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# The Market Order type can only be entered during normal trading hours, from 09:00 - 17:00 HK time
Order Duration (Good Till Date Order): You can set your order period (in local time of the market concerned) under the "Order Duration" function. Subject to the condition set out in point 3 below, your order will be sent to corresponding exchange where the stock is listed for queuing (the “Exchange”) during the order period unless such order is wholly filled, cancelled by you or rejected by the Exchange. Please note that your order will still be carried forward to next trading day after it is partially filled.
Online trading orders are generally processed through DBS Vickers (Hong Kong) Limited, which is an associated company of DBS Bank (Hong Kong) Limited. For stocks listed in The Stock Exchange of Hong Kong (the “SEHK”), orders within the spreads* as prescribed by the Bank from time to time of the relevant current market bid/offer prices will be sent to SEHK for queuing; for stocks listed outside SEHK, orders will be sent to corresponding exchange where the stock is listed regardless of the spreads.
Order submitted outside the trading hours of a trading day will be sent to the Exchange after the market opens.
If your account does not have sufficient funds to settle a buy order, the Bank may execute the order in whole or in part at our absolute discretion. You should settle any resulting overdraft before settlement date**. The Bank reserves the right to sell the related stocks and to apply the sale proceeds to set off the overdraft indebtedness.
Trading Limit: Your buying power may be subject to a trading limit as prescribed by the Bank from time to time. Any purchase orders via the DBS Online Trading Platform with purchasing amount exceeding your unused trading limit will not be accepted.
Your unused limit will be reduced by the exact amount of all filled but not yet settled purchase orders for all markets conducted via the this platform (transaction amount plus all related transaction fees and levies inclusive); and only restores on settlement date**. However, you will still be able to place sale orders online any time regardless of the selling amount or your current usage of the limit.
To place order for stocks listed below, for Private Bank and Treasures Private Clients, please contact your Relationship Manager; for Treasures customers, please call our Treasures Securities Service Hotline at 2290 8033 (Order for stocks other than listed below will not be accepted).
Risk associated with trading derivatives
Pricing Relationships: The normal pricing relationships between a derivative and its underlying interest may not exist in certain circumstances. The absence of an underlying reference price may make it difficult to assess the “fair value” of a derivative position. Consequently, price indications may not reflect the actual price at which the position may be terminated or unwound.
Terms and Conditions: You should familiarise yourself with the terms and conditions of the specific derivative contracts and associated obligations (e.g. the circumstances under which you may become obliged to make or take delivery of the underlying interest, expiration dates and restrictions on the time of exercise). Under certain circumstances, the specifications of outstanding contracts (including the exercise price of an option) may be modified by the counterparty due to changes effected by the Exchange or Clearing House on the underlying.
Futures and Options: Transactions in futures and options carry a high degree of risk. You should familiarise yourself with the type of futures and options (i.e. put or call) which you contemplate trading and the associated risks. You should calculate the extent to which the value of futures and the options must increase for your position to become profitable, taking into account the premium and all transaction costs. Some futures and option contracts may provide only a limited period of time for the exercise of the futures contract and the option, or that the futures contract and option can only be exercised on a specified date. You should ensure that you are aware of the procedures and your rights and obligations upon exercise or expiry.
Transactions in futures carry a high degree of risk. The amount of initial margin is small relative to the value of the futures contract so that transactions are “leveraged” or “geared”. A relatively small market movement will have a proportionately larger impact on the funds you have deposited or will have to deposit: this may work against you, as well as for you.
The purchaser of options may offset or exercise the options or allow the options to expire. The exercise of an option results either in a cash settlement or in the purchaser acquiring or delivering the underlying interest. If the purchased options expire worthless, you will suffer a total loss of your investment which will consist of the option premium plus transaction costs. If you are contemplating purchasing deep-out-of-the-money options, you should be aware that the chance of such options becoming profitable ordinarily is remote.
Certain exchanges in some jurisdictions permit deferred payment of the option premium, exposing the purchaser to liability for margin payments not exceeding the amount of the premium. The purchaser is still subject to the risk of losing the premium and transaction costs. When the option is exercised or expires, the purchaser is responsible for any unpaid premium outstanding at that time.
Selling (“writing” or “granting”) an option generally entails considerably greater risk than purchasing options. Although the premium received by the seller is fixed, the seller may sustain a loss well in excess of that amount. The seller will be liable for additional margin to maintain the position if the market moves unfavourably. The seller will also be exposed to the risk of the purchaser exercising the option and the seller will be obliged to either settle the option in cash or to acquire or deliver the underlying interest. If the option is “covered” by the seller holding a corresponding position in the underlying interest or another option, the risk may be reduced. If the option is not covered, the risk of loss can be unlimited.
The seller of a covered call option sells the call option for an underlying which he/she already owns. If the option is exercised by the purchaser, the seller will only receive the premium paid by the purchaser and not profit from the price growth of the underlying in excess of the exercise price. If the option is not exercised by the purchaser, the seller bears the full risk of the underlying.
The seller of an uncovered call option sells the call option without owning the underlying. If the option is exercised by the purchaser, the seller will have to deliver the underlying. The seller of an uncovered call option is required to deposit a margin. If the price of the underlying rises, the margin to be provided increases. Where the required margin is not paid, the position may be closed-out or liquidated without notice to you.
ONLY EXPERIENCED PERSONS SHOULD CONTEMPLATE WRITING UNCOVERED OPTIONS AND THEN ONLY AFTER SECURING FULL DETAILS OF THE APPLICABLE CONDITION AND RISK EXPOSURE.
The seller of a put option is required to deposit a margin. If the price of the underlying falls, the margin to be provided increases. Where the required margin is not paid the position may be closed-out or liquidated without notice to you.
Listed options may not be exercised automatically on expiry. In order to realise any profits from a long option position, it is necessary that you exercise or close-out the option before it expires failing which you may forgo all the profit that would otherwise have realised. The availability of automatic close-out and the way it works may vary from jurisdiction to jurisdiction. The value of listed options could be affected if trading is halted in either the listed options or the underlying.
Risk associated with trading Warrants
A warrant is a right to subscribe for shares, debentures, loan stock or government securities, and is exercisable against the original issuer of the securities. Warrants often involve a high degree of gearing, so that a relatively small movement in the price of the underlying results in a disproportionately large movement in the price of the warrant. Warrants have a limited life, as denoted by the expiry date. After this date, warrants can no longer be traded or exercised. The price of warrants can be volatile and the value is likely to decrease over time. In the worst case, warrants may expire worthless and you will suffer a total loss of investment. Some warrants provide only a limited period of time for exercise and some may provide for the exercise on a specified date. You should familiarise yourself with the terms of the warrant. Ordinarily, the chance of deep-out-of-the-money warrants becoming profitable is remote.
Risk associated with trading Derivative warrant and Callable Bull / Bear Contracts
Derivative warrants (“DWs”) are derivative instruments which give the holders the right to buy or sell the underlying at a pre-set price within a prescribed time period. There are call and put DWs. Call DW investors have the right (but not the obligation) to buy from the issuer, and put DW investors have the right (but not the obligation) to sell to the issuer, a specified amount of underlying at a pre-set price on or before a specified date. DW investors may sell before the expiry date. DWs are usually cash-settled at expiry. DWs have no value on expiry if the price of the underlying is greater (for put warrants) or less (for call warrants) than the exercise price.
Callable bull/bear contracts (“CBBCs”) are derivatives that track the performance of an underlying such as a share, index, commodity or currency. CBBCs take the form of a bull contract (where the investor intends to capture potential price appreciation in the underlying) or a bear contract (where the investor is seeking to make a profit from a fall in the value of the underlying). The price movement of a CBBC reflects the price movement of the underlying.
CBBCs will expire at a predefined date or when the mandatory call mechanism becomes effective. Mandatory calls take place where the price of the underlying: (a) touches or is below the call price of a bull contract; or (b) touches or is above the call price of a bear contract. Trading is terminated immediately when a mandatory call becomes effective. Once a CBBC is called, the contract cannot be revived and you will not benefit even if the price of the underlying bounces back favourably. You should exercise special caution when a CBBC is trading close to its call price.
If a mandatory call does not occur and you hold the CBBC until expiry, a cash settlement amount is payable. The amount will depend on how much the closing price of the underlying is above (in case of a bull CBBC) or below (in the case of bear CBBCs) the strike price. The cash settlement amount may be substantially less than your initial investment and may even be zero.
Investing in DWs and CBBCs involve a high degree of risk. DWs and CBBCs place unsecured contractual obligations on the issuer and, if applicable, the guarantor. If the issuer or, if applicable, the guarantor defaults, you may lose your entire investment. DWs and CBBCs do not constitute a direct investment in the underlying. You have no right against any party that issues or holds (or if the underlying is an index, sponsor) the underlying and any decision on corporate actions by them may have an adverse impact on the value and market price of DWs and CBBCs. You will not be entitled to voting rights, dividends or any other rights in the underlying.
DWs and CBBCs may be illiquid. You may not be able to obtain a quote or to liquidate your position when you wish.
Exchange rates may affect DWs and CBBCs. Changes in exchange rates between the currency of the underlying, the currency in which DWs or CBBCs settle and/or the currency of your home currency may adversely affect the return (if any) of your investment.
CBBCs and DWs are leveraged products. The value of CBBCs and DWs may rapidly fluctuate due to changes in one or more factors and the change in value may be much greater than the price of the underlying. Assuming all other factors remain unchanged, the value of CBBCs and DWs will decrease over time as they approach their expiry dates and they should not be held as long-term investments. CBBCs and DWs have expiry dates and can become valueless after their expiry.
Risk associated with trading Exchange Traded Funds
Exchange Traded Funds (“ETFs”) are listed on an exchange designed to track, replicate or correspond to the performance of their underlying benchmarks e.g. an underlying index, asset or group of assets that may be in, but are not limited to, specific markets, sectors, equities, commodities or market indices. ETF managers may use different strategies to achieve this.
ETFs can be broadly categorized as physical ETFs or synthetic ETFs. Physical ETFs directly buy all or a portion of the assets needed to replicate the composition and weighting of their benchmark. Synthetic ETFs do not buy the assets in their benchmark but typically invest in derivative instruments to replicate the benchmark’s performance. ETFs involve a high degree of risk which could include, without limitation, the following:
Market Risk: An ETF is exposed to the political, economic, currency, legal and other risks associated with the underlying index, asset or group of assets which may in the worst case scenario result in the termination of the ETF. ETF managers do not have discretion to take defensive positions in adverse markets. There is a risk of loss and volatility associated with the fluctuation of the underlying index, asset or group of assets and the derivative instruments relating to the ETFs.
Counterparty Risk: Synthetic ETFs will be subject to the credit risk of derivative issuers and potential contagion and concentration risks should be taken into account (since derivative issuers are predominantly financial institutions and the failure of one may have a “knock-on” effect on other issuers). Some synthetic ETFs have collateral to reduce counterparty risk, but the market value of collateral could be substantially less than the amount owed to the ETF, resulting in a loss for the ETF and a reduction in the investment.
Liquidity Risk: Listing or trading on an Exchange does not guarantee that a liquid market exists. A higher liquidity risk is involved if an ETF invests in derivative instruments that are not actively traded in the secondary market. This may result in a wider bid and offer spread. These derivatives are also susceptible to more price fluctuations and higher volatility and therefore can be more difficult and costly to unwind early, especially when the derivatives provide access to a restricted market where liquidity is limited in the first place. Although most ETFs are supported by one or more market makers, there is no assurance that active trading will be maintained.
Tracking Error: Tracking errors (i.e. the disparity in performance between an ETF and its underlying index, asset or group of assets) can arise due to factors such as the ETF’s replication strategy, the impact of transaction expenses and fees incurred to the ETF, or changes in composition of the underlying index, asset or group of assets.
Trading at a Discount or Premium: An ETF may trade at a discount or premium to its net asset value. The price discrepancy is caused by supply and demand and may be particularly likely during periods of high market volatility and uncertainty. This may also be observed in ETFs tracking specific markets or sectors that are subject to restricted access or when there are disruptions to subscriptions and redemptions. Investors who buy an ETF at a premium may not be able to recover the premium in the event of termination.
Tax and Other Risks: An ETF may be subject to tax imposed by the local authorities in the market related to the underlying that it tracks, emerging market risks and risks in relation to the change of policy of the reference market which may in the worst case scenario result in the termination of the ETF. ETFs not denominated in the currency of the underlying index, asset or group of assets may have exposure to exchange rate risk. Currency rate fluctuations can adversely affect the value of the underlying and thus affect the ETF price.
Risk associated with trading Leveraged and Inverse Products
Leveraged and Inverse Products (“L&I Products”) are derivative products traded on the stock exchange. L&I Products are structured as funds, but unlike conventional funds, they are not intended for holding longer than one day and are designed for short term trading or hedging. Leveraged products aim to deliver a daily return equivalent to a multiple of the underlying index return e.g. two times of what the underlying index does. Inverse products aim to deliver the opposite of the daily return of the underlying index. The inverse product goes down when the underlying index moves upwards, and the inverse product goes up when the underlying index moves downwards. L&I Products are not intended for holding longer than one day as their return over a longer period may deviate from and may be uncorrelated to the multiple (in the case of leveraged products) or the opposite (in the case of inverse products) of the return of the underlying index over the period. The L&I Products are designed to be used for short term trading or hedging purposes, and are not intended for long term investment. The L&I Products are generally only suitable to only target sophisticated trading oriented investors who constantly monitor the performance for their holdings on a daily basis.
You should know how L&I Products work and the risks involved before making your investment decision.
Investment risk: Trading L&I Products involves investment risk and are not intended for all investors. There is no guarantee of repaying the principal amount
Volatility risk: Prices of L&I Products may be more volatile than conventional exchange traded funds (ETFs) because of using leverage and the rebalancing activities
Unlike conventional ETFs: L&I Products are different from conventional ETFs. They do not share the same characteristics and risks as conventional ETF.
Long-term holding risk: L&I Products are not intended for holding longer than the rebalancing interval, typically one day. Daily rebalancing and the compounding effect will make the L&I Product’s performance over a period longer than one day deviate in amount and possibly direction from the leveraged/inverse performance of the underlying index over the same period. The deviation becomes more pronounced in a volatile market. As a result of daily rebalancing, the underlying index’s volatility and the effects of compounding of each day’s return over time, it is possible that the leveraged product will lose money over time while the underlying index increases or is flat. Likewise, it is possible that the inverse product will lose money over time while the underlying index decreases or is flat
Risk of rebalancing activities: There is no assurance that L&I Products can rebalance their portfolios on a daily basis to achieve their investment objectives. Market disruption, regulatory restrictions or extreme market volatility may adversely affect the rebalancing activities.
Liquidity risk: Rebalancing typically takes place near the end of a trading day (shortly before the close of the underlying market) to inimize tracking difference. The short interval of rebalancing may expose L&I Products more to market volatility and higher liquidity risk.
Intraday investment risk: Leverage factor of L&I Products may change during a trading day when the market moves but it will not be rebalanced until day end. The L&I Product’s return during a trading day may be greater or less than the leveraged/opposite return of the underlying index.
Portfolio turnover risk: Daily rebalancing causes a higher levels of portfolio transaction when compared to conventional ETFs, and thus increases brokerage and other transaction costs.
Correlation risk: Fees, expenses, transactions cost as well as costs of using financial derivatives may reduce the correlation between the performance of the L&I Product and the leveraged/inverse performance of the underlying index on a daily basis.
Termination risk: L&I Products must be terminated when all the market makers resign. Termination of the L&I Product should take place at about the same time when the resignation of the last market maker becomes effective.
Leverage risk (for leveraged products only): The use of leverage will magnify both gains and losses of leveraged products resulting from changes in the underlying index or, where the underlying index is denominated in a currency other than the leveraged product’s base currency, from fluctuations in exchange rates.
Unconventional return pattern (for inverse products only): Inverse products aim to deliver the opposite of the daily return of the underlying index. If the value of the underlying index increases for extended periods, or where the exchange rate of the underlying index denominated in a currency other than the inverse product’s base currency rises for an extended period, inverse products can lose most or all of their value.
Inverse products vs short selling (for inverse products only): Investing in inverse products is different from taking a short position. Because of rebalancing, the performance of inverse products may deviate from a short position in particular in a volatile market with frequent directional swings.
Credit and default risks (for swap-based L&I Products): Investing in swap-based L&I Products are exposed to counterparty risk and default risk of the swap counterparty and may suffer significant losses if a swap counterparty fails to perform its obligations.
Futures contract risks (for futures-based L&I ProductsInvesting in futures-based L&I Products involve specific risks such as high volatility, leverage, rollover and margin risks, and are exposed to the risk that the performance of the futures contracts may deviate from the L&I Products’ investment objective.
Risk associated with trading Virtual Assets, Virtual Asset Futures Contracts and Virtual Asset-related products
VA include digital representations of value which may be in the form of digital tokens (such as utility tokens, stablecoins or security – or asset-backed tokens) or any other virtual commodities, crypto assets or other assets of essentially the same nature. VA may be a means of payment, may confer a right to present or future earnings or enable the VA holder to access a product or service, or a combination of any of these functions. VA excludes digital representations of fiat currencies issued by central banks or government of jurisdiction. For details, please refer to VA as defined in the Anti-Money Laundering and Counter-Terrorist Financing Ordinance (Cap. 615) and subject to change from time to time.
Virtual Asset Futures Contracts (“VA futures contracts”) are typically instruments which allow investors to speculate on the prices of the underlying VA at a future date. These contracts are considered to be extremely risky as they are largely unregulated and highly leveraged.
VA-related products include investment products which: (a) have a principal investment objective or strategy to invest in VA; (b) derive their value principally from the value and characteristics of VA; or (c) track or replicate the investment results or returns which closely match or correspond to VA. VA spot exchange traded-funds and VA futures exchange traded funds are examples of VA-related products.
Investing in VA, VA futures contracts and VA-related products involves risks. VA are high risk investment. Trading in VA futures contracts and VA-related products is subject to the general risks associated with VA. These risks could result in substantial financial loss in transactions involving VA, VA futures contracts and VA-related products. In worst case scenario, you may lose your entire investment.
The general risks associated with VA, VA futures contracts and VA-related products could include, without limitation to, the following:
All VA transactions are potentially exposed to legal and regulatory risks. The legal and regulatory treatments of the VA vary and continue to evolve according to the jurisdiction and global regulatory development which are unsettled and may change rapidly. A VA may or may not be considered as “property” under the law, and such legal uncertainty may affect the verification of ownership of VA, the nature and enforceability of your interest in such VA.
The effect of regulatory and legal risks is that any VA may decrease in value or lose all of its value due to legal or regulatory change. Changes or uncertainty in the legal or regulatory framework, actions imposed by governmental or regulatory bodies relating to blockchain technology and/or VA may adversely impact the use, storage, transfer, exchange and value of the VA, returns on your investment or even render a previously accepted investment illegal. You should seek independent legal, tax and financial advice and continue to monitor the legal and regulatory position in respect of your investment in VA, VA futures contracts and VA-related products.
The prices of VA, VA futures contracts and VA-related products are subject to supply and demand and may fluctuate significantly within a short period of time. The volatile and unpredictable fluctuations in price may result in challenges in valuing such assets which may lead to significant losses. Such losses are especially magnified in VA futures contracts owing to the inherent leverage nature.
Any VA may decrease in value or lose all of its value in response to various factors including security concerns, discovery of wrongful conduct, market manipulation, change to the nature or properties of the VA, technological developments, governmental or regulatory activity, legislative changes, suspension or cessation of support for a VA or other exchanges or service providers, public opinions, or other factors outside of our control.
Psychological market risks may have a particular effect on VA and their prices may be adversely affected by global or local economic, political, environmental or other factors.
The VA futures contracts are generally model-based and the use of model does not guarantee positive performance and any unexpected changes in market could hurt the model's performance.
There may not be a robust regulatory framework to govern VA trading, lending and/or dealing platforms. The spot markets for VA (i.e. the underlying assets of VA futures contracts and VA-related products) are largely unregulated at present. They are more likely to present investor protection issues, ranging from a lack of pricing transparency to potential market manipulation which may contribute to false and misleading appearance of trading activities in or an artificial price for VA and VA futures contracts. You may suffer financial losses arising from buying or selling VA at a false price and/or halting trades or rolling back transactions of VA futures contracts.
There is the possibility for you to experience losses due to the inability to sell or convert assets into a preferred alternative asset immediately or in instances where conversion is possible but at a loss. Such liquidity risk in an asset may be caused by the absence of buyers, limited buy/sell activity or underdeveloped secondary markets.
The value of a particular VA may decline, or be completely and permanently lost should the market for that VA disappear. This is because the value of a VA may be derived, among other things, from the continued willingness of market participants to exchange fiat currencies for a VA. There is no assurance that a person who accepts a VA as payment, will continue to do so in the future.
Service providers for VA , VA futures contracts and VA-related products, including custodians, fund administrators, trading platforms and index providers, may be unregulated, or regulated only for anti-money laundering and counter-financing of terrorism purposes or subject to light-touch regulation (e.g. for payment purposes). Thus, they may not be subject to the same robust regulation as service providers or products in traditional financial markets, posing additional counterparty risks for VA, VA futures contracts and VA-related products.
The offering documents or product information provided by the applicable issuer may not be subject to regulatory approval. You should exercise caution in respect of any issuance or offer of such assets.
For any VA, VA futures contracts and VA-related products that have been authorised by a regulator or traded on a platform authorised by a regulator, such authorisation does not imply any official recommendation or endorsement of the asset and/or platform by the regulator, nor does it guarantee the commercial merits of the asset and/or platform or its performance.
Some VA transactions may be deemed to be executed only when they are recorded and confirmed by an SFC-licensed platform, which may not necessarily be the time at which the client initiates the transaction.
The protection offered by the Investor Compensation Fund established under the SFO does not apply to transactions involving VA (irrespective of the nature of the tokens).
Effecting transactions with issuers, private buyers and sellers or through trading, lending or other dealing platforms (collectively, the “Counterparties”) is subject to counterparty risk. You should evaluate the comparative credit risk of the Counterparties and undertake appropriate due diligence before undertaking any transaction.
You should read the applicable terms, information and risk disclosures provided by the related VA , VA futures contracts or VA-related products issuer carefully before entering into a VA , VA futures contracts or VA-related product transaction. You should seek independent professional advice before making any investment decision.
Investing in VA is subject to the risk of the loss of VA, especially if the VA is held in “hot wallet” or “hot storage”. A “hot wallet” or “hot storage” describes the practice where the private keys to VA are kept in an online environment. As “hot wallet” or “hot storage” is connected to the internet, it is more susceptible to cyber-attacks. Cyber-attacks resulting in the hacking of VA trading platforms and thefts of VA are common. Victims may have difficulty recovering losses from hackers or trading platforms. This could result in significant loss, loss of your entire investment, and/or other impacts that may materially affect your interests.
VA , VA futures contracts and VA-related products’ technologic reliance exposes you to the risk of fraud or cyber-attack. VA , VA futures contracts or VA-related products may be targeted by hackers, individuals, malicious groups or organisations who may attempt to interfere with or steal the VA or fiat currency in various ways, including but not limited to interventions by way of distributed denial of service, sybil attacks, phishing, social engineering, hacking, smurfing, malware attacks, double spending, majority-mining, consensus-based or other mining attacks, misinformation campaigns, forks, and spoofing. Any successful attack presents a risk to the VA, and may result in theft or loss of the VA.
VA , VA futures contracts and VA-related products are reliant on effective and reliable internet and/or other technologies. Either parts or the entire internet may be unreliable or unavailable at any given time, when such happens, interruption, transmission blackout, delayed transmission due to data volume, internet traffic, corruption or loss of data, loss of confidentiality and/or accuracy in the transmission of data, or the transmission of malware may occur when transmitting data via the internet and/or other technologies.
VA are relatively new and complex financial instruments, and generally a high-risk asset class. Market participants of VA may engage complex transaction strategies. They may or may not be securities. You should ensure that you have the knowledge and expertise to understand how the product is structured (which may differ from case to case), the applicable terms and conditions, and exercise caution in relation to the trading of VA, and VA themselves. VA are not legal tender. They may not be backed by physical assets, and are not backed or guaranteed by the government. They may not have intrinsic value. Some of the VA may not circulate freely or widely, and may not be listed or trading on any secondary markets or exchanges.
Transactions involving VA are irrevocable. Lost or stolen VA may be irretrievable. Once a transaction has been verified and recorded on a blockchain, loss or stolen VA generally will not be reversible.
The price of new type assets may fluctuate, sometimes dramatically. Their price may move up or down, and may become valueless. It is as likely that losses will be incurred rather than profit made as a result of buying and selling VA.
The Bank reserves the right to review and amend the above content. If there are any discrepancies on the above risk disclosures with other documents of the Bank, the above risk disclosures shall prevail.
Terms and Conditions:
* For Enhanced Limit Order and At-Auction Limit Order, only orders within 20 spreads of the current market bid/offer prices will be sent to SEHK for queuing.
** Number of trading days required for settlement varies across markets. For details, please refer to the Corporate Actions & Settlement FAQ.