Currently under HKATS Username-based SMP, there is only one SMP cancellation method, i.e. cancel aggressive (“CA”). No additional cancellation method will be introduced to HKATS Username-based SMP after the enhancements.
Illustration refers as follows:
For ID-based SMP, there will be two types of cancellation methods, i.e. cancel aggressive (“CA”) and cancel passive (“CP”) are available to allow market participants (i.e. EP and/or their clients) to choose how orders are handled in the event of a self-match. Upon a potential match between two orders bearing the same SMP ID with a designated cancellation method:
a) the incoming order will be cancelled if CA is chosen; or
b) the resting order will be cancelled if CP is chosen.
Illustration refers as follows:
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