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What is Bursa GTD order and how is it differ from the existing GTD order? |
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Bursa GTD order is an order that will remain in the Bursa’s order book over a period of time (from the time it is entered) until:
- The order is fully executed or
- The order is cancelled or withdrawn by AmInvestment Bank (AMIB) or Bursa or
- The order reaches its specified expiry date, upon which the order will be eliminated by the system.
Existing GTD order will not remain in Bursa’s order book and will be removed by Bursa at the end of the trading day. This GTD order will be resubmitted by AmEquities trading system as a new day order to Bursa at 8.30 am until it meets any of the three conditions above.
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What is the benefit of using Bursa GTD order? |
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Order “queue and matching” advantage as the Bursa GTD orders remained in Bursa’s order book will be automatically carried forward on first in first out basis to the market, earlier than other type of orders, which are only allowed to enter the market at 8.30 am. This increases the probability of Bursa GTD orders being matched. |
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What are the circumstances where Bursa GTD order can be cancelled/withdrawn by AMIB or Bursa? |
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Bursa GTD orders will be cancelled/withdrawn and automatically eliminated from Bursa order book and AmEquities trading system starting from 8.40 am if they did not pass AMIB’s risk filter checks and/or they hit Bursa’s withdrawal criteria. These checks are performed daily and include the following:
AMIB Risk Filter Checks:
- Insufficient trading limits (client or remisier/dealer)
- Insufficient stock balance
- Suspended trading or account status
- Dormant or closed CDS account status
Bursa’s Withdrawal Criteria
- Securities going through corporate exercise/action, regardless of price adjustment (at the end of trading day before the ex-date)
- Designated securities
- Prices of orders falls outside the Static Price Limits
- Delisted or matured securities
- Securities suspended for one session or more
- Trading suspension due to Bursa Circuit Breaker Halt Level 3
- Securities marked from ready to immediate basis
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How do I check if my Bursa GTD order is cancelled/withdrawn by AMIB or Bursa? |
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You may check your Bursa GTD order status in AmEquities trading system (click on Order Book > Order Status) on daily basis at any time from 8.45 am onwards after the risk filter and withdrawal criteria checking have been performed and auto cancellation of relevant Bursa GTD orders has completed. For cancelled or withdrawn Bursa GTD orders, you may view the reason for the cancellation or withdrawal in the Order Status > Order Log.
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How do I know whether my unmatched Bursa GTD order is successfully carried forward? |
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Eligible carried forward Bursa GTD orders’ status will be disseminated to participating organization before the start of every trading day. These orders will be restated and displayed as “Queued” in AmEquities trading system’s order book throughout the validity period but the status will change if they are matched, modified/revised, cancelled, withdrawn or expired. Thus, you are strongly advised to check your Bursa GTD order status regularly in AmEquities trading system from 8.45 am onwards.
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What happens to the existing GTD orders when Bursa GTD order is implemented? |
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No, the order entry screen remains the same and you may submit your GTD orders as usual from 17 July 2017 onwards.
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What is the acceptable order validity period for Bursa GTD? |
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The expiry date keyed in for a Bursa GTD order must not exceed 30 calendar days from the day of order entry and cannot fall on a non-trading date (i.e weekend or public holiday). |
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Can I cancel or revise my Bursa GTD order? |
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Yes, you are only allowed to cancel or revise the quantity and price of your Bursa GTD order once the pre-opening trading phase starts at 8.30 am. However please take note that your Bursa GTD order will lose its queue in the market once the order is revised.
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Can I submit Bursa GTD orders to Odd Lot or Buying-in market? |
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Bursa GTD order is applicable to both Normal and Odd Lot markets. It is not applicable to On Market Married Transactions (OMMT), Direct Business Transactions (DBT) and Buying-in markets.
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