Types of orders applicable on HNX
- Limit orders are effective from the time they are entered into the trading system until the end of the trading day or until the order is cancelled.
- Market orders can only be entered into the trading system during the continuous order matching session.
- Market-to-Limit order (abbreviated as MTL) has characteristics similar to an MP order on HSX.
- Fill-or-Kill (FOK) market order (abbreviated as MOK) is a market order that, if not fully executed, will be cancelled from the trading system immediately after entry.
- Immediate-or-Cancel (IOC) market order (abbreviated as MAK) is a market order that can be executed in full or in part, with the remaining portion of the order being cancelled immediately after matching.
- ATC orders are effective during the closing periodic order matching session.
- Post-Closing Order (PLO)
- A PLO order is a buy or sell order for securities at the closing price after the closing periodic order matching session ends.
- PLO orders can only be entered into the system during the after-hours trading session.
- PLO orders are matched immediately upon entry into the system if there is a pending counter-order. The execution price is the closing price of the trading day.
- PLO orders cannot be amended or cancelled.
- In cases where the execution price cannot be determined during the continuous order matching session and the closing periodic order matching session, PLO orders will not be allowed into the system.
- Continuous order matching session: LO order
- Periodic order matching session: ATC, LO orders
- Price/volume amendments and order cancellations are only effective for the original unexecuted order or the remaining unexecuted portion of the order.
- During the continuous order matching session: limit orders are allowed to amend price, volume, and cancel orders during trading hours. The priority of an order after amendment is determined as follows:
- The order’s priority remains unchanged if only the volume is reduced.
- The order’s priority is recalculated from the time the amended order is entered into the trading system for cases of increased volume and/or price amendment.
- During the closing periodic order matching session (ATC): LO and ATC orders (including LO orders transferred from the continuous order matching session) are not allowed to be amended or cancelled.
- PLO orders cannot be amended or cancelled.
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Price priority: Buy orders with higher prices are prioritized for execution. Sell orders with lower prices are prioritized for execution.Time priority: In cases where buy or sell orders have the same price, orders entered into the trading system earlier are prioritized for execution.
For even lots: 100 shares/bonds; Odd lot trading units with a volume from 01 to 99 shares can be executed through both order matching and negotiated transaction methods; No trading unit is specified for negotiated transactions; Negotiated transactions and odd lot transactions are not allowed to be executed on the first trading day of newly […]
Quotation unit for stocks: 100 VND; No quotation unit specified for bonds and negotiated transactions.
The reference price is the volume-weighted average of the transaction prices executed through continuous order matching on the most recent trading day.
