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What is At-auction Order?


An at-auction order is an order with no specified price and is entered into the OTP-C for execution at the final Indicative Equilibrium Price (IEP). It enjoys a higher order matching priority than an at-auction limit order and will be matched in time priority at the final IEP.


Any outstanding at-auction orders after the end of the Pre-opening Session will be cancelled before the commencement of the Continuous Trading Session.


Please note that when customers place an at-auction order, the final transaction price (ie, the final Indicative Equilibrium Price (IEP)) is still unknown, and the price may significantly deviate from customer expectations.


The above content is for reference only. Please click on the link below, subject to the information of the Hong Kong Stock Exchange.


PRE-OPENING SESSION (POS)（https://www.hkex.com.hk/global/exchange/faq/securities-market/trading/pre-opening-session?sc_lang=en）


CLOSING AUCTION SESSION (CAS)（https://www.hkex.com.hk/global/exchange/faq/securities-market/trading/cas?sc_lang=en#collapse-9）


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