The POS is an additional trading session of 30 minutes which takes place before the Morning Trading Session. It allows orders to be entered into the trading system, OTP-C, for a single price auction. It also allows manual transactions concluded before the commencement of the Morning Trading Session to be reported by Exchange Participants.
The POS will consist of an Order Input Period, a No-cancellation Period, a Random Matching Period and a Blocking Period as follows:
Periods
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Trading Hours
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Duration
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Order Input Period
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9:00am – 9:15am
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15 mins
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No-cancellation Period
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9:15am – 9:20am
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5 mins
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Random Matching Period
(order matching will start randomly during this period)
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9:20am – up to 9:22am
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0-2 mins
|
Blocking Period
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After matching – 9:30am
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8-10 mins
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Order Input Period (9:00am - 9:15am)
In the first period (a 15-minute Order Input Period), at-auction orders and at-auction limit orders within ±15% of the previous closing price can be entered for POS Securities. Orders can also be amended or cancelled during this period.
No-cancellation Period (9:15am - 9:20am)
Starting from the second period (a 5-minute No-cancellation Period), the allowable price limits are tightened, and the prices of new at-auction limit orders that aim to be executed in the POS must be between the highest bid & lowest ask recorded at the end of Order Input Period (i.e. recorded at 9:15am).
In order to build an order book with deeper liquidity after the market opens, passive at-auction limit orders will still be accepted provided that these orders are within ±15% from the previous closing price. However, these passive orders will not be matched during the POS.
Both at-auction orders and at-auction limit orders can be entered during the No-cancellation Period, but no orders can be amended or cancelled.
Random Matching Period (9:20am - up to 9:22am)
In the third period (Random Matching Period which is up to two minutes in length), the order rules from the No-cancellation Period apply, and order matching takes place randomly within the two-minute period. The Random Matching Period will end immediately upon the start of order matching.
Order Matching (at a random time between 9:20am and 9:22am)
At the end of the Random Matching Period, orders for all POS Securities are matched at the final Indicative Equilibrium Price (IEP). Order matching is based on order type (at-auction orders first and then at-auction limit orders), price and then time priority. In cases where the final IEP cannot be established during the POS, no order matching will occur.
Blocking Period (after order matching - 9:30am)
Once order matching is completed, the Blocking Period starts immediately and continues until 9:30am. Orders can no longer be entered, amended or cancelled during the Blocking Period.