Trading Hours	Hong Kong time: 05:15 (Monday) to 04:59 (Saturday) (Winter-Time: postponed 1 hour) The Market is closed on Saturday, Sunday, and during market holidays. No transaction will be processed during the system maintenance period, which occurs from 04:59 to 05:15 in the 24 hours trading day.
Opening price	The opening price (Tuesday to Friday) is determined by the price at 05:15 Hong Kong time.
High/low price	The daily high and low prices (Tuesday to Friday) are determined by the high /low trading price between 05:15 to the 04:59 on following day Hong Kong time (Winter Time: postponed 1 hour).

Clients may place order via our online trading platform (POEMS/XATS/POEMS Mobile App) or call our LFX dealing hotline (Hong Kong time: 05:15 (Monday) to 04:59 (Saturday), Winter-Time: postponed 1 hour), directly at (852) 2277 6667.

For every single transaction, clients may choose:
The duration of order instruction: (1) Day order or (2) Good-till-cancel order;
The type of order instruction: (1) Market order, (2) Limit order, or (3) Stop order

Order Duration

Day order: Order instruction will only be valid until the end of the trading day, i.e. next day 04:59 Hong Kong time (Winter Time: postponed 1 hour). Good Till Cancel order (GTC): Order instruction will be valid until it is filled or cancelled.

Order Type

Market order: A buy or sell order to be executed immediately at current market prices. Limit order: A buy or sell order to be executed once a specified price is met. Stop order: Stop Order has two functions. (i)It is a kind of stop instruction when the underlying reaches a certain price, the order will instantly be transformed into a "market order" to buy or sell the contract immediately at market price. "Stop Order" allow investors to prevent excessive losses, by closing current position immediately once a specific price level is reached. (ii)The instruction can also be used to open new position. Order will be executed even no position is held, once a specific price level is triggered.

Phillip places a trading limit on each Leverage Foreign Exchange account,capped by default Margin Limit, which determines the maximum amount of lots that a client may trade.The margin limit will be listed on the welcome letter for new client via postal mail, it will be shown on each Forex account statement under the item name “position limit”. 

E.g. If the margin limit is set at HK$100,000 and the initial margin is HK$4,000. The trading limit would be 25 lots (HK$100,000/HK$4,000=25).

In the case of trading limit shortfalls during the order placing process, the orders will be rejected automatically. If you would like to raise the limit, please call our 24-hours LFX dealing hotline directly at (852)2277 6667.

Margin requirement for Leveraged Foreign Exchange trading is based on Hong Kong Dollar. Please provide sufficient margin in advance before opening and holding day-trade or over-night positions.
If the equity balance is less than the required initial margin, the interest will be charged based on the shortfall margin.

In Forex market, trading is mainly based on buying/selling a contract. Please refer to the following example:

Calculation method:
(selling price - purchase price) x contract amount x lots - commission = profit / loss

Example 1:

Client buys one lot of Euro against the US dollar (EUR/USD), and then sells at the same day

Purchase Price	Selling price	Contract Amount	Profit and Loss calculation
1.2500	1.2600	EUR10,000	(1.2600 - 1.2500) X 10,000 - commission= USD100 - commission

Example 2:

Client buys one lot US dollar against Japanese Yen (USD/JPY),and then sells at the same day

Purchase Price	Selling price	Contract Amount	Profit and Loss calculation
107.00	105.00	USD10,000	(105.00 - 107.00) X 10,000 - commission = JPY-20,000 - commission

In the above examples, commission needs to be deducted from the final figure to determine the net profit/loss for the transaction. Please note that the examples above depict a day order trade only. For overnight positions, clients are reminded to include the receivable/payable interest in order to calculate the net profit/loss.

Minimum commission of online trade is HKD 6 per lot per side。Minimum commission of phone dealing is HKD10 per lot per side(effective from 3rd April 2017)。The commission of HKD / CNH and CNH / JPY contract are waived.