Placing and ExecutingLimit Orders

Note the following terminology to assist you in understanding the changes we are making in relation to Limit Orders.

Limit Order includes Limit Settle Order and Limit Open Order. ※

    ※ Limit Settle Order includes Limit Settle Buy Order and Limit Settle Sell Order.

    ※ Limit Open Order includes Limit Open Buy Order and Limit Open Sell Order.

Market Open Order includes Market Open Buy Order and Market Open Sell Order.

Effective Margin (EM) is essentially the equity of your account at any given time, including any P&L and Balance.

Necessary Margin (NM) (when a new position is opened) = Open Price x Contract Size x Minimum Margin Percentage (depending on the product and may vary from time to time)

Current Margin Percentage = EM / NM

Probis CFD contract includes a Probis Margin FX Contract, Probis Commodity CFD Contract, and Probis Indices CFD Contract.

Summary:

Please ensure you have sufficient EM in your account when a Limited Order is placed or executed. In other words, if your account does not have sufficient EM, you might not be able to place any Limit Order or your existing Limit Order already placed might not be executed by ProbisAuton Trading Platform.

* Your existing Limit Settle Order for an open position will be automatically cancelled if the open position is closed out by a Market Open Order later. In all other cases, existing Limit Orders (including Limit Open Orders and Limit Settle Orders) will not be automatically cancelled but they will only be executed if you have sufficient EM in your account when the target price set is hit.

* If you are already long one lot of a Probis CFD contract, ProbisAuton Trading Platform will automatically recognize a hedged position when you place a Limit Open Sell Order, therefore, you will only need sufficient EM for a hedged position. Same mechanism also apply if you are already short one lot of a Probis CFD contract and place a Limit Open Buy Order later.

* If you have an open position (either long or short) of one lot of a Probis CFD contract, placing a Limit Settle Order does not any trigger additional margin requirements. If your existing open position is not in a hedged position, when the target price set for the Limit Settle Order is hit, the Limit Settle Order will be executed. If your existing open position is in a hedged position when the target price set for the Limit Settle Order is hit, the Limit Settle Order will only be executed if the Current Margin Percentage of your account is greater than 100%, otherwise, the Limit Settle Order will be cancelled.

Please refer to the following examples to assist you to understand how it works. Note the examples are based on the situation where your account only has the sufficient EM for transacting one lot of the relevant Probis CFD Contract:

  1. If you are already long one lot of a Probis CFD Contract, you can place a Limit Settle Sell Order for your open position, and, in addition, place a Limit Open Sell Order for the same Probis CFD Contract.
    a)
    If the target price set for Limit Settle Sell Order is hit first, then your long open position will be closed and you will still have a Limit Open Sell Order. When the target price set for Limit Open Sell Order is hit, the order will be executed if you have sufficient EM for opening that new position, otherwise, your Limit Open Sell Order will be cancelled.
    b)
    If the target price set for Limit Open Sell Order is hit first, and your account has sufficient EM for a hedged position for the relevant Probis CFD Contract, then the Limit Open Sell Order will be executed and become, together with the existing long position, a hedged position.
    You still have a Limit Settle Sell Order in the system, and when the target price set for Limit Settle Sell Order is hit later, the order will only be executed if the Current Margin Percentage of your account is greater than 100%, otherwise, the Limit Settle Sell Order will be cancelled.
  2. If you have an existing hedged position for a Probis CFD Contract, you cannot place another Limit Open Order, but you can place a Limit SettleOrder. When the target price set for Limit Settle Order is hit, the order will only be executed if the Current Margin Percentage of your account is greater than 100%, otherwise, the order will be cancelled.
  3. If you are already long one lot of a Probis CFD contract and have placed a Limit Settle Sell Order for that open position, you can place a Market Open Sell Order for that same Probis CFD contract. Upon executing the Market Open Sell Order, the Limit Settle Sell Order in place will not be automatically cancelled.
    When the target price set for the Limit Settle Sell Order is hit later, the order will only be executed if the Current Margin Percentage of your account is greater than 100%, otherwise, the Limit Settle Sell Order will be cancelled.
  4. If you are already long one lot of a Probis CFD contract, and have placed a Limit Open Sell Order for that open position, you can place a Market Open Sell Order for that same Probis CFD contract. Upon executing the Market Open Sell Order, the Limit Open Sell Order in place will not be automatically cancelled.
    When the target price set for the Limit Open Sell Order is hit later, the order will only be executed if the EM of your account is greater than the necessary margin required for opening the new position, otherwise, the Limit Open Sell Order will be cancelled.
  5. If your account does not have any open position, after placing a Limit Open Buy Order and Limit Open Sell Order for one lot of a relevant Probis CFD contract, you still can place a Market Open Buy Order and Market Open Sell Order for one lot of the same Probis CFD contract.
    Once the Market Open Buy Order and Market Open Sell Order are placed and executed,the Limit Open Buy Order and Limit Open Sell Order in place will not be automatically cancelled. However, when the target prices set for those Limit Orders are hit, they may not be executed and may be cancelled if your account does not have sufficient margin at that time.
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