Market Rules

1.    U.S. Stock Exchanges

Please note that the US stock exchanges will open at different times of the year. US and New Zealand both observe Daylight Saving Timing. 

First Sunday in November to Second Sunday in March: Pre-Market: 22:00-3:30; Regular hours: 3:30-10:00; Post-market: 10:00-14:00

Second Sunday of March to the first Sunday of April: Pre-market: 21:00-2:30; Regular hours: 2:30-9:00; Post-market: 9:00-13:00

First Sunday of April to the last Sunday of September: Pre-market: 20:00-1:30; Regular hours: 1:30-8:00; Post-market: 8:00-12:00

Last Sunday of September to the first Sunday of November: Pre-market: 21:00-2:30; Regular hours: 2:30-9:00; Post-market: 9:00-13:00

2.    Minimum trading unit for U.S. stocks

Unlike A shares and HK stocks where the minimum trading unit is 1 lot, in the U.S. the minimum trading unit is 1 share.

3.    Price movements of U.S. stocks

Unlike A shares, U.S stocks are not subject to single-day price rise and fall limits, therefore investors should carefully monitor price movements.

4.    Day trading of U.S. stocks

Day trading involves high risk. Before you start trading, please read the Risk Exposure to Intraday Trading.

Day trading, refers to a trading where a client buys or sells positions of a stock or stock option within one trading day. Day trading is also generally referred to as T+0 trade.

For day trading, clients  are not subject to frequency or capital limits.

5.    U.S. stock settlement and delivery mechanism

U.S. stocks follow T+2 settlement arrangements where clearing and settlement will be completed on the second working day after the trade is transacted.

6.    U.S. Stock Markets

(1)   New York Stock Exchange (NYSE)

The oldest and second largest exchange by volume in the U.S.

(2)   Nasdaq Stock Market (NASDAQ)

NASDAQ is the largest exchange by volume in the U.S.

(3)   American Stock Exchange (AMEX)

AMEX is currently the third largest stock exchange in the U.S.

(4)   Pink Sheet Exchange (PK)

The Pink Sheet Exchange serves as the primary OTC exchange in the U.S.

(5)   Over-the-Counter (OTC)

OTC markets refer to stock exchange markets on counters of various stock exchange institutions where shares are traded without a formal listing.

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