HKATS, the trading system for HKEX's Derivatives Market, is an electronic system that automatically matches orders in real-time based on price/time priority. Orders from market participants are placed in the Central Orderbook, and as soon as a trade is being executed, trade information will be reported to the Exchange Participant. At the same instance, depending on which product the trade relates, trade information is transmitted to the HKFE Clearing Corporation Ltd (HKCC) or The SEHK Options Clearing House Ltd (SEOCH) for registration and clearing.
The below attributes can be assigned to orders for enhanced characteristics:
Any one of the following validities can be selected for each order:
There are two types of combination trading in the HKATS, namely, standard combinations and
Tailor-Made Combinations (TMC).
The following price banding mechanisms may be applicable to specific products and specific trading sessions:
For further details, please refer to the HKATS User’s Guide
Links to other pages under Trading Mechanism: