The buyer of a call option can determine whether to exercise the right when the market price of the underlying asset is higher than the exercise price. Put option ie Put : A put option gives the buyer the right to sell the underlying asset. The buyer of a put option can determine whether to exercise the right when the market price of the underlying asset is lower than the exercise price.

When you buy an option, you pay a premium. In general, your maximum loss will be limited to the premium that you paid, under the circumstances that the option is not exercised.

On the other hand, when you sell an option, you receive the premium, but at the same time as you have the obligation to buy or sell the underlying asset, you will have to make a deposit ie the so-called margin in your trading account. In case the price movement of the underlying asset goes against your expectation, you may be required to pay up additional deposit. Similar to margin trading of stocks, your broker may issue a margin call that request you to make up the margin shortfall.

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Your potential loss for selling an option can be much more than the premium that you receive. Normally, for exchange-traded options, the exchange sets the margin required for exchange participants ie the brokers , but the broker may set a higher margin level than that required by the exchange. You must understand and check from your broker the margin levels before you start trading options in the exchange.

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Options traded in the Hong Kong exchange are operated under a market-making system to provide market liquidity. These market makers are obliged to quote both bid and offer prices for the option contracts. You may know more about the market maker obligations from HKEx website.

KGI is committed to providing our clients with supreme quality services. In general, the deposited amount will be available for use the next business day. Please go to " PPS registration terminal location " to look for the list of terminal locations. Each account is only required to be registered once. Details of KGI merchant name and merchant code and bill type are as follows:. For user guidelines of bill payment by Internet services, please refer to " New to PPS by internet ". Wherever applicable, please be sure to fax your fund deposit documents form, pay-in slip, ATM advice, etc.

Please do not submit fund deposit documents i. Usage: Buy Order When the market price is larger than or equal to the stop price, then the Buy Order will be placed in the market. Sell Order When the market price is less than or equal to the stop price, then the Sell Order will be placed in the market. It is applicable to the spot and next calendar month index futures contracts with HSI or HSCEI as their underlying index currently 8 futures contracts.

During the cooling-off period, the affected contract will only be allowed to trade within a fixed band. Normal continuous trading will resume when the 5-minute cooling off period ends and the contract cannot be subject to the VCM again in the same trading session. The following table is for reference only. The duty to report lies with the persons in control of the reportable positions, that is to say the transaction originators and the beneficial owners of the positions. Otherwise, the order s would be available for regular trading session only. Thus, all trades completed during AHFT session will be cleared together with trades completed in the regular trading session on the following business day.

On the last trading day, AHFT session for other month contracts remains unchanged.

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However, there is no AHFT session available for the spot month contracts. The trading hours for the spot month contracts end at HKT. You should note that the expired spot month Futures and Options would stay in client account until the next business day. You should prepare advance margin for trading other month contracts in AHFT session. Electronic trading facilities are supported by computer-based component systems for the order-routing, execution, matching, registration or clearing of trades. As with all facilities and systems, they are vulnerable to temporary disruption or failure; notwithstanding KGI does endeavor to safeguard the high availability of its electronic trading system at all times.

Hang Seng Index (HSI) Options

The results of any system failure may be that your order is either not executed according to your instructions or is not executed at all. When you have problems with connecting to eFO SP, you can click "Status" "Connection Status" to check individual link connection status. Alternatively, you can either call our hour InvestLine at or e-mail us at info kgi. Trading Demo Software Download. What functions are included in "Set-up"? What is the password complexity requirement for eFO SP? Do I need to pay a deposit for opening a Futures and Options Account?

HKEx Exchange API

Moreover, you can also view your daily Client Statement on-line if you have Acrobat Reader 4. If I hold a physical share certificate for a new stock, when can I sell it and withdraw relevant sales proceeds? First of all, before selling these new shares, you MUST ensure KGI has received your actual share license s so that we can update all the relevant information of your stock holdings stored in our system. Normal processing will take 10 to 14 business days HKT , while Express processing subject to approval by the respective Registrar will take 6 business days HKT and need to pay additional registration and handling fee for.

With effect from 1 March , transactions involving transfer of ownership of shares issued by companies' resident in Italy and certain other financial instruments may be subject to IFTT. Pending clarification of the issues related to IFTT and its implications, to minimize administration costs if any to our clients, we will stop accepting any orders for trading the relevant shares and financial instruments including but not limited to shares in PRADA S. If the stock is away from the Triggering Level and Price Bands of the last traded price 5-minute ago, a 5-minute cooling-off period will be triggered.

During the cooling-off period, the affected stock will only be allowed to trade within a fixed band. Normal continuous trading will resume when the 5-minute cooling off period ends and the stock cannot be subject to the VCM again in the same trading session. A tiered structure of triggering thresholds and price bands during the cooling-off period will then be applied, referencing to the last automatched traded price of the VCM security 5 minutes ago.

They are further summarised as follows:. Closing auction, which allows trades to be executed at the closing price, is a trading mechanism commonly used in global securities markets. During a closing auction, market participants interested in trading at the closing price may input buy and sell orders. Then their orders interact with each other to form a consensus closing price for each security and all orders will then be executed at that price.

The reference price is determined by taking the median of 5 nominal prices in the last minute of the CTS. However, the prices of new at-auction limit orders must be between the lowest ask and highest bid of the order book and no orders can be amended or cancelled. This price would also be used for order matching based on matching priority, i. What would be the changes to trading hours in the securities market after the launch of CAS? With the introduction of the new CAS, the securities market closing time will change from to a random closing of anytime between and Can I enter, amend or cancel order s which is are beyond the price limit range during Closing Auction Session?

Trading will be allowed only for the order s within the price limit range during Closing Auction Session. If you would like to make a withdrawal, you must convert it back to the originally deposited currency or other non-RMB currencies agreeable to KGI before making a withdrawal. Trading Demo Software Download. What will happen if I place an order? How to interpret order status and what action is allowed to do? What does Pend Cancel mean? Can I amend orders during the pre-open blocking period and lunch time?

What is the settlement currency for the order? What are the cut-off times on order entries into HK Stocks? What is the price limits in POS? What is the Better Filled Function? What is the Price-checking validation? What is the minimum price spread of difference stock prices? What factor would delay orders to timely execute?

What types of account information can I view via WebTrade? If I hold a physical share certificate of a new stock, when can I sell it and withdraw relevant sales proceeds? What instruments are covered under VCM? How does the CAS work?

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