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General

1. Which markets are Advanced Orders available?

Advanced Orders is currently available for SGX.

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2. How do I access Advanced Orders?

You can access Advanced Orders via your Cash Account.

Step 1: Go to “Trade” tab
Step 2: Select “Place Order” 
Step 3: Click on “Advanced” tab

Step 4: Before you can access, you would need to read and accept the one-time Disclaimers

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3. Can I amend Advanced Orders?

Yes, you are able to amend the Price and Quantity on orders that are not filled. Orders that are already filled cannot be amended.

Please note that

  1. For partially filled orders, the amendment shall only apply to the balance quantity.
  2. Order with a revised price that is 20 bids away from the current last done price will be rejected by SGX
  3. Effect of amendments on order priority as below

Action

Order Priority

Decrease in Quantity

Priority of the order will be maintained

Increase in Quantity

Priority of the order will be lost

Increase/Decrease in Price

Priority of the order will be lost

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4. What are the types of Advanced Orders available at different trading phase?

Order Types / Validities

Pre-Open

Open

Pre-Close

Limit orders

 Day

 Fill and Kill (FAK)

 Fill or Kill (FOK)

Accept*
(Status:  Pending)

Not allowed

 Good-till-Date (GTD)

 Good-till-Maximum (GTM) 

 

Market Orders

 Fill and Kill (FAK)

 Fill or Kill (FOK)

Accept*
(Status:  Pending)

Not allowed

 

Market to Limit Orders

 Day

 Fill and Kill (FAK)

 Fill or Kill (FOK)

Accept*
(Status:  Pending)

Not allowed

 Good-till-Date (GTD)

 Good-till-Maximum (GTM) 

 

Conditional Orders#

 Session State Orders (SSOs)

Accept^
(Status:  Pending)

 By Price

Accept^
(Status:  Pending)

Not allowed

 By Stop Price

Accept^
(Status:  Pending)

Not allowed

* Order submitted with FOK before or during Pre Open phase will be processed by SGX at Open phase, please trade with caution on such orders.
^ Conditional Orders submitted before or during Pre Open phase, order will be shown as Pending (PO) and only be sent to SGX at Open Phase.
# Conditional Orders that have yet triggered will be shown as “MO” (ie order under monitoring).

Note: Always check your Order Book for the latest order status

 

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Order Validities

1. What are the validities available for Advanced Orders?
  1. Day
    The order is only valid for the day that is sent to SGX. If the order is not matched, it will expire at the end of trading day. Therefore, you will need to re-enter your order on each trading day.

  2. Fill and Kill (FAK)
    The order will be matched with as much quantity as possible and any unmatched quantity will be cancelled.

  3. Fill or Kill (FOK)
    The order will be matched in its entire quantity or be completely cancelled. There is no partially filled order. FOK can only be processed during normal trading hours, from 09:00hrs to 17:00hrs.

  4. Good-till-Date (GTD)
    A GTD order allow you to place an order that will stay in the order book for a specific number of calendar days or until the order is fully filled, specifically cancelled or the instrument has corporate actions, is de-listed or expired, whichever occurs first. You are required to select a date that is within 30 calendar days from the day the order is placed.

    Valid GTD orders will remain in queue status in Today’s Order page. Please remember to check your order book on the latest order status.

  5. Good-till-Maximum (GTM)
    These are orders that will stay in the order book for a maximum of 30 calendar days or until it is fully filled, specifically cancelled or the instrument has corporate actions, is delisted or expired, whichever occurs first. The calendar is effective from the day when the order is received by SGX.

    For example, orders submitted during weekend or public holiday will be sent to SGX on the following trading day. Valid GTM orders will remain in queue status in Today’s Order page. Please remember to check your order book on the latest order status.
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2. What are the risks associated with using GTD/GTM orders?
  1. The order is left on the order book for a period of time during which market conditions could change and the order may become unfavorable.

  2. The order may incur more transaction cost if the order is partially filled each day and commissions are charged on each day that an execution occurs.

  3. You need to ensure there are enough shares in your CDP account for your GTD / GTM sell orders. If there are insufficient shares, there is a risk of short selling if you place a GTD/GTM sell order.
     
  4. You need to ensure there are enough shares and limits available in your CPF/SRS Accounts for your GTD/GTM orders. . If there are insufficient shares, there is a risk of short selling if you place a GTD/GTM sell order. If there are insufficient limits, there is a risk your buy long dated order, after the orders is fulfilled, is revoked to a Cash trade and subject to settlement within 3 days.
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3. What happens to GTD/GTM orders when there are corporate actions?

Orders entered prior to ex-date will be purged on ex-date of corporate actions (examples include but not limited to dividends, rights issues and bonus entiltlement) before the market opens. The order status will be reflected as “Expired”.

Corporate actions declared for the mother share will not affect the GTD/GTM orders placed for its underlying structured warrants, etc.

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Limit Order

1. What is a Limit Order?

A Limit Order allows a buy or sell of a stock at a specified price or better.

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2. How does a Limit Order work?
A Limit Order is dependent on the order validities selected.
  1. Day
    Any portion of the order that can immediately be matched is traded as soon as the order is submitted to SGX successfully. The rest of the unfilled order sits in the order book until it is matched or is expired at end of the trading day.

  2. Fill and Kill (FAK)
    Any portion of the order that can immediately be matched is traded as soon as the order is submitted to SGX successfully. The rest of the unfilled order will be cancelled.

    For example:
    A limit order to buy 500 shares of  ABC at $2 will have a partial match of 300 shares if there are only 300 shares of ABC with best available ask of up to $2 in the order book.  The remaining 200 shares will be cancelled immediately.

  3. Fill or Kill (FOK)
    The whole order quantity which is entered into the order book must be matched in full or the order will be cancelled. There is no partial fill. FOK can only be processed during normal trading hours, from 09:00hrs to 17:00hrs.

    For example:
    A limit order to buy 500 shares of ABC shares at $2 will only be matched if there are at least 500 ABC shares with best available ask of up to $2.  If there are fewer than 500 shares available, the buy order will be cancelled immediately with nothing being matched. 

  4. Good-till-Date (GTD) / Good-till-Maximum (GTM)
    Any portion of the order that can immediately be matched is traded as soon as the order is submitted to SGX successfully. The rest of the unfilled order sits in the order book until it is fully filled, specifically cancelled, or the instrument is de-listed or expired, whichever occurs first.

    Valid GTD/GTM orders will remain in queue status in Today’s Order page. Always remember to check your order book on the latest order status. 

    For example: 
    (i) GTD 
    The order is placed on 1 March 2016 and the investor wants to keep the order in the order book till the end of trading day on 4 March 2016 or be filled before that.

    (ii) GTM
    These are orders that will stay in the order book for a maximum of 30 calendar days or until it is fully filled, specifically cancelled or the instrument has corporate actions, is delisted or expired, whichever occurs first. The calendar is effective form the day when the order is received by SGX. For example, orders submitted during weekend or public holiday will be sent to SGX on the following trading day.

    Valid GTM orders will remain in queue status in Today’s Order page.  Please remember to check your order book on the latest order status.

 

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3. How to place a Limit Order?

Step 1: Choose “Limit” order under Order Type

Step 2: Choose Validity: Day, FOK, FAK, GTD or GTM

Step 3: Enter Price, Quantity, Payment, Settlement Currency

Step 4: If selecting Conditional order, tick on the check box for order triggering conditions and enter the triggering criteria accordingly.

 


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Market Order
1. What is a Market Order?

A market order is an order which is entered into the order book with a specified quantity but without a price. It is purely volume-based and has no target price. It is an instruction to trade at the best price currently available in the market.

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2. How does a Market Order work?
A market order prioritises execution over all other factors. It will trade through the order book to match the specified quantity. That is, one market order can match with opposite orders of different price levels of the order book until the entire market order volume is filled.
  1. If a market order is entered into the order book during continuous trading from 9:00hrs to 17:00hrs, the market order will be matched at the best possible price.

  2. If a market order is entered into the order book outside of continuous trading, the market order will take the indicative equilibrium price.

  3. A market order will have priority over priced orders (e.g. limit orders) as the user of a market order is indicating a willingness to accept any price in return for execution.

  4. A market order must be entered with Fill-or-Kill (FOK) and Fill-and-Kill (FAK) time validities or it will be rejected.

  5. A Fill-and-Kill (FAK) market order will match with the available orders on the opposing side of the order book, and any remaining part of the order will be cancelled.  For example, a Fill-and-Kill (FAK) buy market order for 500 ABC shares will be matched against any number of ABC shares on the ask side of the order book, up to 500 share.  If there are fewer than 500 shares available, the remaining, unmatched part of the Fill-and-Kill (FAK) buy market order will be cancelled immediately.

  6. A Fill-or-Kill (FOK) market order will only be matched in its entirety, or be cancelled otherwise.  For example, a Fill-or-Kill (FOK) buy market order for 500  ABC shares will only be matched if there are at least 500 ABC shares on the ask side of the order book.  If there are fewer than 500 shares available, the fill-or-kill (FOK) buy order will be cancelled immediately with no part being matched.


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3. What are the risks associated with using Market Orders?
  1. There is no guarantee that an order will be filled at a target price. That is, a buy order could be filled at a much higher price than intended, or a sell order can be filled at a much lower price than intended.

  2. Using Market Orders during a volatile market is not recommended as there is a higher probability that the prices will change quickly.  Hence, the incidence of ‘slippage’ is higher in fast-moving markets or for illiquid securities with thin order book and wide bid-ask spread.

  3. The order may be split across multiple investors on the other side of the transaction, resulting in different prices for the order.

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4. How to place a Market Order?

Step 1: Choose “Market” order under Order Type

Step 2: Choose Validity: FOK or FAK

Step 3: Enter Quantity, Payment, Settlement Currency

 

Step 4: If selecting Conditional orders, tick on the check box for order triggering criteria and enter the triggering criteria accordingly.

 

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Market-to-Limit Order
1. What is a Market-to-Limit Order (MTL)?

A market-to-limit order is an order which is entered into the order book with a quantity but without a price, just like a Market order. However, it will only match at the current best bid or ask price and not trade through the order book. If the order is only partially filled after matching at the current best price, the remainder is submitted as a limit at the same price that the earlier match occurred.

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2. How does a Market-to-Limit Order (MTL) work?
  1. If it is entered during a continuous matching session state, the MTL order will be matched at the best possible price, and the remaining quantity of the order will be inserted into the order book as a limit order at the executed price.

  2. When the MTL order is entered during a state when the orders are not matched continuously, the MTL order is stored in the order book like a market order.  When transiting from non-matching to an auction session or continuous matching session, the MTL orders are matched at the Equilibrium price.

  3. A MTL can be entered with a FOK, FAK, Day or GTD/GTM time validity. For examples:

    • A Fill-and-Kill market-to-limit buy order for 500 ABC shares would first match at the best available ask, say, of $3.  Assuming there were only 200 ABC shares offered at $3, 200 shares will be matched at $3 and the remaining 300 shares would then be cancelled.

    • A Fill-or-Kill market-to-limit buy order will only be matched in its entirety at the best available ask, or be cancelled otherwise.  For example, a Fill-or-Kill buy market-to-limit order for 500 ABC shares will only be matched if there are at least 500 ABC shares on the ask side of the order book at the best available ask.  If there are fewer than 500 available shares at the best available ask, the Fill-or-Kill buy order will be cancelled immediately with no part being matched.

    • A buy market-to-limit order for 500 ABC shares entered with a Day or GTD/GTM validity would first match with at the best available ask, say, $3.  Assuming there are only 200 ABC shares offered at $3, 200 shares will be matched at $3 and the remaining 300 shares would be entered into the order book as a limit order at $3.  For a Day order, if the order is not filled at the end of the trading day, the order will be cancelled.  For a GTD/GTM order, the order will remain in the order book until it is fully filled, specifically cancelled, or the instrument is de-listed or expired.  
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3. How to place a Market-to-Limit Order?

Step 1: Choose “Market to Limit” order under Order Type

Step 2: Choose Validity: Day, FOK, FAK, GTD or GTM

Step 3: Enter Quantity, Payment, Settlement Currency

Step 4: If selecting Conditional orders, tick on the check box for order triggering criteria and enter the triggering criteria accordingly.

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Conditional Orders
1. What is Conditional Order?

There are 3 conditional orders available, namely by Session, by Price, by Stop Price. It allows you to buy or sell when the triggering criteria are met.  

They can only be entered, modified, cancelled and triggered during Open phase. Such orders are not visible to the market before it is converted to the specific order. Orders that are not yet triggered will be displayed as “MO” (ie Under Monitoring Order).

Once the order meets the criteria that were set up, the order will be converted to an active tradable order. Conditional orders can be entered with any order type and validity for the to-be-triggered order. However, validation of the allowable order type and validity for the to-be-triggered order will be done upon activation of the order.

Conditional orders that are not activated by end of the trading day will be automatically deleted from the system.

Kindly follow the steps below :
Step 1: Go to “Place Order”
Step 2: Select a stock  
Step 3: To select Conditional Order, click box for order triggering criteria and enter the trigger criteria accordingly.

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Session State Order
1. What is a Session State Order (SSO)?

A session state order is an instruction to place an order into an order book at a specific session state of a trading day. A SSO is not visible to the rest of the market before it is being triggered. SSOs that are not activated by the end of the trading day will be automatically deleted from the system.

SSO can be placed in most of the sessions, but it can only be triggered in the following session states:

  • Open 
  • Pre-Close
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Price Triggered Order by Price

1. What is a Price Triggered Order by Price and how it works?

This order is an instruction containing a target price and volume that will be converted into an actual order in the order book once the target price is met. The order can either be a limit order or a market order, which will determine the nature of the actual order created once the trigger condition is met.

Order that is not activated by end of the trading day will be expired. That is, there are no Good-till-Date or Good-till-Maximum orders.

Please note that advanced order can only be triggered during market Open phase. Overnight advanced order may get rejected by exchange after the market is open if the limit price is outside of the allowed price range when the advanced order is triggered.
For example
ABC shares are currently trading at $1.80. Client wishes to buy ABC shares only when the price falls back to $1.60. However, he also wants to buy at a better price than $1.60, for instance $1.50. In this case, he enters a buy Limit order at $1.50 and a trigger price of $1.60.

During the day, if the trading price of ABC shares starts falling from $1.80 and reaches $1.60 at 11am, the Price Triggered Order is converted into a Limit buy order at $1.50 and submitted to the exchange.

The buy limit order will only be executed at $1.50 or better price. If the market price never goes down to $1.50 or better, the order will not be executed.


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2. What are the advantages of using Price Triggered Order by Price (ie if-touched)?

Market-if-touched order benefits investors by providing the flexibility to buy and sell at specific price levels without investors having to constantly monitor market movements. It is particularly of use in fast-moving markets, when investors may not be able to react in time to take advantage of buying or selling opportunities.

Using a Limit-if-Touched order helps to ensure that, if the order does execute, the order will not execute at a price less favourable than the limit price.

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3. What are the risks associated with using Price Triggered Order by Price (ie if-touched)?
  1. The trigger price may be activated by a short-term fluctuation in a stock's price.
  2. For if-touched market orders, once the trigger price is reached, the order becomes a market order and the transacted price may be quite different from the intended price, especially in a fast-moving market or in a cascading price scenario where stock prices can change rapidly.
  3. It is possible to avoid the risk of a if-touched market order not guaranteeing a specific price by placing a if-touched limit order.  However, with limit order the rest of the unfilled order may not be executed if the price moves beyond the limit price.

Investors must take note that once the market-if-touched order is triggered, the order will be injected into the order book as a market order which comes with the associated risk of a market order.  The use of a limit-if-touched order may reduce the risk of being filled at a too unfavourable price when the order is triggered.

 

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Price Triggered Order by Stop Price

1. What is a Price Triggered Order by Stop Price and how it works?

A stop order can either be a stop limit order or a stop market order, which will determine the nature of the actual order created once the trigger condition is met. Once activated, the stop market order will be treated the same as a regular market order and the stop limit order will be treated as a regular limit order.

For example
A stop limit order is an order which will be traded at a specified price or better after a given stop price has been reached.  That is, once the stop price is reached, the stop limit order becomes a limit order to sell at the limit price or better. 

An investor enters a stop limit order to sell ABC shares with a stop price of $2.50 and a limit price of $2.40.  The price of ABC shares starts declining from current market price of $2.60 and reaches $2.50 intraday.  Upon the price of ABC shares reaching $2.50, the stop limit sell order is triggered, and is converted into a sell limit order.  As long as the order can be filled at or above $2.40, it will be executed.  


 

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2. What are the advantages of using Price Triggered Order by Stop Price?

Stop orders benefit investors by allowing them to trade without having to constantly monitor market movements. It is particularly of use in fast-moving markets, where investors may not be able to react quickly enough to limit losses arising from trading positions.

Stop orders are used when an investor wants to execute an order at a specific price, but the market is not currently trading at that price. They are useful for breakout trades where an investor wants his order executed only if the market trades past a particular price.

Stop orders can be used to:

  • Minimise a loss or protect a profit on an existing long or short position. Stop orders are generally used as protection against runaway prices.  For instance, in a falling market, an investor who is long a particular counter may want to enter a stop sell order which will likely limit the losses faced as a result of such decline.  Similarly, in a rising market, an investor who is short a particular counter may enter a stop buy order to limit the losses faced in covering the short position.
  • Initiate a new long or short position


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3. What are the risks associated with using Price Triggered Order by Stop Price?

Investors intending to use stop orders must take note of the following:

  1. Short-term market fluctuation in a stock's price can activate a Stop Limit Order, so trigger price and limit order price should be selected carefully.
  2. For Stop Market orders, once the stop price is reached, the Stop order will be activated and becomes a Market order and the transacted price may be quite different from the stop price, especially in a fast-moving market or in a cascading price scenario where stock prices can change rapidly.
  3. There will be no guarantee that the order will be filled in the event the price gaps through the limit price. In such an event, the order will not be filled.


 

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4. What are the differences between Price Triggered Order by Stop Price and by Price (ie if-touched)?

The difference between these 2 orders is that a Stop order is typically used as a loss-limiting mechanism in respect of open positions, while an if-touched order is used to create new positions in anticipation of a particular reversing trend.

In a falling market, an investor may want to enter the market at a favourable price should the market rebound. Similarly, in a rising market, an investor may want to enter into a short position should the price begin to fall.



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