滬港通

滬港通是一項互聯互通機制,香港和國際投資者可以通過香港聯交所(以下簡稱“SEHK”)及其清算所交易並清算上海證券交易所(以下簡稱“SSE”)的上市股票。盈透作為SEHK會員,您可通過盈透快速穩定地訪問SSE並交易其上市產品。當前所有具備香港股票交易許可的盈透客戶均可通過滬港通交易SSE的證券。

 

通過滬港通交易的產品類型

SSE擁有不同類型的掛牌證券,但滬港通初始階段只能交易A(在中國證券交易所交易的大陸公司股票)。這包括所有上證180指數與上證380指數的成分股,以及雖不在相關指數成分股內但有股票同時在SSE以及SEHK上市的H股。

點擊此處查看產品列表和股票代碼:

 

在IB交易SSE證券的傭金

與交易港股的佣金相同,IB只向客戶收取交易額的0.08%作為佣金費用,每筆定單的最低佣金為15元人民幣。交易所要求的交易所費用、清算費用和印花稅將另行徵收。費率詳情于下方列出。您還可在我公司網站查看固定式傭金結構與階梯式傭金結構的對比情況。

交易所費用、清算費用以及印花稅

固定式和階梯式佣金結構對比

 

清算和結算週期

股票于當天結算(T),而SSE交易的現金結算于1日后進行(T+1)。請注意,外匯結算週期為(T+2)。因此,由於結算週期不同步,交易離岸人民幣的客戶應于股票交易的前一日(T-1)執行外匯交易,以避免不必要的利息。

 

SSE交易時段(香港時間)

交易時段

SSE交易時間

開盤集合競價

09:15 – 09:25

連續競價(上午)

09:30 – 11:30

連續競價(下午)

13:00 – 15:00

09:20 – 09:25:SSE不受理取消定單的請求

 

限價

SSE證券的限價範圍為在前一日收盤價的基礎上上下波動10%(特殊的股票可上下波動5%)。所有定單必須在限價範圍之內(包括限價)。價格上限和下限當日保持不變。

請注意,SEHK擬於滬港通初始階段將動態價格檢查定為3%(該數值可能偶爾會被調整) 

 

投資額度

滬港通設有跨境投資額度上限(即總額度)和每日額度。SSE的投資總額度為3000億元,每日額度為130億元。二者按“凈買入”來計算。據此,SSE賣盤額度無限制,客戶可隨意賣出其SSE股票。一旦每日額度在連續競價期間跌破0,交易所將不再接受任何買單。IB會在額度用盡時通知客戶。SEHK也將在其網站上發佈總額度和每日額度的余額。

 

定單限制

對於SSE股票而言,僅限價單(SSE限價單可以特定或更好的價格成交)可全天候自由下單。於此同時,所有SSE股票的每手交易單位統一為100股。買單的股票數量必須為每手交易單位的倍數;賣單則可接受零星股。不允許定單修改。如果您想修改定單,必須先取消定單,并在成功取消后重新下單。

 

其他應該注意的交易限制

a)       大陸的A股市場不能進行日內交易。因此,購買SSE證券的香港和海外投資者只能在T+1當天或之後賣出股票。

b)       SSE股票沒有大宗交易機制。

c)        滬港通初始階段,SSE股票不能進行賣空交易。

d)       滬港通初始階段,IB不提供保證金交易。

 

 

如果您對滬港通有更多疑問,請聯繫IB客戶服務獲取進一步的信息。

電話: +852-2156-7907 / +86(21)6086 8586

郵件: cnhelp@interactivebrokers.com


 

 

沪港通

沪港通是一项互联互通机制,香港和国际投资者可以通过香港联交所(以下简称“SEHK”)及其清算所交易并清算上海证券交易所(以下简称“SSE”)的上市股票。盈透作为SEHK会员,您可通过盈透快速稳定地访问SSE并交易其上市产品。 当前所有具备香港股票交易许可的盈透客户均可通过沪港通交易SSE的证券。

 

通过沪港通交易的产品类型

SSE拥有不同类型的挂牌证券,但沪港通初始阶段只能交易A 股(在中国证券交易所交易的大陆公司股票)。这包括所有上证180指数与上证380指数的成分股,以及虽不在相关指数成分股内但有股票同时在SSE以及SEHK上市的H股。

点击此处查看产品列表及股票代码

 

在IB交易SSE证券的佣金

与交易港股的佣金相同,IB只向客户收取交易额的0.08%作为佣金费用,每笔定单的最低佣金为15元人民币。交易所要求的交易所费用、清算费用以及印花税将另行征收。汇率详情于下方列出。您还可在我公司网站查看固定式佣金结构与阶梯式佣金结构的对比情况。

交易所费用 、清算费用以及印花税

固定式和阶梯式佣金结构对比

 

清算和结算周期

股票于当天结算(T),而SSE交易的现金结算于一日后进行(T+1)。 请注意,外汇结算周期为(T+2)。因此,由于结算周期不同步,交易离岸人民币的客户应于股票交易的前一日(T-1)执行外汇交易以避免不必要的利息。

 

SSE交易时段(香港时间)

交易时间

SSE交易时间

开盘集合竞价

09:15 – 09:25

连续竞价(上午)

09:30 – 11:30

连续竞价(下午)

13:00 – 15:00

 09:20 – 09:25:SSE不受理取消定单的请求

 

限价

SSE证券的限价范围为在前一日收盘价的基础上上下波动10%(特殊的股票可上下波动5%)。所有定单必须在限价范围之内(包括限价)。价格上限和下限当日保持不变。

请注意,SEHK拟于沪港通初始阶段将动态价格检查定为3%(该数值可能偶尔会被调整)

 

投资额度

沪港通设有跨境投资额度上限(即总额度)与每日额度。SSE的投资总额度为3000亿元,每日额度为130亿元。二者按“净买入”来计算。据此,SSE卖盘额度无限制,客户可随意卖出其SSE股票。一旦每日额度在连续竞价期间跌破0,交易所将不再接收任何买单。IB会在额度用尽时通知客户。SEHK也将在其网站发布总额度与每日额度的余额。

 

定单限制

对于SSE股票而言,仅限价单(SSE限价单可以特定或更好的价格成交)可全天候自由下单。与此同时,所有SSE股票的每手交易单位为100股。买单的股票数量必须为每手交易单位的倍数;卖单则可接收零星股。不允许定单修改。如果您想修改定单,必须先取消定单,并在成功取消后重新下单。

 

其他应该注意的交易限制

a)       大陆的A股市场不能进行日内交易。因此,购买SSE证券的香港和海外投资者只能在T+1当天或之后卖出股票。

b)       SSE股票没有大宗交易机制。

c)        沪港通初始阶段,SSE股票不能进行卖空交易。

d)       沪港通初始阶段,IB不提供保证金交易。

 

如果您对沪港通有更多疑问,请联系IB客户服务获取进一步的信息

电话: +852-2156-7907 / +86(21)6086 8586

邮件: cnhelp@interactivebrokers.com

Shanghai – Hong Kong Stock Connect

Shanghai – Hong Kong Stock Connect is a mutual market access program through which Hong Kong and international investors can trade shares listed on the Shanghai Stock Exchange (SSE) via the Stock Exchange of Hong Kong (SEHK) and their existing clearing house. As a member of SEHK, IB provides you with direct access to SSE and help you to trade with all listed products on the Shanghai Stock Exchange. All current IB clients with Hong Kong stock trading permissions will be eligible to trade SSE securities through Shanghai-Hong Kong Stock Connect.

 
Shanghai – Hong Kong Stock Connect Products
Among the different types of SSE-listed securities, only A shares (shares in mainland China-based companies that trade on Chinese stock exchange) will be included in the initial stage of the Shanghai-Hong Kong Stock Connect implementation. This includes all the constituent stocks of the SSE 180 Index, SSE 380 Index and all the SSE-listed A shares that are not included as constituent stocks of the relevant indices but have corresponding H shares listed on the SEHK.
Click here to see the product list and stock codes:
 
 
IB commission for trading SSE securities
Same as trading Hong Kong stocks, IB charges only 0.08% of trade value as a commission with a minimum CNH 15 per order. Exchange fees, clearing fees and stamp duty are required by the exchange and will be changed separately. The detailed fee rate can be find below. Comparison between fixed and tiered commission structures can also be found on our website.   
 
 
Clearing and settlement cycle
Stock settlement is within the same day (T) while cash settlement for SSE trades takes place one day later (T+1). Please be aware that the Forex settlement cycle is (T+2). Therefore, due to the unsynchronized settlement cycle, clients who exchange CNH themselves should execute the Forex trade one day prior to the stock trade (T-1) to avoid the extra day’s interest payment.
 
 
Trading hours for SSE (Hong Kong Time)

Trading Session
SSE Trading Hours
Opening Call Auction
09:15 – 09:25
Continuous Auction (Morning)
09:30 – 11:30
Continuous Auction (Afternoon)
13:00 – 15:00

09:20 – 09:25: SSE will not accept order cancellation

 
Trading price limit
For SSE securities, there is a general price limit of +/-10% (+/-5% for stocks under special treatment) based on the previous day closing price. All orders must be at or within the price limit. The upper and lower price limit will remain the same intra-day.
Please also note that during the initial phase of the launch, SEHK intends to set the dynamic price checking at 3% (the percentage maybe adjusted periodically).
 
 
Investment quota
Shanghai - Hong Kong Stock Connect is subject to a maximum cross-boundary investment quota (i.e. Aggregate Quota) and a daily Quota. The Aggregate Quota and Daily Quota through SSE is set at RMB 300 billion and RMB 13 billion respectively. Both the Aggregate Quota and Daily Quota are applied on a “net buy” basis. Under this principle, customers are allowed to sell their SSE securities regardless of the quota balance. Once the Daily Quota drops to zero or is exceeded during a continuous auction session, NO further buy orders will be accepted. IB will inform clients once the quota limitation is reached. SEHK will also publish the remaining balance of the Aggregate Quota and Daily Quota on the website.
 
 
Order limitation
For SSE securities, only limit orders (SSE limit orders can be matched at the specified or better price) will be accepted throughout the day. Meanwhile, all SSE securities are subject to the same trading board size, which is 100 shares. Buy orders must be multiples of a board lot; odd lot trading is only available for sell orders. Order amendment is NOT allowed. If you want to amend the order, you must cancel the order first and place a new order after the previous one is successfully cancelled.
 
 
Other trading limitations 
a)      Day trading is not allowed for the Mainland A shares market. Therefore HK and overseas investors buying SSE securities on day-T can only sell the shares on or after T+1.
b)      For SSE Securities, block trade facility will not be available.
c)       For SSE Securities, shorting is not allowed during the initial phase of the launch.
d)      IB will not be facilitating margin trading during the initial phase of the launch.
 
 
If you have any questions regarding Shanghai – Hong Kong Stock Connect, please contact IB customer service for further information. 
Tel: +852-2156-7907 / +86(21)6086 8586
Email: cnhelp@interactivebrokers.com

Overview of Accumulate / Distribute Algorithm

Overview: 

Accumulate/Distribute is a sophisticated trading algorithm which allows one to buy or sell large orders by splitting the trade into multiple orders with the goal of reducing visibility and market impact.

When to Use
This order type is geared towards traders of large position blocks as well as high frequency traders and is intended to run unattended while logged into the TWS.
 
How to Locate
The Accumulate/Distribute algorithm can be accessed from the TraderWorkstation by selecting the Trading and then Accumulate/Distribute menu options at the top of the page or it can be added to the trading tool bar menu by clicking on the Add More Buttons icon.
 
Order Set Up
Once the trader has defined the instrument and action (buy or sell), the following parameters are to be specified:
 
  1. Total Quantity – defines the aggregate order size (e.g., shares, contracts);
  2. Trade Increment – defines the unit (e.g., shares, contracts) size for each component order;
  3. Time Increment – defines the period of time (seconds, minutes or hours) between the submission of a component order and the submission of the following order;
  4. Order Type – may select from market, limit or relative. A market order will be executed at the ask price and should only be used where, for example, a stock is highly liquid with significant bid-ask sizes. Limit and Relative order types require that the trader specify additional order relationships and the choices are numerous. The execution price, for example, may be specified as being relative to a fixed value, bid, ask or last price, VWAP, moving average or last trade. These choices may be increased or decreased by an offset factor and multiple conditions may be established. For example, one may wish to create a relative order type to match the bid price plus an offset factor of $0.01 and to ensure that they don’t lift the ask if the spread is $0.01, add a condition that the bid be no less that $0.02 beneath the ask price.
  5. How to Operate – if the trader does not check the box titled “Wait for current order to fill before submitting next order” then orders which do not meet the price conditions will continue to accumulate in accordance with the established time increment, the unexecuted orders will be aggregated into one or more potentially sizable orders at the exchange. If this box is checked, then the more restrictive the buying conditions, the greater the likelihood that the algorithm will fall behind its schedule of buying or selling at every ‘X’ interval.  If this box is checked the trader may then check the box titled “Catch up in time”. When that box has been checked and should the algorithm fall behind, the next orders will be placed immediately after their predecessor fills until such time the algorithm has caught up.
  6. Randomization – check boxes are provided to allow for a +/- 20% randomization in the time increment and a +/- 55% randomization in the trade increment. Accordingly, in the case of a 30 second time increment, this would allow for randomization of between 24 and 36 seconds between orders and in the case of a 500 share trade increment, this would allow for randomization of between 200 and 800 shares (rounded to the nearest round lot) per order. Randomization serves to minimize the likelihood of others detecting your order.
  7. RTH – a check box is provided which will allow the order to be filled outside of regular trading hours.
  8. Take up Offer Size – if a limit or relative order type is selected, the trader may input an order size which if bid (in the case of a sell order) or offered (in the case of a buy order) the trader would be willing to take in its entirety, up to the remaining portion of the total order quantity (satisfies the price conditions).
Managing the Trade
The Accumulate/Distribute algorithm also allows for conditions to be established which, if not met, will cause the algorithm to either stop permanently or resume when the conditions are again satisfied. These include the following:
 
  1. Price Range - traders may specify a price range outside of which they do not want to buy the stock;
  2. News – the trader may stop the algorithm for some period of time if there is news on the stock, for example;
  3. Position - traders may stop the algorithm based upon their position in the stock; For example, a trader running multiple algorithms one to buy the stock and another to sell in an attempt to trade the stock back and forth for a profit may decide to suspend one side if the position becomes substantially imbalanced;
  4. Stock Path – a trader, for example, may wish to suspend the algorithm if a given moving average, say the 10-minute VWAP is not at least as high as another average, say the 50-day moving average. This feature enables you to set up algorithms to trade chart points even when you are not looking at the chart at that moment;
  5. Stock Path for Multiple Symbols – this condition is similar to the last except that it calls for two symbols. Here you can put in any symbol and compare some data point regarding that symbol (e.g., 10-minute VWAP, etc.) to the same or a different data point regarding the second symbol. These comparative conditions can apply to different symbols or to the same symbol.   For example, you could specify that you want to buy a certain stock only if it has been in a continuous uptrend. So in addition to the 10-minute VWAP being higher than the 50-day moving average, you would also like the 10-day moving average to be higher than the 30-day moving average on this stock.
Other Considerations
Acceptable inputs for this algorithm include:
  1. Products – any product offered by IB (stocks, options, ETFs, bonds, futures, Forex) other than mutual funds;
  2. Order Type – market, limit or relative.

IMPORTANT NOTE

This algo will only operate when the trader is logged into the TWS.  If the trader has been logged out prior to the algo completing (either by user action or by the automated nightly restart), a message will appear upon the next log in which will allow for re-activation of the algo.

Overview of the Scale Trader Algorithm

Overview: 

The ScaleTrader is a sophisticated trading algorithm which allows one to enter a large quantity order that is executed in a series of increments or components, with each component being executed at a progressively better price.

When to Use
The use of this algorithm is well suited to situations where a stock is trading at or near the bottom of a trading range and the trader is looking to average down, buying into a declining market. Alternatively, it may be used on the opposite side when the trader is looking to sell into the top of the trading range, perhaps scaling out of a long position. In either situation, the Scale Trader algorithm also allows the trader to scalp the market, submitting opposite profit taking orders against the original order.
 
How to Locate
The Scale Trader can be accessed from the TraderWorkstation by selecting the Trading and then Scale Trader menu options at the top of the page or it can be added to the trading toolbar menu by clicking on the Add More Buttons icon.
 
Order Set Up
Once the trader has defined the instrument and action (buy or sell), five parameters will need to be specified. Traders will also need to define the order type and time in force. These five parameters for a stock purchase (sale) would be as follows:
 
  1. Total Order Size (TOS) – the total number of shares the trader is willing to purchase (sell) as the price falls (increases);
  2. Initial Component Size (ICS) – the number of shares to be purchased (sold) at the Starting Price;
  3. Subsequent Component Size (SCS) – the additional number of shares to be purchased (sold) at each Price Increment (at successively lower prices in the case of a purchase and higher in the case of a sale). If a SCS is not entered, the ICS will be used for all component orders.
  4. Starting Price (SP) – the price at which you are willing to purchase (sell) the Initial Component Size
  5. Price Increment (PI) – in the case of a purchase (sale), this is the decrease (increase) in price at which each successive component order is to be executed.
Based upon the inputs provided to those parameters, the Scale Trader application will calculate a Top Price (TP) and a Bottom Price (BP) which, depending upon the buy or sell action selected, will either determine the price at which the last order will be executed (BP for purchases and TP for sales) or be relevant only if the same scale is used to close or restore the size of the position (TP for purchases and BP for sales). Adjustments made to either of these two factors will be reflected in the PI and their calculations are as follows:
 
  1. TP = (((ICS/SCS) -1) * PI) + SP
  2. BP = SP – (((TOS - ICS)/SCS) * PI
Note that once a product symbol has been entered a price chart will be displayed to assist in specifying the parameters. The algorithm will not be activated until the Transmit button has been clicked and once transmitted will run indefinitely until stopped or changed or it encounters conditions where it stops. It's important to note that this particular algo will continue to run even if the trader is not logged in to the TWS.
 
Example
Assume a GTC limit order is entered into the Scale Trader to buy 1,000 shares of hypothetical stock ABC having a NBBO of $19.95 - $20.00 at a starting price of $20.00 with 500 more shares purchased at every $0.05 down, resulting in a maximum position of 4,000 shares. The five parameters for this order would be as follows:
 
  1. TOS = 4,000;
  2. ICS = 1,000;
  3. SCS = 500;
  4. SP = $20.00
  5. PI = $0.05
This order would be then be scaled into 7 components consisting of one at 1,000 and 6 at 500 each. The first component is submitted at $20.00 and after it fills the next component (500) would be submitted at $0.05 lower. That order would wait until marketable and once it has been filled the next component will be submitted. This pattern continues until all components have been filled or the order has been cancelled.
 
Managing the Trade
  1. Profit taking orders – the Scale Trader may be set to send an offsetting order to take advantage of periodic price surges or if the trader has reached a specified profit objective. This feature may be enabled by checking the box titled “Create profit taking order” and specifying the Profit Offset. Using the example above and a Profit Offset of $1.00, once the ICS was filled at $20.00 and an SCS submitted at $19.95, two profit orders would also be submitted, one for 500 shares at $21.00 and another for 500 shares at $21.05. It should be noted that profit orders are scaled to the SCS regardless of the size of the ICS and that if the ICS > SCS then the profit order price is determined using the PI along with the Profit Offset. 
  2. Restore size after taking profit – if using the profit taking orders feature, the trader can enable the repurchase of shares sold at a profit at the price they were originally bought at by checking the box titled “Restore size after taking profit”. This feature remains active whenever the price is within the range of TP + Profit Offset and BP. Using the example above, if order to sell 500 shares at $21.00 was executed this fill quantity would be put back into the original order at $20.00 and the order submitted at $19.95 would be cancelled.
  3. Restart Scale Trader & Restart Scale Trader with Filled Component Size – these features allow traders using the profit taking order and restore size features to restart the algorithm if stopped, helping to resume the order starting from the point at which the scaled sequence left off.
  4. Auto Price Adjustment – selecting this check box allows for an increase or decrease in the starting price automatically at stated time intervals (e.g., increase $0.01 every hour)
  5. Scale Trader Page – provides a view of the real-time status of scale orders, including filled and total quantity, filled, remaining, and total value, and the percent filled for each scale. Accessible via the Page and then Create Scale Trader Page menu options.
  6. View Scale Progress - right-click on the scale order line and select View Scale Progress. This will open a window displaying the complete scale price ladder, the Open/Filled component list for the parent scale order, and the Open/Filled component list for the child profit orders.
Other Considerations
Acceptable inputs for this algorithm include:
  1. Products – any product offered by IB other than mutual funds (e.g., stocks, options, ETFs, bonds, futures, Forex);
  2. Order Type - limit or relative (relative not offered for combination orders)
  3. Time in Force – Day, Good-til-Cancel or Day-til-Cancel. May also specify if order is allowed to be filled outside of regular trading hours, if executions may be routed and executed during pre-open session and whether to ignore opening auction.

 

Dividend Considerations - US Extended Trading Session

An account holder who purchases a US stock outside of normal or regular trading hours (i.e., 9:30 a.m. to 4:00 p.m. Eastern time) but during the extended trading hours session (i.e., 4:00 p.m. to 8:00 p.m. Eastern time) on the day prior to that stock going ex-dividend is entitled to receive that dividend.  The reasoning behind this is that trades executed during the extended trading hours session on Day 'T' settle at the same time ('T+3') as trades which are executed during regular trading hours on Day 'T'.  All such trades will therefore settle within a timeframe sufficient for the purchaser to be recognized as an owner of the shares prior to the close of the Record Date. 

Following the same logic, an account holder who sells and closes out a long US stock position during the extended trading hours session on the day prior to that stock going ex-dividend will not be entitled to receive that dividend.  However, if the stock was sold stock (i.e. an opening trade), the account holder would be obligated to pay the dividend to the lender of the shares.

Glossary terms: 

Can I trade products denominated in a currency other than my Base Currency in an IRA account?

If you have requested an IRA account with margin permissions you may trade products which are denominated in a currency other than that of your designated Base Currency. However, as IRA accounts, by regulation, are not allowed to borrow cash (i.e., have a debit balance in any currency type), you would need to first convert a sufficient amount of your current cash balance into the currency in which the product is denominated prior to entering your order to purchase that product.  This conversion can be transacted on our IdealPro platform if greater than USD 25,000, or equivalent, or the odd lot venue if below USD 25,000.

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