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Web Futures online help manual:


I. What's new and important
  1. New added order Validity Type
  2. New Stop/Trigger Order
  3. New Inactive/Active function
  4. Alert about data refresh
  5. Margin calculation and requirement
  6. Disable "Password confirmation requirement for order placing"
II. Other functions
  1. Login
  2. Trading
    1. Futures Products
    2. Options Products
    3. Futures/Options trading
  3. Order Status
    1. Order status description
    2. Amend and delete orders
  4. Position
  5. Account Enquiry
  6. Q&A

I. What's new and important

  1. New added order Validity Type

    Except the ?§Today?? valid order available in the old system, there are 4 new validity order type in our new system. They are ?§Fak??, ?§Fok??, ?§GTC?? and ?§GTD??.

    Today Rest of day (default). It means unmatched/uncanceled orders will remain in the system (or order book) until the market close of the day.
    Fak Fill and Kill. It means that the order is to be matched, immediately after submission, as much as possible, up to quantity specified in the Qty field and the remaining unmatched portion, if any, of the order will be canceled automatically by the system at once.
    Fok Fill or Kill. It means that the order is to be matched, immediately after submission, at the exact quantity specified in the Qty field or else it will be canceled automatically by the system at once.
    GTC Until Expiry. It means that unmatched/uncanceled orders will remain in the system (or order book) until the market close of the expiration day of the product. The outstanding unmatched/uncanceled GTC order will be cancelled by the system automatically after the market close of product last trading day.E.g.: Buy 1 contract of Feb/08 HSI with validity ?§GTC??. If the order is not matched or cancelled, it will be valid until the last trading day of Feb.

    GTD Specified Date. It means that unmatched/uncancelled orders will remain in the system (or order book) until the market close of the business date specified in the Date field. The outstanding unmatched/uncanceled GTD order will be cancelled by the system automatically after the market close of specified validity date.E.g.: Buy 1 contract of Feb/08 HSI with validity ?§GTD?? to 24-Jan on 18-Jan-08. If the order is not matched or cancelled, it will be valid until 24-Jan.

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  2. New Stop/Trigger Order

    Investors may wish to open new position or close position when the market price goes above or below a certain level. In this case, you can choose to use Stop/Trigger Order: When the market price (The last trade price) reaches the Trigger Price of your Stop/Trigger Order which you have preset, Online Futures Trading System will send out a Limit Order with the Order Price which predefined by yourself to market for matching or queuing.

    All Conditional Orders are Day Orders. They are valid until the close of the day for which they were placed and cancelled at the end of that day if not executed. Taifook Futures Limited reserves the right to revise and amend the acceptable level of "the spread between Triggered Price and Limit Order Price of Conditional Order" in accordance with the market conditions without prior notice.

    *CAUTION:

    • This order request will be taken as new order request if there is no outstanding position for settlement.
    • Stop/Trigger Orders are additional functions assisting your trading only. Before you make use of Stop/Trigger Order, please make sure you fully understand its definition and operation in order to avoid using the function under misunderstanding. If you wish to know more about these functions, please contact our Customer Services at (852) 3583 3388

    The ?§Stop Order??, ?§Conditional order >=?? & ?§Conditional order <=?? in the old version are named as ?§Stop Limit??, ?§Up Trigger?? and ?§Down Trigger?? in the new version.

    The order placing mechanism ?§Up Trigger?? and ?§Down Trigger?? are the same as the old version. Below is a checking table for reference.

    Old version: New version?G
    Conditional order>=:
    Up Trigger:
    Conditional order??=:
    Down Trigger:

    And the ?§Stop Limit?? order placing mechanism is a bit different to the old version. Below is a checking table for reference.

    Old version: New version:
    Stop Order:
    Stop Limit:
    In the old version, client does not need to input the order price when placing a ?§Stop Order??. The system will send out the order upon 400 point to the trigger price once the condition is fulfilled.

    E.g. The market price is 26600. And I would like to sell at 26500 to stop loss. In the old version, I just need to input 26500 as the ?§Trigger?? price. And when the market price reaches 26500, my sell order will be sent to the market and sell at 26500 ?V 400 to close position.
    In the new version, client should input the ?§Price?? together with the ?§Trigger Price??. When the market price reaches the ?§Trigger Price??, the order will be sent to the exchange with the assigned ?§Price??. The client can determine the difference between the ?§Price?? and ?§Trigger Price??.

    E.g.: The market price is 26600. And I would like to trigger a sell order at 26500 to stop loss. And the selling price is 5 points below the trigger price.

    When the market price reaches 26500, the sell order 26495 is triggered and being sent to the exchange.

    Case 1: The market price is 26498 when the triggered sell order is sent to the exchange. The order is executed immediately at the better price 26498 which is better than the assigned order price 26495.

    Case 2: The market price is 26490 when the triggered sell order is sent to the exchange. As the sell order price (26495) is above the market price (26490), the order cannot be filled immediately. It is queued in the market and waiting for matching price.


    For more information about Stop/Trigger order, please refer to
    ?§Futures/Options trading?? & ?§Q&A???C

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  3. New Inactive/Active function

    There is the new ?§Inactive?? function in the new version. Client can remark the order request as ?§inactive?? and thus the order request will be saved in the system only but not sending to the market. This function allows users preset order request in the system. Once he/she would like to send the order request to the exchange for execution, he/she can just choose the inactive order and ?§Activate?? it.

    Pay attention that although the order is set as ?§Inactive??, the margin required is already hold when the order is placed. The margin calculation is no difference to normal active orders.




    Client can choose the ?§Inactive?? order and press ?§Activate?? button to send the order to the exchange.

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  4. Alert about data refresh function

    There are 3 enquiry pages in the new version. They are ?§Order status??, ?§Position?? and ?§Account Enquiry??.

    Order Status:


    Position:


    Account Enquiry:


    Remark: All information is for reference only. The last query time is just the time of your last enquiry but not the data update time. If there is any query of the data shown, please contact your AE immediately for real-time accurate information.

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  5. Margin calculation and requirement function

    • The exchange SPAN standard is used for margin calculation in the system. The only difference is that if all of your position or working orders are pure long options, the margin requirement will be the premium. SPAN standard will be used for all other scenarios.
    • Clients can place order that will increase the margin requirement only if they have enough buying power.
    • There is an assigned Exposure Limit for each online futures trading account as the maximum margin for open position. It is for credit control purpose. If your account has enough buying power but your order request will exceed the Exposure Limit, it will be rejected. If you would like to adjust your Exposure Limit amount, please contact with your Account Executive.

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  6. Disable "Password confirmation requirement for order placing"

    Clients can disable ?§Password confirmation requirement for order placing?? in ?§Client profile??. After the setting is effective, clients do not need to enter password per each order placing.



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Other functions

  1. Login



    Please enter your online futures trading login ID and password and then press ?§Confirm?? button to login.

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  2. Trading

    1. Futures Products

      Abbreviation Product Market Exchange Tick Size Tick Value Contract Size
      HSI Hang Seng Index Futures Hong Kong HKFE 1 HKD 50 HKD 50 x Index
      HHI H-Shares Index Futures Hong Kong HKFE 1 HKD 50 HKD 50 x Index
      MHI Mini-Hang Seng Index Futures Hong Kong HKFE 1 HKD 10 HKD 10 x Index
      MCH Mini H-shares Index Futures Hong Kong HKFE 1 HKD 10 HKD 10 x Index

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    2. Options Products

      Abbreviation Product Market Exchange Tick Size Tick Value Contract Size
      HSI - Call Hang Seng Index Call Options Hong Kong HKFE 1 HKD 50 HKD 50 x Option Premium
      HSI - Put Hang Seng Index Put Options Hong Kong HKFE 1 HKD 50 HKD 50 x Option Premium
      MHI - Call Mini Hang Seng Index Call Options Hong Kong HKFE 1 HKD 10 HKD 10 x Option Premium
      MHI ?V Put Mini Hang Seng Index Put Options Hong Kong HKFE 1 HKD 10 HKD 10 x Option Premium
      HHI - Call H-Shares Index Call Options Hong Kong HKFE 1 HKD 50 HKD 50 x Options Premium
      HHI - Put H-Shares Index Put Options Hong Kong HKFE 1 HKD 50 HKD 50 x Options Premium

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    3. Futures/Options trading

      Item name Description
      Product Product ID: HSI, HHI, MHI, MCH
      For Options, there will be Call or Put for each available products.
      Expiry Mth The available months for trading: This month, next month, next quarter, and next 2 quarter
      Strike Price Options strike price
      Price The order price. An order is to be matched at the order place or better.
      Quantity The maximum executable quantity per order specification depending on the Validity.
      Validity Type Please refer to ?§I What??s new and important - New added order Validity Type??
      Validity Date The specified date for GTD.
      Stop/Trigger 1.Stop Limit: Buy Order: When the market price is larger than or equal to stop price, then the buy order will be place in the market. Sell Order: When the market price is less than or equal to stop price, then the sell order will be place in the market. 2.Up Trigger: If market price is equal or larger than trigger price, then the order will be place in the market. 3.Down Trigger: If market price is equal or less than trigger price, then the order will be place in the market.
      Trigger Price The trigger price of Stop/Trigger orders that is the condition that to be met before the order will be place in the market.
      AO An auction order. An order that does not have a price limit assigned. An auction order is ready to be matched at the Calculated Opening Price (COP) during the Pre-market Opening Period. At the end of the Pre-market Opening Period all unmatched auction orders will be converted to either limits orders or inactive orders.
      Inactive An inactive order. It is not a tradable order unless user activates the order to place to the market.

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  3. Order Status

    Item name Description
    Ref No The unique ID for each order. User can click the Ref No to see the order details.
    Ex. Exchange: HKIF ?V Hong Kong Futures Exchange
    Product Product code: HSI, HHI, MHI, MCH There are strike price for Call/Put options: e.g. HSI30000L7, 30000 is the strike price, L represents Call options at Dec, 7 represents year 2007
    Call/Put To identify Call/Put for Options orders
    Expiry Mth Product expiry month
    O/S Bqty Outstanding Buy quantity that not yet filled
    O/S Sqty Outstanding Sell quantity that not yet filled
    CCY Trading currency
    Price Order price
    Valid The validity period of the buy/sell order
    Cond. Order condition. Once the condition is reached, the buy/sell order will be sent to the market
    Status Please refer to ?§Order Status Description??
    Filled Qty The filled quantity of buy/sell order
    Initiator The initial sender of the order
    Order Time Stamp The order time
    Last Query Time User??s last query time
    Buying Power = Total Cash + Commodity ref P/L ?V Online I. Margin. It is the balance available to open new positions (The maximum buying amount is limited by the Exposure Limit).
    Buying Power Last Updated Time The last update time of buying power.

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    1. Order status description

      Status Description Description mapping to old version
      Working The order has been queuing in HKEx Queuing
      Pending The order condition is not fulfilled at this moment and waiting for triggering Sending
      Inactive The order is inactive and does not send to the HKEx Inactive
      Deleted The order has been cancelled Cancelled
      Completed The order has been filled Completed

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    2. Amend and Delete

      The ?§Amend?? and ?§Delete?? functions are only available to those outstanding orders, with status including ?§Working, Pending and Inactive??. If the order is filled or cancelled, it cannot be amended or deleted anymore.

      For those outstanding orders that can be amended or deleted, there will be a check box on the left hand side of the order record. To amend, please tick the check box and press the ?§Amend?? button to proceed. To cancel, please tick the check box and press the ?§Delete?? button to proceed.

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  4. Position

    Item name Description
    Prev. net Position & average price in Previous Business Date
    Day Long Long Position & average price in Today
    Day Short Short Position & average price in Today
    Net Net Position (Total Long ?V Total Short) & average price
    Mkt. Prc Market Price
    P&L Profit/Loss (Calculated by Market Price)
    P&L (Base Ccy) Profit/Loss in Base Currency
    Last Query Time User??s last query time

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  5. Account Enquiry



    Account Info:

    Item name Description
    Buying Power = Total Cash + Commodity ref P/L ?V Online I. Margin. It is the balance available to open new positions (The maximum buying amount is limited by the Exposure Limit).
    NAV (Net Asset Value) = Total Cash + Commodity P/L
    Margin Call The insufficient amount to fulfill the margin requirement
    Commodity ref. P&L P&L of all commodities
    Online I. Margin Currently required initial margin of all positions and orders in the online account
    Online M. Margin Currently required maintenance margin of all positions and orders in the online account
    Total Cash Total cash in the account
    Exposure limit A maximum margin setting per account to limit the amount of margin requirement for credit control
    Account Info Last Updated Time The last update time of Account Info.


    Account Balance:

    Item name Description
    CCY Balance currency
    Cash Bf Cash brought forward
    Today Cash Today cash deposit/withdraw
    Fx Rate Currency rate corresponding to the base currency (HKD)
    Cash (Base Ccy) Total cash in base currency (HKD)

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  6. Q&A

    1. There are several main reasons that you fail to place an order:

      • Not enough buying power: System will hold required margin amount for all order placing request (including Stop/Trigger orders that are not triggered and inactive orders) no matter it has been executed or not for credit control. Clients can cancel some of the not-yet-executed order request to release hold margin for another new order request.

      • Exceed the Max. Margin requirement (Exposure limit): There is an assigned Exposure Limit for each online futures trading account as the maximum margin for open position. It is for credit control purpose. If your account has enough buying power but your order request will exceed the Exposure Limit, it will be rejected. If you would like to adjust your Exposure Limit amount, please contact with your Account Executive.

      • If there is any problem with the system and you encounter any unknown or unclear data or status, please contact your Account Executive immediately.

    2. Under what situation that my limit order or Stop/Trigger order cannot be cancelled:
      As the market may fluctuate quickly, your order maybe executed in a short time and not able to be canceled.

    3. How to place a Stop/Trigger order?
      Example 1: Stop Limit (Assume with 1 Long current month HSI27000 futures contract on hand) If the market price at the moment is 26800, I would like to cut loss at around 26750 levels. Can take below setting as a reference. When the market price reaches 26750 (This is the Trigger price. When this price is reached, the order will be submitted to the exchange), sell 1 current month 26475HSI (As I would like to have the order filled immediately within 5 points lower than the trigger price)?C Example 2: Down Trigger I would like to buy in 2 MHI contracts when the market price drops to 26500 levels. And the current market price is 26800. Can take below setting as a reference. When the market price reached 26510 (This is the Trigger price. When this price is reached, the order will be submitted to the exchange), the system will submit 2 MHI buy limit order at 26500.

    4. What is the trading hour for Hang Seng Index Futures?
      Pre-market opening session: 9:15 a.m. - 9:45 a.m.(Only available for Hang Seng Index Futures & Mini Hang Seng Index Futures) Morning session: 9:45 a.m. - 12:30 p.m. Afternoon session: 2:30 p.m. - 4:15 p.m. Please refer to the details in
      www.hkex.com.hk.

    5. What kind of Futures products can I trade via Taifook online Futures Trading System?
      With Taifook online Futures Trading System, you will be able to trade:

      • Hang Seng Index Futures
      • Mini Hang Seng Index Futures
      • H-shares Index Futures
      • Mini H-shares Index Futures
      • FTSE/Xinhua China 25 Index Futures
      • Hang Seng China H-Financials Index Futures

    6. Which type of futures contracts can I trade via Taifook online Futures Trading Services?
      You can trade futures contract via Taifook online Futures Trading Services for spot month, next calendar month and next two calendar quarterly months.

    7. How do I know if my orders have been sent and executed?
      After placing an order, you will receive a message to tell the order request is sent. And the order will be shown in ?§Order Status?? page. There is a unique order number for each order. Meanwhile, you can check the latest status in the field " Status" and make order amendment or cancellation instructions whenever necessary. If the order is filled, the order with information like executed time, quantity and price will be shown by pressing the ?§Ref No.??.

    8. How to oversee my account balance?
      Please go to ?§Position?? and ?§Account Enquiry?? for a full view of account balance and position.

    9. What is the liquidation policy of Taifook Online Futures Trading Services?
      When the net balance of online futures account falls beyond the maintenance margin level, your account executive will contact you for appropriate deposit before a designated deadline or without notice. Taifook Futures Limited reserves the right to liquidate the position should the market reverses.

    10. What should I do if I encounter technical problems with online Futures trading services?
      Please contact your Account Executive or call our customers service hotline at 3583-3388 for assistance.

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