Hong Kong (HKEX)
We have launched 3 new HK market order types:
- Market order
- Market on Open (MOO) order
- Market on Close (MOC) order
|Market on Open (MOO) order
|Market on Close (MOC) order
|An order placement with a defined quantity but no price. It will be traded at the best price currently available in the market.
|An order placement with a defined quantity but without a price. It is placed before the HK market is opened and will be executed at the opening price for that day.
|An order placement with a defined quantity but without a price. It is placed during the HK market trading session and will be executed at market closing price for the day.
These order types are now available on all POEMS platform!
What are the benefits and risks?
When can I place a HK Advanced Order?
More specifically, advanced orders for the intended trading session can be placed on the day itself at the following timings:
|Time for normal day trading (SGT)
|From 9.30am till 4pm
|Market on Open
|From 9.05am till 9.20am
|Market on Close
|From 9.35am to 4.08pm
On 19 June 2023, HKEX introduced the HKD-RMB Dual Counter Model (“Model”) to the secondary market for trading and settlement purposes.
The Model covers specific securities listed in both HKD and RMB counters only. All shares or units of the same securities (but in different trading counters), are generally of the same class, with the same holders’ rights and entitlements, and fully interchangeable between counters.
Such securities would be designated as the HKD-RMB Dual Counter Securities and will be published by HKEX from time to time, after the rollout of the Model.
There will not be any contra trading for these counters, should trades be done between the HKD counter and RMB counters (e.g. buy HKD counter, sell RMB counter or vice versa).
Please contact your Trading Representative to learn more.
Securities under the two counters are of the same class, holdings of securities in the two counters can be transferred without change of beneficial ownership. Please contact your Trading Representative if you wish to transfer your holdings between the HKD-RMB dual counters.
An investor can distinguish between the two counters on POEMS by their stock codes. The general principle is that separate and unique stock codes are assigned to the HKD and RMB counters respectively.
For an equity, the stock code for the RMB counter will be a 5-digit number starting with an “8”, while a 5-digit number starting with a “0” would be assigned for the HKD counter.
The last four digits of the stock codes for the two counters will normally be the same, in line with the existing allocation arrangement.
HKD counter – 0XXXX
RMB counter – 8XXXX
|Order Placement (Board lots)
1) POEMS 2.0 or
2) Your designated Trading Representative
|Via your designated Trading Representative
|Common order rejection messages
|Your orders may be rejected due to the following reasons:
To access live price quote, click on the counter.
Live price subscription available.
|Minimum bid size
|Share price (HKD)
|Minimum Bid Size (HKD)
|0.01 – 0.25
|> 0.25 – 0.50
|> 0.50 – 10.00
|> 10.00 – 20.00
|> 20.00 – 100.00
|> 100.00 – 200.00
|> 200.00 – 500.00
|> 500.00 – 1,000.00
|> 1,000.00 – 2,000.00
|> 2,000.00 – 5,000.00
|> 5,000.00 – 9,995.00
For information on ETF bid size, kindly refer to this page.
The Volatility Control Mechanism (VCM) will be implemented by HKEx on 22 August 2016. Please click here to find out more.
|0.13% (rounded up to the nearest dollar) with effect from 1 August 2021
0.1% (rounded up to the nearest dollar) with effect from 17 November 2023
|0.002% (Minimum HKD2.00, Maximum HKD100)
|0.0027% (Rounded to the nearest cent)
|FRC Transaction Levy
|0.00015% (Rounded to the nearest cent, effective 1 January 2022)
Note: All fees and charges are subject to Goods & Services Tax (GST). Fees & charges may be subject to changes without prior notice. Please click here for custodian charges.
Italian financial transaction tax (“IFTT”) is applicable to buy trades on Hong Kong-listed Italian companies with market capitalization more than Euro 500 million. The applicable tax rate is either 0.1% or 0.2%, depending on the counter.
*Promotional details are available at https://www.poems.com.sg/cash-plus
|Singapore/Hong Kong Time
|09:00am – 09:15am
|09:15am – 9:20am
|Random matching Period
|09:20am – 09:22am
|09:30am – 12:00pm
|Closing Auction Session
(Only During Half Day Trading*)
|12:00pm – 12:10PM
|01:00pm – 04:00pm
|Closing Auction session
(For Full DayTrading)
|04:00pm – 04 :10pm
Note: To participate in pre-opening, orders have to be entered and received before 9:20 am.
Pre-opening orders will be matched between 09.20am – 09:22am.
|Full Day Trading
|Half Day Trading*
|Reference Price Fixing Period
|04.00pm – 04.01pm
|12.00pm – 12.01pm
|Order Input Period
|04.01pm – 04.06pm
|12.01pm – 12.06pm
|No Cancellation Period
|04.06pm – 04.08pm
|12.06pm – 12.08pm
|Random Closing Period
|04.08pm – 04.10pm
|12.08pm – 12.10pm
*Eves of Christmas, New Year and Lunar New Year
With effect from 8 October 2019, the list of securities covered by CAS expands to include all equities (including depositary receipts, investment companies, preference shares and stapled securities), as well as funds (including exchange traded funds (ETFs) and real estate investment trusts). For the list of CAS securities, please refer to the “CAS Eligible” indicator under the Full List of Securities available on HKEX website.
|New Year’s Day
|Lunar New Year’s Eve
|Lunar New Year
|Lunar New Year
|Ching Ming Festival
|Tuen Ng Festival
|Sar Establishment Day
|Day After Mid-autumn Fest
|National Day (obs)
|Chung Yeung Festival
|Christmas Eve Obs-halfday
|Christmas Holiday (obs)
|New Years Eve-early Close
Note: Information is correct at time of posting
|S$1 per Transfer Form (Each Transfer Form can only hold up to 5 certificates)
|Courier Fees (<20 certificates)
|Courier Fees (>20 certificates)
|S$1.05 per certificate
|PSPL Handling Fees
|S$10.00 (Subjected to GST)
Rates may change from time to time at the discretion of Phillip Securities Pte Ltd.
There are other miscellaneous fees for physical scrips deposition. For more details, please send in your enquiry to email@example.com
You can pay by any of the following payment methods:
- Cheque, payable to “PHILLIP SECURITIES PTE LTD” (please note that we will cease accepting cheque payments on 31 December 2022)
- EPS (notify your assigned Trading Representative)
- Debit from clients’ trading accounts if there are sufficient funds in their Phillip Financial, Cash Management or Investment account (clients must indicate their instructions in the “Remarks” column).
Note: We will not initiate share transfer before receiving payment from clients.
This material is provided by Phillip Capital Management (S) Ltd (“PCM”) for general information only and does not constitute a recommendation, an offer to sell, or a solicitation of any offer to invest in any of the exchange-traded fund (“ETF”) or the unit trust (“Products”) mentioned herein. It does not have any regard to your specific investment objectives, financial situation and any of your particular needs. You should read the Prospectus and the accompanying Product Highlights Sheet (“PHS”) for key features, key risks and other important information of the Products and obtain advice from a financial adviser (“FA“) pursuant to a separate engagement before making a commitment to invest in the Products. In the event that you choose not to obtain advice from a FA, you should assess whether the Products are suitable for you before proceeding to invest. A copy of the Prospectus and PHS are available from PCM, any of its Participating Dealers (“PDs“) for the ETF, or any of its authorised distributors for the unit trust managed by PCM.
An ETF is not like a typical unit trust as the units of the ETF (the “Units“) are to be listed and traded like any share on the Singapore Exchange Securities Trading Limited (“SGX-ST”). Listing on the SGX-ST does not guarantee a liquid market for the Units which may be traded at prices above or below its NAV or may be suspended or delisted. Investors may buy or sell the Units on SGX-ST when it is listed. Investors cannot create or redeem Units directly with PCM and have no rights to request PCM to redeem or purchase their Units. Creation and redemption of Units are through PDs if investors are clients of the PDs, who have no obligation to agree to create or redeem Units on behalf of any investor and may impose terms and conditions in connection with such creation or redemption orders. Please refer to the Prospectus of the ETF for more details.
Investments are subject to investment risks including the possible loss of the principal amount invested. The purchase of a unit in a fund is not the same as placing your money on deposit with a bank or deposit-taking company. There is no guarantee as to the amount of capital invested or return received. The value of the units and the income accruing to the units may fall or rise. Past performance is not necessarily indicative of the future or likely performance of the Products. There can be no assurance that investment objectives will be achieved.
Where applicable, fund(s) may invest in financial derivatives and/or participate in securities lending and repurchase transactions for the purpose of hedging and/or efficient portfolio management, subject to the relevant regulatory requirements. PCM reserves the discretion to determine if currency exposure should be hedged actively, passively or not at all, in the best interest of the Products.
The regular dividend distributions, out of either income and/or capital, are not guaranteed and subject to PCM’s discretion. Past payout yields and payments do not represent future payout yields and payments. Such dividend distributions will reduce the available capital for reinvestment and may result in an immediate decrease in the net asset value (“NAV”) of the Products. Please refer to <www.phillipfunds.com> for more information in relation to the dividend distributions.
The information provided herein may be obtained or compiled from public and/or third party sources that PCM has no reason to believe are unreliable. Any opinion or view herein is an expression of belief of the individual author or the indicated source (as applicable) only. PCM makes no representation or warranty that such information is accurate, complete, verified or should be relied upon as such. The information does not constitute, and should not be used as a substitute for tax, legal or investment advice.
The information herein are not for any person in any jurisdiction or country where such distribution or availability for use would contravene any applicable law or regulation or would subject PCM to any registration or licensing requirement in such jurisdiction or country. The Products is not offered to U.S. Persons. PhillipCapital Group of Companies, including PCM, their affiliates and/or their officers, directors and/or employees may own or have positions in the Products. Any member of the PhillipCapital Group of Companies may have acted upon or used the information, analyses and opinions herein before they have been published.
This advertisement has not been reviewed by the Monetary Authority of Singapore.
Phillip Capital Management (S) Ltd (Co. Reg. No. 199905233W)
250 North Bridge Road #06-00, Raffles City Tower ,Singapore 179101
Tel: (65) 6230 8133 Fax: (65) 65383066 www.phillipfunds.com