SMP is an optional and free-of-charge service available in Hong Kong Securities Market that can be used by market participants (i.e. EPs and/or their clients) to avoid unintentional self-trades by rejecting potential self-match order(s) placed through the same Exchange Participant (EP) or multiple EPs.

Cancel aggressive (“CA”) and cancel passive (“CP”) as the order cancellation methods: Each SMP ID must be specified with either one of the two order cancellation methods.  Upon a potential match between two orders bearing the same SMP ID with a designated cancellation method:

1. the incoming order will be cancelled if CA is chosen; or
2. the resting order will be cancelled if CP is chosen.

SMP ID is a unique identifier allocated by the Exchange for market participants to tag in their orders for using SMP service.  Each SMP ID must be specified with either one of the cancellation methods during SMP ID application.  The cancellation method is allowed to be changed after the Exchange’s approval.

All products in the securities market are available for SMP.

SMP will only be applicable in Continuous Trading Session (CTS).  SMP is not available for auction matching, while SMP ID is allowed to be tagged with At-auction Limit Order (ALO) during auction sessions.

SMP will be applied to board lot order types only during CTS, including Limit Order (LO), Enhanced Limit Order (ELO), Special Limit Order (SLO) and Quote.

ALO with SMP ID carried forward from Pre-opening Session to CTS will also be available to SMP.

No, the cancellation reason due to SMP or information related to SMP will not be disseminated to the market via OMD-C.

EPs need to enhance their BSS to support the tagging of SMP ID in their order messages. For more details, please refer to the OCG-C interface specification. 

For EPs who do not plan to use SMP service or extend SMP service to their clients, no system change is required.

There will be no impact to order priority for orders with SMP ID. All orders are processed by the matching engine according to the time sequence upon arrival.

Further details will be announced in due course.

There is a registration process required to allow the same SMP ID tagged through different EPs. Further details will be announced in due course.