Trading System		Circuit Breaker
	Trading Hours		Trading Signs
	Trading Units, Price Spread, Floor&Ceiling Limits		Opening and closing Price Calculation
	Trading Boards		Property Fund
	Types of Order		Direct Market Access (DMA)
	Off-Hours Trading		Program Trading

Program Trading.

Program trading means program trading software that can automatically create and send orders. The SET currently allows brokers to use various strategies as follows:

1. Market-making strategy , which means program trading software used by a member who is a market maker for the purpose of stabilizing liquidity of securities trading;
2. Arbitraging strategy , which means program trading software used by a member who is a participating dealer or any other person permitted by the Exchange for the purpose of realizing a profit from a price spread;
3. Other strategy such as VWAP, TWAP, Volume Inline, Price Inline, Implementation Shortfall, Reserve, Float and On-Close etc.

• The member may use the program trading software to send bids and offers into the trading system by automated order matching method. (AOM)
• When entering an order, the member shall indicate the following particulars:
• Designated flag as specified by the Exchange; and
• Client ID
• Program trading is allowed for single order only except for Market-making and Arbitrage strategy which are allowed for basket order.
• Cannot use program trading to send an order via the internet trading
• There is an order speed limit as specified by the Exchange