trading Session and it within the permissible price limit, it will be automatically carried forward from Continuous Trading Session to the Closing Auction Session for further matching.

Order Validities

Client can select the applicable order validities for the above-mentioned order types.

Valid Today

Valid Today validity means unmatched orders will remain in the order book until the market close of the day.

Good Till Date

Good Till Date validity means that unmatched orders will remain in the order book until the market close of the business date specified. Good Till Date order can be placed with validity up to 5 trading days.
Buy Orders

i. For cash trading account, sufficient fund is required prior to any stock trading.

ii. For margin trading account, there should be sufficient fund or margin facility or eligible stock holding is required prior to any stock trading.

Sell Orders

i. Sufficient stock holding in the trading account must be maintained before executing the selling order instruction.

ii. Short selling is NOT allowed.
NEW ⚊ The order is pending for processing
NEW(HOLD) ⚊ The order is hold at system until release condition matches.
WA ⚊ The order is waiting for approval
PRO ⚊ The order is processing
Q(MWS) ⚊ The order has been queued in securities company
Q ⚊ The order has been queued in market
PEX ⚊ The order has been partially filled
FEX ⚊ The order has been filled and completed
CAN ⚊ The order has been cancelled
REJ ⚊ The order has been reject
In addition to the trade confirmation provided by Po Sang via telephone SMS, a client will also be notified on the following ways:

i. A daily or monthly statement will be sent by mail.

ii. A daily or monthly statement will be sent by E-mail alert and it can be downloaded from the online trading platform.

**A daily or monthly statement is indicated in details on stock transactions, movements and cash balances of that calendar month.
Once an order is executed, a client is unable to cancel it whereas an unfilled order can be cancelled before completion.
To avoid any wrong order placement or duplication of order, please ensure that the cancel instruction is received or it is on cancellation status shown in the trading status before placing another new trading order(s).
A client can login his Internet Trading account after he has received his trading account number and login password. For first time login, you must change your password.
 
Futures Enquiry
To avoid duplication of orders, a client should immediately call our Customer Service Hotline at (852) 2160 8160 to confirm the updated status of his orders.
A client can also place orders by counter or by phone.
A client can call our Customer Services Hotline at (852) 2160 8160 during business hours.
To ease the implementation of position risk management or execution of transaction or hedging activities during T+1 Session, all our futures account opened are preset as participation of After-Hours Futures Trading Session (“T+1 Session”). Clients can select whether an order entry is extended to T+1 Session or implement transactions during T+1 Session at his own choice. The contract(s) executed and/or open position(s) hold from any trading session (including but no limited to T+1 Session) in client’s account shall be subject to the terms of the Company’s “Client Agreement” (including but not limited to the client’s obligation to maintain sufficient equity to meet the initial margin requirement, and to meet all margin calls or demands for variation adjustments). If a client fails to meet any of the relevant obligations, the Company shall be entitled to reject the client’s new open position, or close out the client’s open position(s) during any trading session (include T+1 Session) without any notice. If a client wish to revoke the participation of T+1 Session service, please fill and sign the《Application/Revocation Form of Participation in After-Hours Futures Trading》and return to us in person or by mail. Revocation can become effective soonest the following working day of our receipt of client's instruction.
A client can fill 《Application/Revocation Form of Participation in After-Hours Futures Trading》and signed and return to us in person or by mail.
  • Hang Seng Index Futures & Options Contracts
  • Mini-Hang Seng Index Futures & Options Contracts
  • H-Shares Index Futures & Options Contracts
  • Mini-H-shares Index Fututes & Options Contracts
  • HSI Dividend Futures Contracts
  • HSCEI Dividend Futures Contracts
  • HSI Volatility Index Futures Contracts
  • CES China 120 Index Futures Contracts
  • MSCI AxJ Futures
  • BRICS Market Futures Contracts
    IBOVESPA Futures
    MICEX Index Futures
    FTSE/JSE Top40 Futures
  • Sector Index Futures Contracts
    CES Gaming Top 10 Index Futures
    Hang Seng Mainland Oil & Gas Index Futures
    Hang Seng Mainland Banks Index Futures
    Hang Seng Mainland Healthcare Index Futures
    Hang Seng Mainland Properties Index Futures
    Hang Seng IT Hardware Index Futures
    Hang Seng Software & Service Index Futures
  • Asia Commodities Futures Contracts
    London Aluminium Mini Futures
    London Zinc Mini Futures
    London Copper Mini Futures
    London Nickel Mini Futures
    London Tin Mini Futures
    London Lead Mini Futures
  • RMB Currency Futures Contracts
    USD/CNH Futures
    EUR/CNH Futures
    JPY/CNH Futures
    AUD/CNH Futures
    CNH/USD Futures
  • RMB Currency Options Contracts
    USD/CNH Options
The characteristic of After-Hours Futures Trading Session (“T+1 Session”) is as follows:

1. Brief of T+1 Session Services
 
ProductsRMB Currency FuturesHang Seng Index Futures/H-shares Index Futures/Mini-Hang Seng Index Futures/Mini H-shares Index Futures/Index OptionLondon Aluminium Mini Futures/London Zinc Mini Futures/London Copper Mini Futures/London Nickel Mini Futures/London Tin Mini Futures/London Lead Mini Futures
Trading Hours17:15-01:00 on every trading day (there would be no T+1 Session on a day which is Hong Kong public holiday or there is half-day trading in the HKEx securities market or it is a bank holiday in both the UK and United States)17:15-01:00 on every trading day (there would be no T+1 Session on a day which is Hong Kong public holiday or there is half-day trading in the HKEx securities market or it is a bank holiday in both the UK , United States and People’s Republic of China)
Arrangement on Typhoon Signals and Black Rainstorm WarningsIf a Typhoon Signal no. 8 or above, or Black Rainstorm Warning is hoisted on a trading day, and is not lowered after 12:00, there will be no T+1 Session for the day.


2. T+1 Session Products Price Limit Range
 
ProductsRMB Currency FuturesHang Seng Index Futures/H-shares Index Futures/Mini-Hang Seng Index Futures/Mini H-shares Index Futures
Price Limit Up/Down MechanismThe price limit for RMB Currency Futures during T+1 session will be ±3% of the last traded price of each contract monthremark1 for RMB Currency Futures in the Day SessionThe HKFE sets up a Price Limit Up/Down Mechanism during T+1 Session. The percentage for the price limit up/down will be ±5% on the last traded prices of individual contract monthremark1 in the Day Session, i.e. no sell order of price below 95% and no buy order of price above 105% of the last traded prices of individual contract monthremark2 in the Day Session will be allowed. Trading (for all contract months) will be allowed only within the price limit range during T+1 Session. The HKFE may review and amend the percentage according to the market situation


3. T+1 Session Products Price Limit Range
 
When the highest bid of the THM Reference Contract (i.e. spot month futures) on the buying queues reaches its price which is the THM percentage above the THM reference price (i.e. upper price limit of the spot month futures in the T+1 Session), or its lowest ask on the selling queues reaches its price which is the THM percentage below the THM reference price (i.e. lower price limit of the spot month futures in the T+1 Session), the corresponding instrument session state of such THM Exchange Contract (i.e. the options) will be set to HALT. In such event, trading of the concerned THM Exchange Contract will be suspended for the remaining T+1 session. Trading of the concerned THM Exchange Contract will be resumed upon the beginning of the following T session.

As an illustrative example, when the highest bid of the spot month HSI Futures reaches its upper price limit in the T+1 Session, trading of all HSI Options regardless of strikes or contract expiries will be halted. Trading of MHI Options will be halted only if the same conditions are met in the spot month MHI Futures.

During a trading halt, all orders of the halted THM Exchange Contract will remain but will not be matched. EPs may amend or cancel any of the orders.( For details, please refer to HKEX website)


4. T+1 Session Products Price Limit Range
 
Trading PlatformInternet and Personal Telephone trading services (Services Hotline: 2160 8160) are provided
Enter T+1 session order Method via Internet Trading PlatformIf you wish to extend the effective period of an order entryremark placed during the Regular Session to T+1 Session or you wish to place an order entryremark during T+1 Session, please tick “☑T+1” when placing the order in our internet trading platform. Please browse the <Futures Internet Trading Manual> or Internet Demo on https://www.posangonline.com/en/ for details.

Remark: Not applicable to AM Order (AM)
Margin Deposit MethodUse the “Bill Payment” service via BOCHK Internet Banking
Clearing and Position Recording According to the practice of HKFE, all trades executed in T+1 Session will be registered as the following business day’s trades (“T+1 trade”). Together with trades executed in the following business day’s Regular Session, these trades will undergo the standard clearing process during the standard clearing session. T+1 trade(s) will be recorded on the following business day’s account daily statement and monthly statement and be denoted by a “AH”.
 
remark 1: If there is no last traded price of a specific contract month during the Day Session, the previous day’s daily settlement price of the same contract month will be used as the reference price. For newly listed contract months, the reference price of the preceding contract month will apply.

remark 2: If last traded price is not available in any contract month in the Day Session, the spot month’s last traded price plus previous day’s rollover spread between the daily settlement price of the contract month in question relative to the daily settlement price of the spot month will be applied.
i.
if the last traded price in a back month is not available on the last trading day of the expiring month, the spot-next month’s last traded price plus previous day’s rollover spread (between the daily settlement price of the contract month in question relative to the daily settlement price of the spot next month) will be applied.
ii.
if the last traded price in a back month is not available on the first trading day immediately following the last trading day of the expired month, the spot month’s last traded price plus previous day’s rollover spread (between the daily settlement price of the contract month in question relative to the daily settlement price of the spot next month) will be applied; and
iii.
if both the last traded price and the previous daily settlement price are not available in a back month, the spot month’s last traded price plus previous day’s rollover spread (between the reference price of the contract month in question in the Risk Parameter File relative to the daily settlement price of the spot next month) will be applied.
Yes, the securities accounts are handled separately from the futures accounts, and he is required to fill and signed the A/C opening form for stock trading in person
Please call our Customer Service Hotline at (852)2160 8148 for assistance.
On our trading platform, we will check the client’s identity by sending a one-time password via telephone SMS together with the input of the client’s name and mobile telephone no for verification. After verified successfully, a new login password will be sent via telephone SMS, a client is required to change his own login password instantly. Meanwhile, another set of one-time password will be sent via telephone SMS for account activation. Or he can call our Customer Service Hotline at (852) 2160 8148 for assistance.
Yes. A client can change his online trading password any time. As advised, he should change his online trading password periodically and should not use passwords that have been used before.
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