![vcm 2 lost security due to key cycle vcm 2 lost security due to key cycle](https://www.analog.com/-/media/analog/en/products/image/pin-diagrams/ad9284-pc.png)
The OTP-C only accepts at-auction and at-auction limit orders during the Pre-opening Session and Closing Auction Session.įor Pre-opening Session, the order price input into the OTP-C cannot deviate 9 times or more from the previous closing price or the nominal price (as the case may be), if available.įor Closing Auction Session, the order price input into the OTP-C is subject to the two stages price limit.
![vcm 2 lost security due to key cycle vcm 2 lost security due to key cycle](https://obd2016.files.wordpress.com/2016/12/50f8c-vcm2-clone-reset-button-600x456.jpg)
Pre-opening Session and Closing Auction Session OTP-C currently supports the following order types for automatching: Order matching is based on order type, price and then time priority (at-auction orders carry a higher matching priority).įor further detail of CAS, please refer to the CAS information book and infographic. In cases where final IEP cannot be established during the CAS, the Reference Price will be treated as the final IEP for order matching and will become the closing price of the CAS security. After the random closing period, orders for all CAS securities are matched at the final IEP. The Closing Auction Session (CAS) is applicable to selected securities and consists of four periods: the Reference Price fixing period, order input period, no-cancellation period, and random closing period.ĭuring the Reference Price fixing period, a Reference Price, which sets the allowable upper and lower price limits of the closing auction session (±5 per cent from the Reference Price), is calculated for each security that will have a Closing Auction Session.ĭuring the order input period, at-auction orders and at-auction limit orders within the ±5 per cent price limit can be entered, amended or cancelled.ĭuring the no-cancellation period, prices of new at-auction limit orders must be between the lowest ask and highest bid of the order book, and no orders can be amended or cancelled.ĭuring the random closing period, the order rules from the no-cancellation period apply and the market closes randomly within two minutes.
Vcm 2 lost security due to key cycle full#
An order entered into the system at an earlier time must be executed in full before an order at the same price entered at a later time is executed. Orders are continuously executed in strict price and time priority.
![vcm 2 lost security due to key cycle vcm 2 lost security due to key cycle](https://4.bp.blogspot.com/-HPMy1ahPGCM/VqEvbj-I3gI/AAAAAAABV8g/hwjRScD_Oyo/s280/Mark%2B1%2BModelMk.1%2BMod.0%2BUnderwater%2BDefense%2BGun%2Bpistol_1.jpeg)
![vcm 2 lost security due to key cycle vcm 2 lost security due to key cycle](https://3.bp.blogspot.com/-Ar9sAD4QzCg/VqEwMhq9amI/AAAAAAABV9Q/PqOxoedjYIY/s280/Using%2Bgloved%2Bpalms%2Bwith%2Btrigger%2Bguard.jpg)
Please click here for FAQ in relation to Pre-opening Session.įor details of the POS Enhancements, please refer to the POS enhancements initiative and POS information book. Orders are matched in order type, price and time priority (at-auction orders carry a higher matching priority), at the final Indicative Equilibrium Price ("IEP"). Orders are accumulated over a certain period of time and matched within a pre-defined random matching period. The maximum number of orders in each price queue is 40,000 while the maximum number of outstanding orders per broker ID has been removed. The trading system of the Exchange is an order-driven system.ĭuring the Pre-opening Session and the Closing Auction Session, the system accepts at-auction and at-auction limit orders only.ĭuring the Continuous Trading Session, the system accepts limit, enhanced limit and special limit orders only, with an option for an "All-or-Nothing Qualifier" that confines the order to be either executed immediately in full or rejected, without being written into the central order book.įor details of the trading system and associated infrastructure, please visit the Infrastructure section.įor all trading sessions, the maximum order size for automatch stocks is 3,000 board lots. Orion Trading Platform – Securities Market (OTP-C)