Loading…
HKSI PrepStudyingPaper 1
Switch exam
During continuous trading a stock's best bid is HK$150.00 and its best ask is HK$150.10. Which ONE of the following orders will OTP-C NOT accept?
A limit order matches only at its specified price, and OTP-C will not accept a sell limit order priced below the best bid or a buy limit order priced above the best ask. Selling at HK$149.90 is below the HK$150.00 bid, so it is rejected. An enhanced limit sell order is rejected only if priced 10 spreads or more below the bid; HK$149.90 is one spread below (the spread is HK$0.10 for prices over HK$100 up to HK$200), so it is accepted and can trade against the bid queues. A buy at HK$149.50 and a sell at HK$150.30 do not cross the market and simply join the queue at their prices. Source: HKEX, Securities Trading Mechanism (OTP-C) web page (Order Types); Rules of the Exchange, Second Schedule (spread table) (as at October 2026).
Assuming any marketable limit order is accepted. A plain limit order cannot cross the spread; enhanced and special limit orders exist for that.
Practise more Paper 8 Stock market administration questions
Exam-style questions with worked answers, then full timed mocks. Free to start.
Build a daily practice habit — a few exam-style questions a day, with worked answers. Free to start.
Start practising →Original study material mapped to the public HKSI Paper 8 syllabus. Unofficial, not endorsed by HKSI Institute or the SFC. Verify figures and rules against current guidance before relying on them.