Orders can be kept for 30 days.
In a release, Singapore Exchange (SGX) has launched long dated order types, allowing investors to retain buy or sell orders for longer than the usual one day.
With long dated orders, investors can specify the number of days they want their orders to stay active. Orders can be kept active for a maximum 30 days unless they are completed or cancelled. This compares with the usual practice of un-executed orders automatically expiring at the end of the trading day.
Jenny Chiam, Head of Securities at SGX, said: “We are pleased to be able to offer long-dated orders at the exchange level. This builds upon similar features which certain brokers currently offer some customers.
By making this available to all brokers who can then choose when and who to offer this service to, we enable greater flexibility for investors transacting in the securities market. These new long dated order types will, for example, suit investors who want to transact only when a stock reaches a specific price level without having to place a fresh order each day.”
Investors can learn more about long dated order types and the risks involved at www.sgx.com/reachordertypes. They should consult their brokers if they are interested in the service.
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