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FAQ of Digital Trading Services

Digital trading services

Example of Market Order (for illustration only)

The prevailing nominal price of Stock ABC is HKD 1.60

Customer A placed a market order to buy 200,000 shares of Stock ABC by using market order type. 

The Bid / Ask queues of Stock ABC are shown below (Nominal price HK$ 1.60):
BID Price (HKD) BID Volume (Thousands) ASK Price (HKD) ASK Volume (Thousands)

1.59

10

1.60

10

1.58

10

1.61

10

1.57

10

1.62

10

1.56

10

1.63

10

1.55

10

1.64

10

1.54

10

1.65

10

1.53

10

1.66

10

1.52

10

1.67

10

1.51

10

1.68

10

1.50

10

1.69

10

1.49

10

1.70

10

The Bid / Ask queues of Stock ABC are shown below (Nominal price HK$ 1.60):
BID Price (HKD)

1.59

BID Volume (Thousands)

10

ASK Price (HKD)

1.60

ASK Volume (Thousands)

10

BID Price (HKD)

1.58

BID Volume (Thousands)

10

ASK Price (HKD)

1.61

ASK Volume (Thousands)

10

BID Price (HKD)

1.57

BID Volume (Thousands)

10

ASK Price (HKD)

1.62

ASK Volume (Thousands)

10

BID Price (HKD)

1.56

BID Volume (Thousands)

10

ASK Price (HKD)

1.63

ASK Volume (Thousands)

10

BID Price (HKD)

1.55

BID Volume (Thousands)

10

ASK Price (HKD)

1.64

ASK Volume (Thousands)

10

BID Price (HKD)

1.54

BID Volume (Thousands)

10

ASK Price (HKD)

1.65

ASK Volume (Thousands)

10

BID Price (HKD)

1.53

BID Volume (Thousands)

10

ASK Price (HKD)

1.66

ASK Volume (Thousands)

10

BID Price (HKD)

1.52

BID Volume (Thousands)

10

ASK Price (HKD)

1.67

ASK Volume (Thousands)

10

BID Price (HKD)

1.51

BID Volume (Thousands)

10

ASK Price (HKD)

1.68

ASK Volume (Thousands)

10

BID Price (HKD)

1.50

BID Volume (Thousands)

10

ASK Price (HKD)

1.69

ASK Volume (Thousands)

10

BID Price (HKD)

1.49

BID Volume (Thousands)

10

ASK Price (HKD)

1.70

ASK Volume (Thousands)

10

Execution Logic:

  • A market order will match up to a maximum of 20 spreads from the nominal price, that is HK$ 1.60 + 20 x 0.01 = HKD1.80 or below.
  • When a market order is submitted to the market, the order will match with the 10 best price queues.
Therefore, the no. of shares executed are as follows:
Rank

No. of shares 

(Thousands)

Execution Price (HK$)

1

10

1.60

2

10

1.61

3

10

1.62

4

10

1.63

5

10

1.64

6

10

1.65

7

10

1.66

8

10

1.67

9

10

1.68

10

10

1.69

Therefore, the no. of shares executed are as follows:
Rank

1

No. of shares 

(Thousands)

10

Execution Price (HK$)

1.60

Rank

2

No. of shares 

(Thousands)

10

Execution Price (HK$)

1.61

Rank

3

No. of shares 

(Thousands)

10

Execution Price (HK$)

1.62

Rank

4

No. of shares 

(Thousands)

10

Execution Price (HK$)

1.63

Rank

5

No. of shares 

(Thousands)

10

Execution Price (HK$)

1.64

Rank

6

No. of shares 

(Thousands)

10

Execution Price (HK$)

1.65

Rank

7

No. of shares 

(Thousands)

10

Execution Price (HK$)

1.66

Rank

8

No. of shares 

(Thousands)

10

Execution Price (HK$)

1.67

Rank

9

No. of shares 

(Thousands)

10

Execution Price (HK$)

1.68

Rank

10

No. of shares 

(Thousands)

10

Execution Price (HK$)

1.69

Unfilled quantity:

100,000 shares will be cancelled