Frequently Asked Questions: Investment
Securities Trading
Securities Margin Trading
Closing Auction Session
Securities Trading
|
After enrolling in the Online Securities Trading Services, can I still place order through other channel(s)? You can still place order through Securities Trading Hotline at 2872 1313 or Mobile Banking.
What are the benefits of using Online Securities Trading Services? With China Construction Bank Macau Branch Online Securities Trading Services, you can:
How can I trade through Online Banking? You have to be a China Construction Bank Macau Branch Online Banking customer with a Securities Trading account.
How do I place an order? On the Trading page:
You also have the opportunity to view stock quotes and broker queue right before you place order.
Does the Bank accept price orders that are different from current market prices? Yes, but if the order with input price deviate 20 spreads or more than the current market price will be kept in our system. The order will only be sent out to market for queue until the spread deviation are less than 20 spreads.
How do I know the Bank has received my order? After the Bank received your order, you will receive an order reference number. You can also check your order status in the "Order Status" section.
How can I check the status of my order? You can go to the "Order Status" or "Order History" section to check the status of your order. You are allowed to cancel the instruction while the status is "Queued", "Received” or "Partially Executed". You can also go to the "Order History" section to check the final status of your order.
Can I amend or cancel my order? Yes. You can amend or cancel your Enhanced Limit Order, Special Limit Order and Limit Order when the order status is "Queued", "Received" or "Partially Executed". The order status will be shown in the "Order Status" section. For Stop Loss Order, you can cancel the order only. For Market Order, no amendment or cancellation is allowed.
How am I notified of the execution results? You will be notified of the respective execution results via email and/or SMS if you have registered for our Stock Order Confirmation eAlert service and provided your email address and/or mobile phone number in "Maintain My Details". Stock Order Confirmation eAlert service may fail or delayed due to unpredictable network traffic congestion and other reasons. You can also check your order status in "Order Status / History" section. You can click here to understand the risk of Stock Order Confirmation eAlert service.
How can I keep track of the stock? The Stock Watch function allows you to input the stocks you are interested in and will show information such as nominal, change, volume and P/E ratio for each stock you selected. Price alert function enables you to input the target price of your selected stocks in order to provide the updated information for your investment decision.
What is "All-or-Nothing"? All-or-Nothing binds your order to be either executed in full or rejected. The default setting in our Online Banking is "No" and cannot be changed.
What is "Limit Order"? Limit Order allows your order matching only at the input price. The unfilled Limit Order will be put in the price queue of the input price. Regardless of the final execution result (the order is partially executed or unexecuted), any unfilled Limit Order will lapse and be cancelled at the end of that trading day (except Good-till-date instruction).
What is "Enhanced Limit Order"? Enhanced Limit Order allows your order matching up to maximum 10 price queues at a time provided that the traded price is not worse than the input price. The unfilled Enhanced Limit Order will be converted to Limit Order and put in the price queue of input price. The default setting in our Online / Mobile Banking is "Enhanced Limit Order". Regardless of the final execution result (the order is partially executed or unexecuted), any unfilled Enhanced Limit Order will lapse and be cancelled at the end of that trading day (except Good-till-date instruction).
What is "Special Limit Order"? Special Limit Order allows your order matching up to maximum 10 price queues at a time provided that the traded price is not worse than the input price. A Special Limit Order has no restriction on the input price as long as the order input price is at or below the best bid price for a sell order or at or above the best ask price for a buy order. Any unfilled Special Limit Order will be cancelled by the market immediately after matching.
What is "At auction Limit Order"? At-auction Limit Order is a limit order with a specified price of which input is allowed only during Pre-opening session, The Bank only accept the At-auction Limit Order with input price does not deviate 200 spreads from or 9 times of the prevailing nominal price or previous closing price (whichever is lower), The unfilled At-auction Limit Orders in pre-opening session will be converted to Limit Order at the input limit price and carried forward to the continuous trading session.
What is "Stop Loss Order"? A Stop Loss Order can only be given to the Bank during Continuous Trading Session on a trading day.
What is Stop Loss Price? It is the selling price of a stock specified by you and must be set below the nominal price. Stop Loss Order will be triggered and placed to the market once Stop Loss Price is reached.
What is Lowest Selling Price? It is the lowest selling price (which must be a price lower than the relevant Stop Loss Price) specified by you to sell your specified stock in the Stop Loss Order.
Can I place a multiple-day Stop Loss Order? No. the Stop Loss Order is only valid for 1 trading day.
What is "Market Order"? Please note that Market Order cannot be amended or cancelled after the order is placed.
Can I place an order during non-trading hour or non-trading day? Yes. If the instruction input during non-trading hour or non-trading day will be treated as an instruction given to the Bank on the next relevant trading day.
What is "Good-till-date" Instruction? "Good-till-date" Instruction enables you to place an instruction to buy or sell stock and the instruction will remain valid up to 10 trading days.
Which order types can set "Good-till-date" Instruction? Good-till-date instruction is only available for Enhanced Limit Order and Limit Order.
I have placed a "Good Till Date" order. If the order cannot be fully executed on same day and is partially executed on different days, will all the execution results be consolidated for calculating the charges? No, only the execution results of every order executed on same day will be consolidated for charge calculation otherwise the charge will be calculated separately.
Will my order be valid if there is any corporate action of the company? Any corporate action (including but without limitation to stock split or consolidation) that will impact your original instruction (including but without limitation to the price and quantity), the relevant buy/sell order may be cancelled. If the trading of the relevant stock is suspended during trading hours and the status is unchanged on the next trading day, the relevant Good-till-date instruction will be cancelled. The Bank may try to send the order cancellation notification to you via email and/or SMS provided that you have registered for our Stock Order Confirmation eAlert service and provided your email address and/or mobile phone number in "Maintain My Details". You should keep watching for any corporate action related to your stock for which you have placed order.
Can I sell the stocks I have bought before its settlement? Yes.
Can I use the funds from selling a stock to buy a new stock before its settlement? Yes.
What is total purchasing power? For Securities Cash Trading Account, total purchasing power refers to aggregate of the available cash balance and net proceeds of unsettled purchase and sale orders. For Securities Margin Trading Account, available cash balance including available overdraft facilities and net proceeds of unsettled purchase and sale orders and available cash in the secondary settlement account linked to the Securities Margin Trading Account.
Will the transaction I perform today be reflected in my "Portfolio"? Yes, once your order is executed, the transaction you performed will be reflected in your "Portfolio". Partially executed orders will be reflected in your "Portfolio" after the market is closed.
What is Streaming Quote? Streaming Quote is a chargeable stock quote service, you must open our Securities Trading account, Online Banking Service and apply for this service at our subbranches. For the plan and fee of Streaming Quote, please refer to the latest Schedule of Service Fees for Securities Trading Services.
What are Personalized Latest News and Research Reports? Upon your logon to Online Banking, Personalized Latest News and Research Reports will bring you the related latest market information based on your Portfolio and Watch Lists of the previous day. If you do not have any securities holdings or do not have any stocks maintained in your watch list, general Latest News and Research Reports will be displayed.
If I placed an order via the manned channel and subsequently modified the order on Online Banking or placed an order on Online Banking and subsequently modified the order via manned channel, which channel rate will be used to calculate the commission? If it involves more than one channel for placement and modification for the same order, the commission will be calculated based on the priority pre-set by the Bank. For the above cases, the manned channel brokerage commission rate will be applied. Please note that the priority is subject to review and change by the Bank from time to time without prior notice.
|
Securities Margin Trading
|
What is Securities Margin Trading? With Securities Margin Trading, you only need to pay for a portion of the total cost that you deposit is initial margin. As you have borrowed money from the Bank to buy securities, the securities will be treated as collateral for the Margin facility.
How does the leverage work for Securities Margin Trading? Below please find the illustration example on the leverage work for Securities Margin Trading:
Can I purchase stocks without utilizing the overdraft in my Securities Margin Trading Account? Yes. You can continue to pay the purchase considerations in full cash.
If I deposit more cash than it is required for my cash margin, can I utilize the unused overdraft for the subsequent purchases in the future? Yes.
How is the mechanism of margin fund transfer in / out?
What are the ways to withdraw cash from the margin trading account? You may use the following ways:
Will the fund transfer details be displayed in my statement? Yes.
Will there be automatic funds transfer from settlement account to margin account if there is insufficient fund for my purchase transaction? If so, under what condition will it happen? Yes, it will happen when there is insufficient fund for initial margin upon buy order (i.e. the sum of margin value of stocks and cash in margin account is less than the purchase amount).
Can I open both Securities Cash Trading account and Securities Margin Trading account in same account entity? If so, can I use the same settlement account for both? Yes, but separate set of settlement accounts are needed. The account open procedure for Securities Margin Trading only can be completed at subbranch.
Can I have more information on the mechanism of margin call or liquidation or calculation of financing interest of Securities Margin Trading? Yes. You can click here and refer to the Securities Margin Trading Factsheet of the Bank.
Closing Auction Session
Which types of securities are eligible for Closing Auction Session (CAS)? CAS is rolled out in 2 phases. Below are the eligible securities in each phase.
What is the trading hours for CAS?
Typhoon arrangement: If Typhoon Signal No. 8 or above in HK is hoisted before 15:45 (for full day trading) or 11:45 (for half day trading), trading will terminate 15 minutes after the hoisting of the Signal. There will be no CAS for that trading day if trading has not been resumed by 15:45 (for full day trading) or 11:45 (for half day trading). If Typhoon Signal No. 8 or above in HK is hoisted at or after 15:45 (for full day trading) or 11:45 (for half day trading), trading for the day will continue as normal until the end of the CAS.
How does CAS works?
- Reference Price Fixing Period: The reference price is determined by HKEx by taking the median of 5 nominal prices in the last minute of the CTS. During this period, the reference price is not available. You can input your ALO through the system of CCB Macau Branch but it will be stored in the system and passed to the market during the Order Input Period. - Order Input Period: Only At-auction Limit Order (ALO) within the +/-5% of the reference price can be input. The ALO which is input during the Reference Price Fixing Period will be delivered to market. However, the order may be rejected by market if the price is out of the allowable price limit (within the +/-5% of the reference price). Please be reminded to check the order status in “Order Status / Order History” section of Online Banking or Mobile Banking after order input. Outstanding orders can also be amended or cancelled during this period. - No Cancellation Period: Only ALO with the price between the lowest ask and highest bid recorded at the end of Order Input Period can be input, and no orders can be amended or cancelled. - Random Closing Period: Market closes randomly within the last 2 minutes of CAS. After the period, there’s order matching for all CAS securities. (To know more about the CAS, you may also refer to HKEx website http://www.hkex.com.hk/cas)
How does the order matching mechanism works? After the end of Random Closing Period, orders are matched according to order type (at-auction order with higher priority than at-auction limit order), price and time priority at the final Indicative Equilibrium Price (IEP) (i.e. Closing Price). If final IEF cannot be determined at the end of the CAS, reference price will become the final IEP. In this case, at-auction orders and at-auction limit orders with price at or better than the reference price will be matched at the reference price. If both IEP and reference price cannot be determined, then there will be no automatic order matching.
How the outstanding orders in CTS will be handled? For orders with the order status 'queued' in "Order Status / Order History" section of our Online Banking or Mobile Banking and the order price falls within the allowable price limit ( +/-5% from reference price) , the orders will be automatically carried forward to CAS . For the order with the order status 'queued' in "Order Status / Order History" section of our Online Banking or Mobile Banking whereas the order price falls outside the allowable price limit (+/-5% from reference price), the order will not be carried forward to CAS automatically unless the order price is modified and falls within allowable price limit by customer during Order Input Period (16:01 – 16:06) of CAS.
How the unfilled / partially filled orders will be handled after CAS? For Day order: Order of CAS Securities which have not been filled / partially filled will lapse after CAS close. For Good-till-date (GTD) order: Order of CAS Securities which is unfilled / partially filled during CAS will be automatically carried forward to the next trading day until it is triggered or cancelled or expired.
| ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
||
|
||
|
|
||
|
||
|
-
Investment Planner
Learn More