Why is the order in the "Submitting" state?

Hong Kong Stock Exchange sets restrictions on the time and price of an order that can be submitted. If an order is submitted outside the trading hours or with a price outside the exchange's permissible price limit, the order will be rejected by the exchange. Meanwhile, Hong Kong's financial regulatory also requires brokers to reject orders with a price too far away from the market price.

Therefore, if a broker sends all orders to the exchange, some may get rejected due to inappropriate submission time or price. FUTU will then temporarily hold orders that haven't met the submission conditions in the trading system and submit them to the exchange once the conditions are met.

1. When will my order status show "submitting?" 

Our system will determine whether to hold orders. If the submission conditions are not met, the system will automatically put the order on hold, and the order status will update to "submitting." The status description will inform the client about the expected submission conditions.

1.1 If a client places an order outside the trading hours, our system will accept the order and hold it. For details, please refer to What is off market order? (place orders during non-trading hours) 

1.2 For enhanced limit orders, if the order price is outside the exchange's permissible price limit, the system will accept the order and hold it until the price limit is reached. If the client needs his order to be filled ASAP, he should cancel the order in "Submitting" status and place a limit order or market order with an order price close to the market price.


2.  "Submitting" status in continuous trading session

2.1 The HKEx and the regulatory agency determine restrictions for Hong Kong stock order prices. For details, please refer to HKEx Trading Rules.

2.2 Meanwhile, the regulatory agency requires FUTU to impose the following restrictions on order prices for stocks and exchange-traded products.

Market Price Range(HKD)Restric If

Market Price Range(HKD)

Restric If

[0.01, 0.1]

The order price is away from the market price by 50%.

[0.1, 1)

The order price is away from the market price by 20%.

[1, +∞)

The order price is away from the market price by 10%.

2.3 Our system will submit on-hold orders to the exchange according to the following conditions to reduce the probability of rejection under extreme cases.

a. A Buy Order

    Compare values of "nominal price - 22 spreads" with "lower price limit set by the regulatory agency";the higher value will be set as a reference price. Once the order price reaches the reference price, the system will automatically submit the order to the exchange.

b. A Sell Order

    Compare values of "nominal price + 22 spreads" with "higher price limit set by the regulatory agency"; the lower value will be set as a reference price. Once the order price reaches the reference price, the system will automatically submit the order to the exchange.


3.  "Submitting" status in pre-opening session

3.1 FUTU will not impose price restrictions on at-auction market orders and at-auction limit orders. these orders can be submitted to the exchange directly.

3.2 If a client submits an enhanced limit order that allows pre-market trading before 9:15 on a trading day, restrictions will be imposed on the order price until the market opens. If the order price exceeds the permissible price limit set by the exchange, the order will be temporarily put on hold in FUTU's trading system.

a. A buy order with an order price greater than 85% of the previous closing price can be submitted to the exchange directly.

b. A sell order with an order price less than 115% of the previous closing price can be submitted to the exchange directly.

c. If the permissible price limit of an underlying asset is not ±15% of the previous closing price during the POS, the order can be submitted to the exchange directly.

Disclaimer

Putting orders on hold is a convenient online transaction method developed by FUTU. FUTU provides stable services as much as possible, but it cannot guarantee its absolute reliability. If the limit order is not submitted due to network interruption, server abnormality, and other physical factors, FUTU will not be liable for any loss or damage caused thereby.