Board Lot Requirements


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For illustrative purposes only Foreign currency values are also shown on the Positions page. At the time of a trade for an international stock, if your stock trade does not fill at all or if you choose to settle in the local currency, no currency exchange will take place. As an example, suppose you want to buy a hypothetical Japanese stock—ticker XYZ—which closed on the previous trading day at 1, yen.

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Fidelity Investments Job Listings. To manage volatility, the Tokyo Stock Exchange and the Osaka Securities Exchange set "daily price limits" for all securities. These limits create a price range outside of which a security may not trade on any given day. Limit prices must also fall within this range. The exchanges determine daily price limits based on each stock's "base price" - its price at the close of the previous market session.

In some cases, when buy and sell orders are significantly imbalanced, either exchange may assign a "special quote" to be used as the base price. For specific price limits for all base prices, see the table below. As an example, suppose you want to buy a hypothetical Japanese stock - ticker XYZ - which closed on the previous trading day at 1, yen.

As shown in the table below, the daily price limit for a stock with this base price is yen. This means that the maximum potential upside or downside for XYZ on the day is yen for a maximum trading range of , yen. As a result, your limit price for XYZ must also fall between and 1, yen. To manage volatility, the Hong Kong Stock Exchange requires that all limit orders meet very specific pricing requirements.

These requirements effectively set up ranges for each security within which all limit prices must fall. When entering a limit price for a Hong Kong-traded stock, there are two requirements your order will need to meet: Find Symbol will likely be your first step to obtain a real-time quote, research a company or trade an international security.

Please note that international stocks use a different symbology than domestic stocks. To quote, research, or trade international stocks, enter the stock symbol, followed by a colon: IT for its ordinary shares. Real time international stock quotes are available for non-professional users. Professional users are limited to market data that is delayed up to 15 minutes. Generally, you are considered a non-professional user if the following statements are true:.

Although the real-time primary market quote is displayed when placing an order, international orders may execute on the primary exchange, or they may also execute on ECNs, ATSs Automatic Trading Systems or regional exchanges within the market. This will be determined by a local broker in the market. See the list of primary exchanges below:. These values can be found toward the top of the International Trade Stocks order entry ticket. These values also display on the Balances and Positions pages.

If settling an international stock trade in the local currency, please be certain to use the appropriate foreign currency position. Once entered, international equity and currency exchange orders are displayed on the Orders page along with your domestic security orders. International stocks must be bought and sold in the same market.

For example, shares of a stock purchased in Germany could not be sold in France even though the company may trade on one or more exchanges in different markets. For more on placing orders and order types, see the Trading FAQs.

For illustrative purposes only. International stocks use a different symbology than domestic stocks. To quote, research, or trade international stocks, enter the stock symbol, followed by a colon: IT for its ordinary shares.

This symbology can only be used to buy or sell stocks on the international trade ticket. Quotes Real-time quotes 1 are available for international stocks using the Get Quote Tool along the top of Fidelity. Although the real-time primary market quote is displayed, international orders may execute on the primary exchange, or they may execute on ECNs, ATSs or regional exchanges within the market.

You must have sufficient U. These values can be found toward the top of the Trade Stocks — International Trade ticket. They are also included in the Balances and Positions pages. Once entered, international stock and currency exchange orders are displayed on the Orders page along with your domestic security orders.

International stocks must be bought and sold in the same market. For example, shares of a stock purchased in Germany could not be sold in France even though the company may trade on one or more exchanges in different markets. There are additional specifications regarding share quantities imposed by some exchanges. These are also referred to as board lots.

A board lot is the number of shares defined as a standard trading unit. All orders placed in Canada, Hong Kong, and Japan must be entered in quantities that are multiples of the board lot or standard trading unit. Board lot sizes for Canadian exchanges Board lot sizes for orders on Canadian exchanges are determined based on the per share price of the security being traded.

Board lot sizes for Hong Kong exchanges The required board lot size for Hong Kong varies by security. The current range is 50—, shares. Visit the HKEx to see the required board lot size for a particular security. Board lot sizes for Japanese exchanges The required board lot size for Japan varies by security. Currently, the majority of securities trading on Japanese exchanges have board lot sizes of 1, shares. In Japan, board lots are referred to as "trading units".

To view the required board lot size for a particular security, check the website of the primary exchange on which the security trades:. Board lot requirements are usually the same for securities listed on both the Osaka and Tokyo exchanges. Tick requirements are minimum price increments at which securities can be traded.

These increments vary by market, and are usually based on the closing price per share of the security from the previous session. All limit prices for a security must conform to the tick requirements of the market in which the security trades.

For example, the minimum tick requirement for a security trading at 60, yen on the Tokyo Stock Exchange is yen. To place an order to buy that security, you would need to enter your limit price as an increment of , e. These limits create a price range outside of which a security may not trade on any given day. Limit prices must also fall within this range. For specific price limits for all base prices, see the table below. As an example, suppose you want to buy a hypothetical Japanese stock—ticker XYZ—which closed on the previous trading day at 1, yen.

As shown in the table below, the daily price limit for a stock with this base price is yen. This means that the maximum potential upside or downside for XYZ on the day is yen for a maximum trading range of —1, yen. As a result, your limit price for XYZ must also fall between and 1, yen. Hong Kong exchanges To manage volatility, the Hong Kong Stock Exchange requires that all limit orders meet very specific pricing requirements. These requirements effectively set up ranges for each security within which all limit prices must fall.

When entering a limit price for a Hong Kong-traded stock, there are two requirements your order will need to meet: Currency trading is when you buy and sell currency on the foreign exchange or Forex market with the intent of benefitting financially from the fluctuation in exchange rates.

Currency prices are highly volatile. Price movements for currencies are influenced by, among other things: None of these factors can be controlled by you or any individual advisor and no assurance can be given that you will not incur losses from such events. The euro is the local currency for the following markets: At the time of a trade for an international stock, you can choose to settle the trade in U. If you settle in U. If your stock trade does not fill at all or if you choose to settle in the local currency, no currency exchange will take place.

In addition to the standard market volatility that every security—whether domestic or foreign—is exposed to, your potential return can be affected by fluctuations in the foreign currency against the U. There may be additional fees or taxes charged for trading in certain markets and the list of markets and fees or taxes is subject to change without notice. Possible additional fees or taxes include:. Hong Kong Transaction Levy: South Africa Securities Transfer Tax: France Financial Transaction Tax: