中华通—沪港通/深港通

沪港通与深港通(统称“中华通”) 是一项互联互通机制,香港和国际投资者可以通过香港联合交易所有限公司(以下简称“香港联交所”)及其清算所交易并清算上海证券交易所(以下简称“上交所”)和深圳证券交易所(以下简称“深交所”)的上市股票。

上交所/深交所有不同类型的挂牌证券,但沪港通和深港通目前阶段只能交易A股(在中国证券交易所交易的大陆公司股票)。

沪股通股票包括所有上证180指数与上证380指数的成分股,以及不在上述指数成份股内但有H股同时在联交所上市及买卖的上交所A股。

沪港通上交所产品列表和股票代码

深港通股票包括深证成份指数和深证中小创新指数成份股中所有市值不少于60亿元人民币的成份股,以及有相关H股在联交所上市的所有深交所上市A股。

深港通深交所产品列表和股票代码

盈透交易上交所/深交所证券的佣金

与交易港股的佣金相同,盈透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、清算费用和印花税将另行征收。费用详情请参见沪港通及深港通–北向交易费用表。

每日额度

通过沪港通和深港通达成的交易设有每日额度限制。每日额度根据“净买盘”计算,会限制沪港通和深港通下每日跨境交易的最高买盘净额。

如果北向每日额度余额在开市集合竞价时段降至零或交易已超过余额,则新的买盘将被驳回。如果北向每日额度余额在持续竞价时段或收盘集合竞价时段降至零或交易已超过余额,则当天都不会再接受买盘。联交所将于下一交易日再恢复北向买盘服务。

联交所也会公布总额度和每日额度的余额情况。

详情请参见联交所沪港通/深港通常见问题联交所沪港通/深港通规则1407

沪港通/深港通交易信息

交易货币

人民币

定单类型

盈透提供多种定单类型,但会以限价定单的形式执行交易。详情请参见我们的网站

 

最低上落价位/价差d

统一为人民币0.01元

每手单位

100股(仅适用于买盘)

碎股

仅限卖盘(应只在一个定单中出现碎股)

最大买卖盘

100万股

价格限制

前一日收盘价的±10%(对于被纳入风险警示版的股票,即ST和*ST股票,则为前一日收盘价的±5%)

日内(回转)交易

不允许

大宗交易

不支持

非自动对盘交易

不支持

定单修改

盈透会取消并替换定单

结算周期

证券:T

沪港通/深港通交易的现金款项:T+1

外汇*:T+2

*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(在不涉及假日的证券结算程序下)。

交易时段(香港时间)

上交所/深交所交易时段

交易时间

开市集合竞价

09:15 - 09:25

连续竞价(早市)

09:30 – 11:30

连续竞价(午市)

13:00 – 14:57

收市集合竞价

14:57 – 15:00

注:上交所和深交所在上午09:20到09:25和下午14:57到15:00之间不受理取消定单的请求。

半日市

若某一北向交易日为香港市场的半日市,则北向交易将继续开放直至相关中华通市场收市。有关沪股通及深股通的节假日交易安排和其它信息,请参见香港交易所网站。

披露责任

如果客户持有或控制中国内地上市发行人已发行股份达5%,则其必须于达到5%的三个工作日内以书面形式向中国证监会及相关交易所上报,并通知该上市发行人。

在这一三个工作日的通知期内,客户不得继续买卖有关上市发行人的股份。更多信息请访问IBKR知识库

持股限制

单个境外投资者在一家中国内地上市公司的持股比例不得超过该公司已发行股份总数的10%;所有境外投资者在一家上市公司A股的持股比例总和不得超过该公司已发行股份总数的30%。更多信息请访问IBKR知识库

强制出售

根据现行中国内地法规,每位盈透客户在一家上交所/深交所挂牌公司的持股不得超过该公司已发行股份总数的指定百分比。如果持股超出以下指定比例, 香港交易所将要求客户执行强制出售安排

情境

持股

单个境外投资者

大于等于挂牌公司已发行股份总数的10%

所有境外投资者

大于等于挂牌公司已发行股份总数的30%

保证金融资

中华通证券的保证金交易将受到限制,仅部分A股可以进行保证金交易。上交所和深交所会不时更新可以使用保证金的证券名单,详情请参见香港交易所网站

根据上交所和深交所相关规定,如果某只A股保证金交易活动的交易量超出规定的上限,则上交所和深交所可暂停该股票在其市场的保证金交易活动。保证金交易量降至规定上限以下时,市场会再恢复该股票的保证金交易活动。

可供借贷股票

中华通证券的股票借贷受上交所和深交所的限制规限,有关内容已纳入联交所的《交易所规则》之中。
盈透暂时不提供此项服务。

合资格卖空证券

供卖空用的证券借贷将仅限于可通过沪港通和深港通同时买入和卖出的中华通证券,即不包括只可卖出的中华通证券。
盈透暂时不提供此项服务。

深圳交易所创业板股票及上海交易所科创板股票之交易

仅机构专业投资者可买卖深圳交易所创业板股票及上海交易所科创板股票。

节假日安排

客户只能在香港及内地市场均开放交易且两地银行于相应的结算日均开放服务的工作日交易中华通。此安排将确保两地市场投资者和经纪商可在相关结算日通过银行收发相关款项。

下表列举了上交所/深交所证券北向交易的节假日安排:

 

内地

香港

是否开放北向交易

第一天

工作日

工作日

开放

第二天

工作日

工作日

不开放,款项结算日当天香港市场不开市

第三天

工作日

公共假日

不开市,交易日当天香港市场不开市

第四天

公共假日

工作日

不开放,内地市场不开市

恶劣天气情况

恶劣天气情况下的交易安排可参见香港交易所网站

在哪里可以了解更多信息?

要了解有关沪港通和深港通的更多信息,请点击下方的交易所网站链接:

如关于沪港通/深港通有任何疑问,请联系盈透客户服务获取更多信息。

Hong Kong - China Stock Connect

Hong Kong – China Stock Connect (“China Connect”) is a mutual market access program through which Hong Kong and international investors can trade shares listed on the Shanghai Stock Exchange (SSE) and Shenzhen Stock Exchange (SZSE) via the Stock Exchange of Hong Kong (SEHK) and their existing clearinghouse. As a member of SEHK, IBKR provides you with direct access to trade with eligible listed products on the Shanghai and Shenzhen Stock Exchange. IBKR clients with China Connect trading permissions will be eligible to trade SSE/SZSE securities through Shanghai and Shenzhen - Stock Connect.

Among the different types of SSE/SZSE-listed securities, only A shares (shares in mainland China-based companies that trade on Chinese stock exchange) are included in the Shanghai and Shenzhen Stock Connect.

Shanghai Connect includes all the constituent stocks of the SSE 180 Index, SSE 380 Index and all the SSE-listed A shares that have corresponding H shares listed on the SEHK.

Product List and Stock Codes for SSE

Shenzhen Connect includes all the constituent stocks of the SZSE Component Index, the SZSE Small/Mid Cap Innovation Index that have a market capitalization of not less than RMB 6 billion and all the SZSE-listed A shares that have corresponding H shares listed on SEHK.

Product List and Stock Codes for SZSE

IBKR Commission for Trading SSE/SZSE Securities

Same as trading Hong Kong stocks, IBKR charges only 0.08% of trade value as a commission with a minimum CNH 15 per order. Detailed fee rates can be found in the Hong Kong – China Stock Connect Northbound fee table.

Daily Quota

Trading under Shanghai Connect and Shenzhen Connect is subject to a Daily Quota. The Daily Quota is applied on a “net buy” basis. The Daily Quota limits the maximum net buy value of cross-boundary trades under Shanghai Connect and Shenzhen Connect each day.

If the Northbound Daily Quota Balance drops to zero or the Daily Quota is exceeded during the opening call auction session, new buy orders will be rejected. Or if it happens during a continuous auction session or closing call auction session, no further buy orders will be accepted for the remainder of the day. SEHK will resume the Northbound buying service on the following trading day.

SEHK will also publish the remaining balance of the Aggregate Quota and Daily Quota.

For details, please refer to HKEX Stock Connect FAQ or HKEX Stock Connect Rule 1407

Trading Information of Shanghai and Shenzhen Connect

Trading currency

RMB

Order Type

IBKR offers various order types but will stimulate the order into limit order for execution. More information can be referred to our website.

 

Tick Size / Spread

Uniform at RMB 0.01

Board Lot

100 shares (applicable for buyers only)

Odd Lot

Sell orders only (odd lot should be made in one single order)

Max Order Size

1 million shares

Price Limit

±10% on previous closing price (±5% for stocks under special treatment under risk alert, i.e. ST and *ST stocks)

Day (Turnaround) Trading

Not allowed

Block Trade

Not available

Manual Trade

Not available

Order Modification

IBKR will cancel and replace the order for any order

modification

Settlement cycle

Securities: Settlement on T day

Cash from China Connect trades: Settlement on T+1 day

Forex*: Settlement on T+2 day

*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 (considering normal settlement without involving holidays).

Trading Hours

SSE/SZSE Trading Sessions

SSE/SZSE Trading Hours

Opening Call Auction

09:15 - 09:25

Continuous Auction (Morning)

09:30 – 11:30

Continuous Auction (Afternoon)

13:00 – 14:57

Closing Call Auction

14:57 – 15:00

Note: SSE and SZSE will not accept order cancellations from 09:20 to 09:25 and 14:57 p.m. to 15:00.

Half-day Trading

If a Northbound trading day is a half-trading day in the Hong Kong market, it will continue until respective Connect Market is closed. Refer to the exchange website for holiday trading arrangements and additional information.

Disclosure Obligation

If client holds or controls up to 5% of the issued shares of China Connect, the client is required to report in writing to the China Securities Regulatory Commission (“CSRC”) and the relevant exchange, and inform the Mainland listed company within three working days of reaching 5%.

The client is not allowed to continue purchasing or selling shares in that Mainland listed company during the three days notification period. Visit the IBKR Knowledge Base for more information.

Shareholding Restriction

A single foreign investor’s shareholding in a Mainland listed company is not allowed to exceed 10% of the company’s total issued shares, while all foreign investors’ shareholding in the A shares of the listed company is not allowed to exceed 30% of its total issued shares. Visit the IBKR Knowledge Base for more information.

Forced-sale Arrangement

Each IBKR client is not allowed to hold more than a specific percentage of the China Connect listing company's total issued shares. HKEX requires the client to follow the forced-sell requirements if the shares exceed the limit:

Situation

Shareholding (in a listed company)

A single foreign investor

> = 10% of the company’s total issued shares

All foreign investors

> = 30% of the company’s total issued shares

Margin Financing

Margin trading in China Connect securities will subject to restrictions and only certain A shares will be eligible for margin trading. Eligible Securities, as determined by SSE and SZSE from time to time, are listed on the HKEX website

According to the relevant rules of SSE and SZSE, either market may suspend margin trading activities in specific A shares when the volume of margin trading activities for a specific A share exceeds the prescribed threshold. The market will resume margin trading activities in the affected A share when its volume drops below a prescribed threshold.

Stock Borrowing and Lending (SBL)

SBL in China Stock Connect Securities is subject to restrictions set by the SSE or SZSE and stated in the Rules of the Exchange.
IBHK does not offer this service at the moment.

Eligible Short Selling Securities

SBL for the purpose of short selling will be limited to those China Stock Connect Securities that are eligible for both buy orders and sell orders through Shanghai and Shenzhen Connect (i.e., excluding Connect Securities that are only eligible for sell orders).
IBHK does not offer this service at the moment.

Trading Shenzhen ChiNext and Shanghai Star shares

Trading Shenzhen ChiNext and Shanghai Star shares are limited to institutional professional investors.

Holidays

Clients will only be allowed to trade China Connect on days where Hong Kong and Mainland markets are both open for trading and banking services are available in both Hong Kong and Mainland markets on the corresponding settlement days. This arrangement is essential in ensuring that investors and brokers will have the necessary banking support on the relevant settlement days when they will be required to make payments.

The following table illustrates the holiday arrangement of Northbound trading of SSE/SZSE Securities:

 

Mainland

Hong Kong

Open for Northbound Trading

Day 1

Business Day

Business Day

Yes

Day 2

Business Day

Business Day

No, HK market closes on money settlement day

Day 3

Business Day

Public Holiday

No, HK market closes on trading day

Day 4

Public Holiday

Business Day

No, Mainland market closes

Severe Weather Conditions

Information on the trading arrangement available under severe weather conditions can found on the HKEx website

Where to Learn More?

Please refer to the following exchange website links for additional information regarding Hong Kong China Stock Connect:

If you have any questions regarding Hong Kong-China Stock Connect, please contact IBKR Client Services for further information.
 

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+2') 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.

Syndicate content