Goldman Sachs Electronic Trading Coverage: gset-asia-coverage@gs.

com
Allocating: eq-sg-cmo@gs.com
AU: +612 9321 8931
HK: +852 2978 2227

Asian Markets Quick Reference Guide JP: +813 6437 7555

US Toll Free +1-888-794-8511
Prepared by Goldman Sachs Electronic Trading. In evaluating this material, you should know that it could have been previously provided to other clients and/or internal Goldman Sachs personnel, who could have already acted on it. The views or ideas expressed here are those of the desk and/or author only and are not
an “official view” of Goldman Sachs; others at Goldman Sachs may have opinions or may express views that are contrary to those herein. This material is not independent advice and is not a product of Global Investment Research. This material is a solicitation of derivatives business generally, only for the purposes of,
and to the extent it would otherwise be subject to, CFTC Regulations 1.71 and 23.605. Information current as of 30 Mar 2023, subject to change without notice.
Markets Trading Hours (in HK/SG times “CST”) Exchange Nuances
Limit
Alternate Venues Continuous Trading At Settlement
Primary Venue Order Types Supported Opening Closing Up/ Lot Sizes Odd Lot Trading Crossing Rules Short Selling Rules ID Market Market Fees Good to Know
(Lit/Dark) Trading Last Cycle
Down
AUS Daylight Savings (first Sunday in October - first Sunday in April): -1 hour to all times
Limit Order, Market Order, Centre
Australia is not an “ID market” per se, but brokers
Point Limit Order, Centre Point 14:00-(14:10-14:11) Pre-Opening to the Closing: orders can be
Chi X (Lit) are required to send client identifiers down to the
Market Order, Undisclosed 5:00-8:00 Orders can be entered, modified, withdrawn entered, modified, withdrawn. Limit orders only. Mid-point crossing always permitted. Special Short Sell: Supported on cash and synthetics
Chi X Hidden (Dark) 14:12-14:20 exchange for domestic investors.
Australia Order, IOC, FOK, Iceberg, Opening times staggered between 7:59:45 and 8:09:15 Price for specified universe: Restrictions: Naked short sales is prohibited GST of 10% is applicable on commissions
ASX Centre Point (7:59:45-8:09:15)- (Chi-X T+2 N/A 1 N/A No
ASX Covered Short Sell and Short sell alphabetically by ticker symbol Closing Price: Calculated based on algorithm to ensure the Tier 1: >$1m; ~20 names, Tier 2: >$500K; ~30 Uptick: No for Australian domiciled funds
(Dark) 14:00 This allows ASIC to undertake market structure
Exempt Order, ASX Sweep, Order Priority: Price-time priority maximum amount of trades are settled at the most competitive MatchPoint) names, Tier 3: >$200K; all other names Penalty for fails: Yes
SIGMA-X (Dark) N/A via GSET analysis, resulting in targeted Market Integrity Rules
Market on Close, Hidden Order, Opening Price: Determined by opening auction level (Maximum executable volume, minimum surplus, market
to regulation
Peg Orders pressure, reference price)

Stamp Duty: 10bps (sells only)

Short Sell: Supported on synthetics
14:57-15:00 no cancellation ±10%; Restrictions: Naked short sales is prohibited QFII: Levy 0.487bps, CSRC Comm
China 9:15-9:20 Limit orders only; can be entered, modified ±20% 100 Uptick: Yes 0.2bps, Transfer Fee 0.1bps* Can access ChiNext board of the SZSE and STAR
Northbound: 9:30-11:30 T+0 (Stock) Only available for
SZSE, SHSE N/A 9:20-9:25 No cancellation Closing Price: Generated from closing call auction, if no price N/A for (1 for STAR No Crossing Penalty for fails: Yes Yes board of the SHAE (min order quantity 200 shrs for
Limit orders only 13:00-15:00 T+1 (Money) sell orders
Connect Opening Price: Determined by opening auction then VWAP of trades occurring one minute before last trade STAR board) Connect: Handling fee 0.487bps, Sec STAR board).
board Short selling must be in multiples of 100 shares and subject to Mgmt Fee 0.2bps, Transfer Fee 0.3bps*
mandatory reporting requirements
* Effective from Apr 29, 2022
9:00-9:15 (Order Input) At-auction and at-auction limit orders can be 16:00-16:01 Reference price fixing period Stamp Duty 0.13%
accepted, modified or cancelled. Input of at-auction limit orders is 16:01-16:06 Order input period: At-auction and at-auction limit SFC Transaction Levy 0.0027%
allowed within the ±15% price limit from previous closing price. orders are accepted, where modification or cancellation can FRC Transaction Levy 0.00015%*
9:15-9:20 (No Amend/Cancel) At-auction orders and at-auction limit take place within the ±5% price limit (from ref price) can be Trading Fee 0.00565% If Typhoon / Black Rainstorm warning issued,
Limit Order orders within lowest ask and highest bid are accepted, where no entered, ended or cancelled. (Total market fees 13.85bps) special market timing applies.
Enhanced Limit Order modification or cancellation of orders is allowed. 16:06-(16:08-16:10) Prices of new at-auction limit orders must Short Sell: Supported on cash and synthetics
Hong Kong Special Limit Order 9:20-9:22 (Random Matching) At-auction orders and at-auction limit 9:30-12:00 be between the lowest ask & highest bid recorded. No Determined Off exchange, Restrictions: Naked short sales is prohibited * Effective from Jan 1, 2023. Does not VCM Model: 5mins cooling-off period will be
SIGMA-X (Dark) N/A T+2 N/A Cross on and off exchange No
HKEX At-auction & at-auction limit (pre- orders within lowest ask and highest bid are accepted up until the 13:00-16:00 modification and cancellation of orders is allowed. by issuer. GS can facilitate Uptick: Yes (except some ETFs) apply to: triggered in the event of abrupt price volatility (±
opening & closing) stock is matched, where no modification or cancellation of orders is Penalty for fails: No, but automatic buy-in post settlement date - Securities market making transactions 10%/15%/20% for Large/Mid/Small Cap stocks from
allowed. Order Priority: Order type(market order first), then price, then - Sales and purchases of China Connect the last traded price 5 mins ago) of the asset.
(9:20-9:22)-9:30 (Blocking Period) No input, modification or time. Securities thru the use of China Connect Applies only from 09:45-12:00 and 13:15-15:40
cancellation of orders is allowed. Closing Price: Final IEP from closing auction Service by a China Connect Exchange
Participate
Opening Price: Final IEP from auction, price and time priority 12:00-(12:08~12:10) if Half Day Trading - Stock option transactions
11:30-(11:37-11:38) Order entry, modification & cancellation for a
subset of stocks Restrictions: No short-selling on cash and synthetic
Only on Securities Transaction Tax (STT): 0.1% on
11:38-11:42 Order Matching and trade confirmation 17:30-18:00 Uptick: No Restricted currency. Single Stock futures & options
few Cross on exchange during block windows, notional value
India 11:38-11:45 Buffer for transition (Order blocking period) Last 30mins of continuous session. Only market orders Penalty for fails: Yes are available on FPI IDs as an alternative to SLB
BSE (Lit) Limit Order, Market Order 11:45-18:00 18:10-18:30 T+1 stocks; 1 N/A minimum quantity 500k shares or within +/-1% Yes GST: 0.18% on brokerage
NSE allowed. Trades will take place at single price (i.e. close price but their settlement will be changed to physical
revisit of last price
Order Priority: Match-able limit orders, imbalance limit orders then of security) *Short selling can be done by retail and institutional investors mode from the current cash settlement mode
daily
market orders through borrowing of stock via the Clearing House
Opening Price: IEP- Price at which max quantity can be matched
9:45-9:59 Pre opening. Input bid or ask, call auction, closed order Friday: 10:00-12:30 +35 to
Rights traded only in AM session, settled in T+0
book. Publish IEP, IEV 15:00-16:49:59 20%
Indonesia 16:50-16:58 Pre closing. Input bid or ask, call auction, closed Short Sell: Supported on synthetics noon time.
Limit Order, Market Order, Limit 9:59-10:00 Trade matching and dissemination. Determination of inverse Only permitted at Levy: 0.043%
IDX order book. Publish IEP, IEV (16:58-16:59:59 Random closing) Cross on Main Exchange via Negotiated Board, Restrictions: Naked short sales is prohibited Restricted currency.
N/A IOC, Limit FOK, Market to Limit, opening price and information dissemination Monday - Thursday 17:00-17:01 Trade matching and dissemination. Determination 17:01-17:15 T+2 to share 100 Negotiation No Sell (Sales Tax): 0.1%
Check with your GSET price within limit high/low, no size limit. Uptick: Yes Foreign ownership limit.
Market IOC, Market FOK Opening Price: LQ45 components names' opening price is 10:00-13:00 price; Board VAT: 11% on commission
coverage for availability of opening price and information dissemination Penalty for fails: Yes Shortened trading hours due to COVID-19
generated from open auction, other names' opening price is from 14:30-16:49:59 -25 to
(including Friday).
the first order match. 7%
Short Sell: Supported on cash and synthetics
TostNet (on exchange, price must be within the Daily price upper and lower limits (depending on
Restrictions: Naked short sales is prohibited
Limit Order 7:00-8:00 Itayose method ±30 to price range) share price), sudden price moves are limited by
Chi X (Lit) 14:00: Orders matched by Itayose method Uptick: Yes/No*
Market Order 11:05-11:30 Itayose method 14%; Price range special indication limits, rematches in 5min
Japan Osaka (Lit) 8:00-10:30 Closing Price: Determined by Itayose method, maximizing Off exchange, Penalty for fails: Yes, (Locate is a regulatory requirement) Consumption Tax (domestic-only): 10% of
Opening Price: Determined by Itayose method, maximizing N/A T+2 inverse 100 -Last price x 7% > JPY5 => Last price x 7% No intervals.
TSE/JPX SBI JapanNext (Lit) 11:30-14:00 executable volume and minimizing unexecuted volume by GS can facilitate commission
Conditions: executable volume and minimizing unexecuted volume by price and to share -Last price x 7% < JPY5 => JPY5 Large price moves may result in stocks not having a
SIGMA-X (Dark) price and time priority *Uptick rule is triggered when price drops by 10% from base price,
On Open, On Close, Funari, IOC time priority price Can`t determine limit price more than 4 decimal closing auction (Zarababike)
with the rule lasting up to T+1 days
point. HFT order must be flagged

Short Sell: Supported on synthetics

Limit Order, Market Order, Limit-
to-Market-on Close Order, Best
South Korea Limit Order, Immediately
N/A
KRX Executable Limit Order, Target
Price Order, Auction-based Block
Trading Order
For KOSPI, sales tax 0.05% and agri tax 5% & 10% Stake Disclosure Rule.
Uptick: Yes
0.15% (total transaction tax 0.2%);
6:30-8:00 Pre-hours session Cross on exchange only Except for “overheated" stock in the previous day. A stock is
14:40-17:00 for KOSDAQ, sales tax 0.2%. Foreign ownership limit
7:00-(8:00:00-8:00:30) Periodic Call Auction 14:20-(14:30:00-14:30:30) IEP will be set where order KOSPI: Block must be >5000 shares or >KRW "overheated" when:
(Orders ±30% Effective TD Dec 28, 2022/SD Jan 2, 2023
Order Priority: Order type (market then limit), price, time 8:00-14:20 imbalance is the lowest. T+2 1 N/A 100m KOSDAQ: >50m 1) Price for the day is >5% below previous day’s close Yes (For non omnbus trade, tax is calculated at Volatility Interruption helps to curb short-term price
accepted
Opening Price: Orders are queued and matched by call auction Closing Price: Final IEP from closing auction KOSPI: Basket must be >5 stocks and >KRW 2) The day’s short volume accounts for 18% of the day’s turnover execution level;
from 1430) movement caused by a specific quotation. 2 mins
method at 8:00 to determine opening price 1bn KOSDAQ: 5 stocks and 200m (12% for KOSDAQ) for omnibus trade, tax is calculated at
cooling off period will be triggered when price
3) Increase rate of short sale trade value compared to average of gross level.) changes ± 10%
previous 40 trading days (KOSPI 6x, KOSDAQ 5x)

On Market Cross: price must be within the high Clearing Fees: 0.03% of gross proceeds,
8:30-9:00 AM open
Limit, Market, Market to Limit, ±30% and low of the day. Short Sell: Supported on synthetics max is MYR 1000.
14:00-14:30 PM open 16:45-16:50 Pre-Closing: Orders entered will be matched
Malaysia Stop Limit, Stop Market, Market 9:00-12:30 *IPO Off Market Cross: in separate board, price must Restrictions: Naked short sales is prohibited Stamp Duty: 0.15% of gross proceeds,
N/A Limit orders only; can be entered, modified, withdrawn Closing Price: Determined on the Theoretical Pricing 16:50-17:00 T+2 100 On exchange Yes Restricted Currency.
MYX FAK Fill ,And Kill, Minimum 14:30-16:45 day be within 15% of the PVWAP price. If more Uptick: Best ask price or higher capped at MYR 1000
Order Priority: Price and time Algorithm.
Quantity +400% than 15%, need approval and forms from Penalty for fails: Yes Sales & Services Tax (SST):0.0012% of
Opening Price: Determined by Theoretical Pricing Algorithm
exchange. gross proceeds
12:45-13:00 Pre-Close. New orders can be accepted, existing Very few restrictions on foreign ownership
orders can be amended or cancelled.
4:00-5:00 Enquiry
13:00-13:30 Adjust. New orders cannot be entered, existing A reasonable proportion of market volume occurs in
New Zealand 5:00-6:00 Pre-open. New orders can be accepted, existing orders All crossing must be reported through the NZX Short Sell: Supported on cash and synthetics
orders can be amended or cancelled. “overseas Marriage” trades, or crossings that occur
NZX Market Order can be amended or cancelled. Trading system. Except International Crossing, Restrictions: Nil 15% GST applied to broker commissions
NZX Alternative 6:00-12:45 13:30 Enquiry. No orders can be accepted, amended, N/A T+2 N/A 1 N/A No before or after the market.
N/A via GSET Limit Order Opening Price: The pre-open match-off is 15 minutes before the Special Crossings, all crossings must be dealt Uptick: No for New Zealand domiciled funds
cancelled, or matched.
market officially opens, and the match-off price determines the day's within the quotations of that security. Penalty for fails: Yes
Closing Price: The pre-close match-off is 15 minutes before Many NZ stocks are dual-listed on NZX and ASX in
opening price.
the market officially closes, and the match-off determines the Australia, where liquidity is often better on one or
day's closing price. the other exchange

14:45-14:50 Pre-close / Auction. Stock closing prices are set,

9:00 Pre-Open / Auction. Matching of orders, can enter, modify or
Limit, Market, and orders posted cannot be cancelled or modified. Permitted off Short Sell: Supported on synthetics Circuit Breaker: trading will be temporarily halted in
Philippines cancel
Market to Limit, 14:50-15:00 Run-off/Trading-at-Last. Can enter market orders Depends main board Price shall be within the best bid and offer Restrictions: Naked short sales is prohibited. Only eligible case the PSEi decreases by at least 10% compared
PSE 9:15-9:30 Can enter but cannot cancel or modify. 9:30-12:00 +50%; SCCP or Clearing Fee: 0.01%
N/A Stop, Stop Limit/Loss, Market on or limit orders at the closing price only; matching is executed 14:50-15:00 T+3 on market during prices. Crossing orders shall not be entered securities can be short-sold No to the previous closing level of the PSEi. Trading
N/A via GSET 9:30 Opening price calculated. 13:00-14:45 -30% Sales tax: 0.6% on sellers only
Open/Close, Min Quantity, only at the closing price for both order types price continuous during pre-open/pre-close period. Uptick: Yes will resume within 15 minutes after a circuit breaker
Opening Price: Determined based on its reference price and orders VAT: 12% of commission
Iceberg 15:00 Market close trading Penalty for fails: Yes is discharged.
posted during the pre-open period
Closing Price: Determined at market pre-close.

An adjust period operates upon the lifting of a

8:30-(8:58-8:59), 12:00-(12:58-12:59) Pre-Open: Orders can be
suspension of a security.
entered, modified, withdrawn in the ready and unit share markets 17:00-(17:04-17:05) Pre-Close Period: orders can be entered, Cross on and off exchange; on exchange min Short Sell: Supported on cash and synthetics Clearing Fees: 0.0325%
Market, Limit, Market to limit,
Singapore (8:58-8:59)-9:00, (12:58-12:59)-13:00 Non-Cancel: No input, 9:00-12:00 modified or withdrawn in the ready and unit share markets. Permitted on Unit 50k Shares or SGD 150k Restrictions: NIL Trading Fees: 0.0075%
N/A Session State, Price Triggered 17:06-17:16 T+2 N/A 100 No Short positions need to be reported to MAS if it
SGX amendment, withdrawal 13:00-17:00 (17:04-17:05)-17:06) Non-cancel. Share Market Off-exchange crosses require both sides to be Uptick: No GST (domestic funds only): 7% of
(Stop orders, If-Touched orders) exceeds the lower of:
Opening Price: Determined by SGEX-ST algorithm during opening Closing Price: Computed by SGX-ST algorithm offshore entities Penalty for fails: Yes Commission, Clearing & Trading Fees
- 0.2% of total issued shares or units; or
auction
- SGD 2m

Short Sell: Supported on synthetics

Periodical call
13:25-13:30: A price breaches the +/- 3.5% from last traded Uptick: Yes/No*
8:30-9:00 Orders are randomly matched. Only limit orders are auctions in 1-min Block trades have to be NT$15mn and 500k+
price will lead to a late close at 13:33. IOC/FOK orders are not Cannot convert Limit orders to Market and vice-
allowed during opening auction. intervals 9:10- shares (single-stock)/ at least 5 types of stock;
Taiwan allowed during closing auction. *Borrowed stocks cannot be shorted in excess of 30% of 30d ADV versa.
N/A Limit, Market, ROD, IOC, FOK Order Priority: Price only 9:00-13:25 14:00-14:30 T+2 ±10% 1000 13:30 the price has to fall within limit up & limit down Yes Transaction tax: 0.3% for sells
TWSE "Short sell" stocks. When a stock closes at limit down (-10%) on Allow price amends for Limit orders.
Opening Price: The final price indication from pre-open section Also aftermarket that day (+/-10% from last close) and can only
Closing Price: The final price indication from pre-close section the day, investors cannot short sell below the previous day’s close Foreign ownership limit.
(different from last indication, 5 secs before the close). trading session be 2 decimals
(different from last indication, 5secs before the close). price for the next trading day.
matched at 14:30
"Short sell exempt" stocks are exempt from the price limit

10:30-(10:55-11:00) 17:30-(17:35-17:40) Pre-Close period: orders can be entered, 100 Every ticker trades across 3 lines
15:00-(15:25-15:30) modified or withdrawn. 17:35-17:40 Random close, no Short Sell: Supported on cash and synthetics 1) Local line - No dividends, No voting rights
±30%
Limit, At the Open. At the Close, Opening price is calculated after order submissions from 10:30- modification or withdrawal allowed. 50 if price 2) NVDR line - Dividends, no voting rights
Thailand Market for Alternative (10:55-11:00)-13:30 *IPO Can cross on exchange; off-exchange crossing
Market, Special Market, Market 10:55/15:00-15:25. Random match. Market open for all stocks at the Closing Price: Calculated to maximize executable volume and N/A T+2 >500bht for On exchange A member may conduct a short sale only on securities specified No VAT: 0.0021% of gross proceeds 3) Foreign line - Dividends, voting rights
SET Investments (MAI) (15:25-15:30)-17:30 day can be done if both entities are offshore.
to Limit, Iceberg same time. minimize surplus. If there is more than one price, market 6 by the Exchange, except in cases of short selling by a market *REITs & Infrastructure funds have only local and
+200%
Opening Price: Generated based on Pre-Opening session to pressure on the side of the book with the minimum imbalance consecutive maker foreign line; no NVDR status.
maximize executable volume and minimize unexecuted volume decides the execution price. months Foreign ownership limit.
 Goldman Sachs Electronic Trading Coverage: gset-asia-coverage@gs.com
Allocating: eq-sg-cmo@gs.com
AU: +612 9321 8931
HK: +852 2978 2227

Asian Markets Quick Reference Guide JP: +813 6437 7555

US Toll Free +1-888-794-8511
Hong Kong / Singapore 3:00 4:00 5:00 6:00 7:00 8:00 9:00 10:00 11:00 12:00 13:00 14:00 15:00 16:00 17:00 18:00 Aims to minimize shortfall relative to VWAP by using
■ Using a Would If price may result in performance deviating greatly from VWAP
VWAP sophisticated volume profiles, balancing between
benchmark
Japan / Korea 4:00 5:00 6:00 7:00 8:00 9:00 10:00 11:00 12:00 13:00 14:00 15:00 16:00 17:00 18:00 19:00 spread capture and volume-profile tracking.

Benchmark Matching
Sydney (Non-DST) 5:00 6:00 7:00 8:00 9:00 10:00 11:00 12:00 13:00 14:00 15:00 16:00 17:00 18:00 19:00 20:00 Executes an order in a linear fashion over a user- ■ Using a Would If price may result in performance deviating greatly from
TWAP defined time period. benchmark
Sydney (DST) 6:00 7:00 8:00 9:00 10:00 11:00 12:00 13:00 14:00 15:00 16:00 17:00 18:00 19:00 20:00 21:00
Aims to reduce implementation shortfall by optimizing ■ Using a Would If price may result in performance deviating greatly from set
New Zealand (NZX)
16:45-17:00 Pre-close
IS immediate impact cost vs risk due to extending the benchmark. Benchmark: PrevClose, Open, Arrival (Default)
8:00-9:00 Enquiry 8:00-10:00 10:00-16:45 16:45-17:30 17:00-17:30 Adjust horizon. ■ Style: Aggressive indicates highest urgency to trade (risk aversion)
(DST will be one hour earlier) 9:00-10:00 Pre-open 17:30 Enquiry Aims to reduce shortfall relative to PWP by ■ PWP Benchmark (Required): participation rate used to calculate PWP

Australia (ASX) 7:00-10:00

16:12-
16:00-(16:10-16:11) Order input PWP dynamically adjusting execution speed based on price benchmark
Order input, modification & 7:00-10:00 10:00-16:00 16:00-16:12 (16:10-16:11)-16:12 Matching attractiveness vs real-time PWP benchmark. ■ Participation rate may differ from specified PWP benchmark rate
(DST will be one hour earlier) withdraw
16:20
16:12-16:20 Chi-X MatchPoint Trading at last ■ Target %: Default 25%
Aims to match or outperform the Close price by
■ Target Type: % Historical close, ADV or % of order
15:20- adjusting quantity trading in the closing auction and
Korea (KRX) Periodic call auction 8:00-(8:59:30-9:00:00) 9:00-15:20 (15:30:00- 15:40-18:00 AUCTION quantity pre-traded based on the Net Present Alpha
■ Aggression: Passive 10-20%, Medium 20-35%, Agg 35-55% or close only
■ Snap Limit: 0-3% from last to help limit market impact
15:30:30) predictive modelling of expected close price & volume
■ Volume caps can be specified for continuous trading
12:30

Participation
Itayose Targets a user specified participation rate. Maximizes ■ Participation Rate (Required): caps participation rate at specified % of volume
Japan (TSE) 9:00 Itayose method auction 8:00-9:00 9:00-11:30 12:05-12:30 12:30-15:00 15:00 Orders matching by Itayose method
PARTICIPATE spread capture with sophisticated order placement (50% max)

Dynamic
method

Volume
auction techniques. ■ Does not trade in open if no volume (ie: won’t force an auction)
Scales the rate of execution based on price ■ Chance of less aggressive participation than expecting depending on market
Taiwan (TWSE) Random order matching 8:30-9:00 9:00-13:25 13:25-13:30
SCALING attractiveness vs benchmark. Uses order placement conditions
techniques to maximize spread capture. ■ BenchmarkType: PrevClose, Open, Arrival (Default), Explicit Px, Market, Sector
8:30-(8:58-8:59) Order Input 12:00-(12:58-59) Input Snipes and posts based on price attractiveness and
Singapore (SGX) 8:30-9:00 9:00-12:00 13:00-17:00 17:00-17:0617:06-17:16 17:00-(17:04-05) Input ■ Aggressive Style uses lower threshold to decide whether a price/liquidity is
(8:58-8:59)-9:00 Matching (12:58-59)-13:00 Order
matching (17:04-05)-17:06 Matching
SMALL CAP size of the touch to capture liquidity and limit
attractive, passive uses a higher threshold. Default is Neutral.
signalling.
■ Limit Px (Required). This is an aggressive algorithm and care needs to be taken
Malaysia (MYX) 8:30-9:00 Order input, no withdrawal 8:30-9:00 9:00-12:30 14:00-14:30 14:30-16:45 16:45-16:5016:50-17:00 Aggressively participates when liquidity is available
to avoid undesired high market impact
STEALTH within limit price while hiding the order completely from
■ MinTakeOutSize, LeaveType & LeaveSize options. Does not participate in

Opportunity Seeking
lit markets.
auction
Philippines (PSE) 9:00-9:30 9:30-12:00 13:00-14:45 14:45-14:5014:50-15:00 ■ Passive Touch pegs to best bid/ask by default
9:00 Pre-open / Auction Pegs to the best bid/offer, with the ability to display
PEG only a portion of the order.
■ Display Type (Auto/ Shares/ % Order/ % Quote)
9:15-9:20 Order Input ■ Does not participate in open
14:57- 14:57-15:00 Order input, no withdrawal
China (SHSE, SZSE) 9:20-9:25 No withdrawal 9:15-9:25 9:30-11:30 13:00-14:57
15:00 15:00 Order matching ■ Requires a limit price with Aggressive Style
9:25 Order matching PEG Pegs to the best bid/offer but snipes the aggressive ■ Neutral snipes 2/3 liquidity when >70% avg size
touch when specified conditions are met. ■ Passive snipes 1/3 liquidity when >150% avg size
9:00-9:15 Market and limit orders
9:00-(9:20-
16:01-
16:01-16:06 Order input, market and limit orders STEALTH ■ MinTakeOutSize, LeaveType & LeaveSize options. No participate in open
Hong Kong (HKEX) 9:15-(9:20-9:22) Market and limit orders, no withdrawal
9:22)
9:30-12:00 13:00-16:00 (16:08-
16:06-(16:08-16:10) No withdrawal
9:20-9:22 Randon order matching 16:10)
Executes an order discreetly by sending it piecemeal ■ Limit Px (Required)
open auction, LQ45 names only
8:45-8:59
15:50-15:58 Pre-close (15:58- ICEBERG to the exchange, disguising the total size of the order. ■ Display Size auto-calculated if not specified
Indonesia (IDX) 8:45-8:59 Pre-opening
8:59-9:00
9:00-12:00 13:30-15:50 15:50-16:0016:01-16:15 15:59:59 Random close)
8:59-9:00 Trade matching and dessemination 16:00-16:01 Trade match Direct access to GS darkpool SIGMA X for price ■ Peg Type: where to peg in SIGMA X, Passive / Midpoint (Default in AU) /

9:30-(9:55- 14:00-(14:25-14:30)
14:00- 16:30- SIGMA X improvement, liquidity enhancement, and faster Aggressive (Default JPHK)
Thailand (SET) 9:30-(9:55-10:00) Random matching (9:55-10:00)-12:30 (14:25- (14:25-14:30)-16:30 (16:35- executions. ■ Min Executed Quantity: minimum quantity algorithm needs to be able to cross
10:00) Random matching
14:30) 16:40) DMA-style order placement that supports non-native ■ Display Size: sets size to display on the exchange
SOR exchange order types, including short sell, synthetic, ■ Limit required when display size specified

Market
Direct
India (NSE) 9:00-(9:07-9:08) Order Input 9:00-9:15 9:15-15:30 15:40-16:00 queuing etc, and connects to superior liquidity. ■ Peg Type: whether/where to peg the order

Simulates stop orders on exchanges that do not

UK BST 20:00 21:00 22:00 23:00 0:00 1:00 2:00 3:00 4:00 5:00 6:00 7:00 8:00 9:00 10:00 11:00
STOPLOSS natively support this order type.
■ Trigger Price (Required): price to activate the stop order

GMT 19:00 20:00 21:00 22:00 23:00 0:00 1:00 2:00 3:00 4:00 5:00 6:00 7:00 8:00 9:00 10:00 ■ Strategy Defaults (entirely customizable to meet client needs): UltraPassive (2-5%

Customized
Streamlines access to algorithms for a range of
Predictive Scaling, Passive (5-15% Predictive Scaling), Neutral (15-25%
NY (EST) 14:00 15:00 16:00 17:00 18:00 19:00 20:00 21:00 22:00 23:00 0:00 1:00 2:00 3:00 4:00 5:00 1CLICK trading objective based on levels of aggression.
Predictive Scaling), Aggressive (33-50% Predictive Scaling), SuperAggressive
Strategy defaults can be customized.
NY (EDT) 15:00 16:00 17:00 18:00 19:00 20:00 21:00 22:00 23:00 0:00 1:00 2:00 3:00 4:00 5:00 6:00 (PegStealth Aggressive with up to 100% participation)
CUSTOM Allows up to 10 pre-set customized algorithms.
■ Custom: 1-10 preset algos
■ Includes Strategy option + most parameters from above algorithms
Continuous Trading Pre-Open/Pre-Close Trading at Last NAVIGATOR
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