US Stock Trading Services

Key Information of US Stock Trading 

Trading Hours

Order Type

• Only limit order is accepted.

Trading Unit

• The minimum trading unit for US stock is 1 share, odd lot is not supported; the maximum unit is 100,000 shares per order in regular session. 

Coverage of US Stock Free Real Time Quote

• Free real time quote of US stock is available on CSBHK XET international app in regular session for individual clients, excluding OTC shares and pre/post markets sessions.

• Corporate client should subscribe US stock RTQ plan to access the real time quote of US stock. For details, please contact responsible salesperson.

Why hasn’t my order been executed at market open? Why is my order filled at a price higher or lower than the market open? 

• NYSE stocks do not open at precisely at 9:30 (1 hour delay during winter time); instead they open in rotation by the exchange, taking into account the matching of all buys and sells to determine the opening price. This process may require several minutes, especially for volatile stocks. To determine the exact time of market opened, please look for “MO” (Market Order) indictors. Your order will not be active until that time, and you will not receive any fills before the market opens at that specific time.

Why were my orders placed with same time with the same price, not all filled? 

• It's important to note that not all orders are routed to the same market centers. As a result, your orders may not be filled simultaneously due to various factors such as liquidity and order matching algorithms employed by different market centers.

If I amend my order, does it lose its place in the queue? What happens if I cancel my order and place a new one?

• Yes, when you amend an order, it will lose its place in the queue and be treated as a new order. Similarly, if you cancel an order and place a new one, the new order will also be placed at the back of the line. It's important to consider these factors when making changes or cancellations to your orders.

Is it possible to cancel my order 1-2 minutes before the market opens? 

• Staring from May 17th 2021, orders cannot be cancelled within 5 minutes before the market opens.  We kindly advise referring to the following websites for the most up-to-date rules and frequently asked questions (FAQs) below:

http://www.nasdaqtrader.com/TraderNews.aspx?id=ETA2021-29

https://nasdaqtrader.com/content/ProductsServices/Trading/Crosses/openclose_faqs.pdf

• These sources will provide you with the latest information and guidelines regarding order cancellations.

Why has my order been delayed or rejected?

• If you are experiencing a delay in the acceptance of your order or if your order has been rejected, it may be due to the following reasons:

1. Market Price Deviation: If your order is significantly away from the prevailing market price, it will undergo an internal review before being sent to the market. This review process is in place to ensure the order meets certain criteria. During this review, the placement of the order will be delayed until the internal review is completed.

2. Threshold Exceedance: Orders that exceed certain predefined thresholds will also be subject to an internal review. These thresholds are set to maintain market stability and prevent excessive risk-taking. If your order exceeds these thresholds, it will be pending review before being sent to the market.

• To assist you further with any questions or issues related to your order, please don't hesitate to contact our hotlines. We are available to provide the necessary assistance and support.

• Please refer to the following thresholds for orders that may be subjected to review or rejection:

Can we receive/trade Pink Sheet Listed stock? 

• At CSBHK, buy orders for Pink Sheet listed stocks are prohibited unless they are white-listed. However, liquidation orders for Pink Sheet stocks are accepted if they are previously purchased through CSBHK. An exception to this rule is the trading of "F shares," which are stocks traded in other countries but also available on the Pink Sheet market. For example: “SSNLF” as Samsung Electronics. Certain "F stocks" and Pink Sheet-traded American Depositary Receipts (ADRs) can be purchased. For assistance with trading Pink Sheet listed stocks, please contact our CSBHK hotline.

Can we receive/trade OTCBB Listed stock? 

• CSBHK accepts buy orders for OTCBB listed shares only if they previously closed above $0.50 and have a market capitalization of at least $50m USD. Sell orders are only accepted if the shares were purchased previously with CSBHK. For assistance with trading OTCBB Listed stock, please contact our CSBHK hotline.

Can we receive/trade OTC Expert Market stock? 

• As of September 28, 2021, over 2,000 publicly traded companies were moved to OTC Markets' limited "Expert Market" due to their failure to provide current information publicly. CSBHK does not allow purchases in the OTC Expert Market, which is more restrictive and makes trading securities listed there more difficult. For further assistance, contact our CSBHK hotline.

You can check if a stock is pink sheet or OTC listed on https://www.otcmarkets.com 

Why was my order with 3 decimal places rejected when it has been accepted before? 

• Orders with 3 decimals places are only allowed for stocks trading below $1.00. When the price exceeds $1.00, orders must have 2 decimal places or less.

What is an “intermarket sweep”? 

• An intermarket sweep order (ISO) is type of orders that involve sending a large quantity order to multiple exchanges at the same time. The purpose of an ISO is to execute at the best available price on each exchange. As a result, the execution prices of these orders may not be exactly the same across different exchanges. 

Why wasn’t our order filled even though latest market price was below/above our limit? 

• Orders are not filled based on latest market price, but rather the bid/ask prices and available quantity. It is possible that the day low/high went beyond your limit, but it doesn’t necessarily mean the bid/ask actually reached your limit order. Your order may not have been executed due to insufficient buy/sell interest and quantity, even if you offered a better limit than market price. Filling orders depends on various factors beyond the market price alone.

Pre/Post-market FAQs

How can I enable trading function of US stock pre/post market?

• The trading function for US stocks during pre/post market sessions is already included by default. There is no need for any additional application or activation process.

What is the commission rate for the pre/post market orders?

• The commission for pre/post market orders is exactly same as regular trading session. There are no additional charges or different commission rates specially for trading during the pre/post market hours.

What are the benefits of Participating in US Stock Pre/Post-Market Trading? 

• Investor can make instant response to major information released outside regular trading hours, enabling them  to capture the investment opportunity that arise from significant news or events affecting the stock market.

• It is more flexible and convenient, allowing investor to engage in trading activities outside the regular market hours and adopt their strategies to participate and manage US stock trading.

What are the reminder of US Stock Pre/Post-Market Trading? 

• During these sessions, the liquidity and market depth are generally lower, which result in significant difference in market prices compared to the regular session. 

• The price quote provided may not necessarily be the best price for the entire market, as it is offered by specific exchange and it may not be integrated with others.

• It is crucial to note that any orders confirmed during Pre/Post-market session are treated as a final executions and cannot be cancelled.

How can I get the price quote of Pre/Post-market?

• The price quote of the Pre/Post-market session is not available on our trading platform. However, you can contact our night shift dealing support at 2237-9466 to request a quote for the price during these sessions. They will be able to provide you with the necessary information.

Why is the price of pre/post-market different from other trading platform?

• The price of Pre/Post-market offered by CSBHK is provided by specific exchange and it may differ from other trading platforms because it is provided exclusively by that particular exchange and is not integrated with others. As a result, there may be variations in prices among different exchanges during the Pre/Post-market session.

Trading Platform and Order Placing

• Client can place the Pre/Post-market order through XET International app or iTrade.

• XET International: Select market as “US” and pre/post market as “allow” in trade interface, then enter other order details to submit.

• iTrade: Select market as “USEX” and pre/post market as “allow” in trade interface, then enter other order details to submit.

Can the pop-up message be set not to be displayed when selecting "Allow" Pre/Post-market? 

• For XET international app, you can tick “Skip reminder” on the pop up message so that the message will not display again within the same login period. But there is no such option on iTrade.

Can the Pre/Post-market option be set as "Allow" as default?

• The default option is “Not Allow” and it cannot be amended.

The Coverage 

• Only US exchange listed stocks are supported, excluding low priced stocks (OTC market).

Order Type 

• Only limit order is accepted, pre/post market orders are only sent to ECNs (Electronic communication networks).

Trading Unit

• The minimum trading unit for US stock is 1 share and the maximum unit is 20,000 shares per order in Pre/Post-market session. Please contact CSBHK if you require exception to this rule.

How can I confirm the queuing order is Pre/Post-market order?

• XET International: The order type will be shown as “Whole Session Market Limit in the “Order Details”. 

• iTrade: The order will be shown as “Limit Session” in “Day Trade” page.

What if the orders are not filled?

• The unfilled session limit order will be automatically carried to next session and expired after Post-market session.

• The limit order will be valid only in regular session.

Can the stock be traded in pre-market session on the day of the stock split/reverse split?

• Reverse split stocks or split stocks will not be released for trading until all related positions are updated. It is typically done by 9:00 p.m. (1 hour delay during winter time).

Remarks

*The Pre-market order will be pending to update until 6:00 p.m. if it is rejected by the exchange before 6:00 p.m.

**Pre-market orders received via FIX are accepted between 9:25 p.m. - 9:30 p.m. (1 hour delay during winter time).

#MO is the official market open announced by NYSE.