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What is the Pre-opening Session?
What is the Pre-opening Session?

The Pre-opening Session 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, and transactions concluded before the commencement of the Morning Trading Session to be reported by Exchange Participants.

The Pre-opening Session consists of an order input period, a pre-order matching period, an order matching period and a blocking period as follows:


From 7 March 2011 onwards
Order Input PeriodFrom 9:00 am to 9:15 am
Pre-order Matching PeriodFrom 9:15 am to 9:20 am
Order Matching PeriodFrom 9:20 am to 9:28 am
Blocking PeriodFrom 9:28 am to 9:30 am

During the order input period, only at-auction orders and at-auction limit orders are accepted. Orders are accumulated and updated in OTP-C continuously and may be modified or cancelled. Input of pre-open trades is allowed during this period.

During the pre-order matching period, only at-auction orders are accepted and modification or cancellation of orders in OTP-C will not take place. It can avoid significant changes in the Indicative Equilibrium Price (IEP) and adjust the IEP to a fair market price.  Input of pre-open trades is allowed during this period.

During the order matching period, no input, modification and cancellation of orders are allowed. Orders will be matched in order type (at-auction order first), price and time priority at the final IEP. No input of pre-open trades is accepted during this period.

During the blocking period, no order and trade activities are allowed. It is a break between the Pre-opening Session and the Morning Trading Session.

The information of the trades concluded by OTP-C during the order matching period will be disseminated to Exchange Participants and information vendors.

*The above information is abstracted from the website of HKEX. Learn More >

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