What should I take note of for Stop Loss Orders or GTD orders?
Stop Loss Orders
Once the current price of the stock drops to or below your pre-set stop loss price, your Stop Loss order(s) will be triggered and placed to market as limit order for execution. The executed price may be better than, or equal to your limit price. The Stop Loss order(s) will not be executed at the price below the specified limit price.
We do not guarantee that Stop Loss order(s) can be executed or partially executed. If the above Stop Loss order(s) is not executed during the good-till period, it will lapse after market closes on the good-till date
If the above Stop Loss order(s) is valid for more than 1 trading day and it is not triggered, cancelled, or rejected on a trading day during the good-till period, it will be automatically carried forward to the next trading day, until the end of the good-till period. Once triggered, the order will lapse at the end of that trading date and will not be carried forward to next trading day regardless of whether the order is executed fully or not.
Stop Loss order(s) can be cancelled but not amended. The executed part of the Stop Loss order cannot be cancelled, while only the outstanding part of the Stop Loss order can be cancelled before market closes on the trading day on which the executed part of the order is executed.
The GTD order will remain and be carried forward in the system over a period until:
- the GTD order is fully executed;
- the GTD order is withdrawn or cancelled; or
- the GTD order is rejected.
The GTD order will be cancelled automatically and permanently when any of the following events occur:
- the contract value of your GTD order exceeds the available balance at any point during the validity of GTD order;
- the share balance is insufficient for your GTD sell order at any point during the validity of GTD order;
- the specific counter in relation to your GTD order is suspended from trading;
- the price in relation to your GTD order is outside the range of price limit; or
- at the end of last business day upon the expiry date.
GTD orders may not be performed due to fluctuation in stock price, inadequate market liquidity, system failure and any event beyond our control. The order may be fully executed, partially executed, unexecuted or even rejected.
GTD order(s) will not be checked and rejected by system for any corporate actions (including but not limited to Right Issue, Stock Split, Reverse Stock Split etc) announced during the validity period of the GTD order(s). Therefore, you MUST monitor corporate actions for your GTD order(s) and cancel or modify the order(s) if required, as corporate actions normally involve change of price and/or quantity.
GTD buy order(s) requires cash up front and you must ensure that there is sufficient cash, whereas the GTD sell order(s) in designated counter will be rejected in the event there are no available balance of the shares.