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New KRX Trading System: Expected Changes to ATO and ATC Orders

Both ATO/ATC orders will be displayed at a specific price, similar to limit orders, instead of only displaying at the price marked "ATO" and "ATC".

Báo Đầu tưBáo Đầu tư29/12/2024

In order to help investors understand the expected changes in securities trading regulations when applying the new information technology system to the Vietnamese stock market, Ho Chi Minh City Stock Exchange (HOSE) informs about the expected changes in trading regulations when applying the new information technology system compared to the current one.

Following the content "Expected changes in transaction regulations when applying the new information technology system compared to the current one" shared by Electronic Investment Newspaper, HOSE continues to introduce illustrative examples of ATO orders and ATC orders in periodic order matching sessions.

Periodic order matching is a trading method performed by the system on the basis of matching buy and sell orders of securities at a specified time with the principle of determining the execution price at which the transaction volume reaches the largest. Buy orders with a higher price and sell orders with a lower price than the selected price must be fully executed.

When applying the new information technology system, trading orders at the matching price that determines the opening/closing price (ATO/ATC orders) will not be prioritized over limit orders (LO) entered into the system before when matching orders. At the same time, these two orders will also be displayed at a specific price, similar to limit orders instead of only being displayed at the price marked "ATO" and "ATC". In case there is only a remaining buy or sell order of these two orders, the displayed price is the expected matching price. If there is no expected matching price, the displayed price will be the nearest matching price or reference price.

ATO/ATC command does not have priority over LO command

When applying the new information technology system, ATO/ATC orders will not be prioritized before LO orders to buy at ceiling price and limit orders to sell at floor price that have been entered into the system before when performing order matching. Currently, ATO/ATC orders will be prioritized before limit orders.

Example 1: LO order to buy at ceiling price is entered before ATO order to buy
In the periodic order matching session to determine the opening price, stock A (reference price: 39,000; ceiling price: 41,700; floor price: 36,300) has the following order book:

Order matching result: Matching price: 41,700; Total matching volume: 500

Example 2: LO sell order at floor price is entered before ATO sell order

In the periodic order matching session to determine the opening price, stock A (reference price: 39,000; ceiling price: 41,700; floor price: 36,300) has the following order book:

Order matching result: Matching price: 36,300; Total matching volume: 400

Example 3: On the order book there are both ATO buy orders, ATO sell orders, LO buy ceiling price orders entered before ATO buy orders.

In the periodic order matching session to determine the opening price, stock A (reference price: 39,000; ceiling price: 41,700; floor price: 36,300) has the following order book:

Order matching result: Matched price: 41,700; Total volume: 600

Display ATO/ATC command

Regarding the display of ATO/ATC orders in periodic order matching sessions when applying the new IT system: ATO/ATC orders will be displayed at a specific price as limit orders (currently ATO/ATC orders are displayed at prices with the symbols "ATO" "ATC").

In case there is only remaining buy or sell order of ATO or ATC order: The displayed price of ATO/ATC buy or sell order is the expected matching price. In case there is no expected matching price, the displayed price is the most recent matching price or reference price (in case there is no most recent matching price):

  Example 1: Case where there is only remaining sell order of ATO order

In the periodic order matching session to determine the opening price, stock A (reference price: 39,000) has the following order book:

Explanation: + Expected matching price: 38,950; expected matching volume 100; order 1 matches order 2: 100 shares.
+ In the periodic order matching session to determine the opening price, the displayed information is the 3 best expected remaining bid and offer prices after the order matching, so order 2 with a remaining sell price of 400 will be displayed at the price of 38,950 (expected matching price).

In case of remaining buy or sell orders of limit orders: The displayed price of the ATO/ATC buy order is the highest buy price plus 01 quotation unit (if this determined price is higher than the ceiling price, it will be displayed as the ceiling price).

Example 2: Case of remaining buy limit order
In the periodic order matching session to determine the opening price, stock A (reference price: 39,000) has the following order book:

Explain:

+ Expected matching price: 39,000; expected matching volume: 200; order 1 matches order 3: 200 shares.
+ In the periodic order matching session to determine the opening price, the displayed information is the 3 best bid and offer prices expected to remain after the order matching, so order 1 will display a buy surplus of 100 at the price of 38,950; order 2 a buy surplus of 500 at the price of 38,900.
- The displayed price of the ATO/ATC sell order is the lowest remaining sell price minus 01 quotation unit (if this determined price is lower than the floor price, it is displayed as the floor price).

Example 3: Case of remaining sell limit order
In the periodic order matching session to determine the opening price, stock A (reference price: 39,000) has the following order book:

Explain:

+ Expected matching price: 39,000; expected matching volume: 200; order 1 matches order 3: 200 shares.
+ During the periodic order matching session to determine the opening price, the displayed information is the 3 best bid and offer prices expected to remain after the order matching, so order 3 will display a sell balance of 100 at the price of 39,100; order 2 will display a sell balance of 500 at the price of 39,150./.

Source: https://baodautu.vn/he-thong-giao-dich-moi-krx-nhung-thay-doi-du-kien-voi-lenh-ato-va-atc-d266570.html


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