//
you're reading...

How to navigate the Colfinancial platform

How to navigate the Colfinancial platform

INVESTING AND ORDER PROCESSING

What types of securities can I trade through COLFinancial?

You can trade all non-suspended securities listed in the Philippine Stock Exchange (PSE). On occasion the PSE may suspend stocks from trading due to various reasons: i.e. in preparation for critical bulletins or corporate announcements, deficiency in providing SEC documents and violations made against the regulations of the PSE. PSE suspended stocks cannot be traded as long as the suspension flag is raised.

What is the schedule for Trading hours?

Trading Hours are scheduled between Monday to Friday, with the following timetable:

Php Time Action Period
9:00 am Pre-open Period
No matching of Orders can occur during this period, but you can enter, modify, or cancel Orders
9:15 am – 9:30 am Pre-Open No-Cancel Period
You are allowed to enter Orders but cannot cancel or modify Orders during this period
9:30 am Opening Period
The period when the Opening Price for all Securities is calculated. For a short moment the Order book is frozen until calculations of the opening price is completed
9:30 am – 12:00 nn Continuous Trading A period when Orders are automatically matched at the Best Price in accordance with the Revised Trading Rules. Odd-lots can only be traded and modified during this period
12:00 nn – 1:30 pm Market Recess
1:30 pm Market Resumes
3:17 pm – 3:20 pm Pre-Close Auction Period
 Matching of prices are halted for 3 minutes. And just like your Pre-Open period, you can enter, modify or cancel Orders
3:20 pm – 3:30 pm Run-Off/Trading-At-Last
 You can only enter Buy or Sell Orders at the Closing Price
3:30 pm Market Close

How do I place an Order?

You can place an order using the following actions:

1. Click on the TRADE/PORTFOLIO menu tab followed by ENTER ORDER.
2. Enter the Order details then click on Preview Order to show a summary of your order so that you may review the particulars of the order before it is sent. (Note: the color headers for BUY orders is GREEN, while the heading for SELL orders is RED)
3. Once you are ready, you must enter your password then press Place Order to submit the order for posting.

What are the various Order Types?

COLFinancial provides the following  order types chosen by the term option box in the order entry screen:

1. A Limit Day Order (DAY) – the Limit Day Order is allowed during regular trading periods scheduled on Monday to Friday between 9:00 AM to 12:10 PM. This order type asks for specific information about your order then immediately sends the order to the Exchange. A limit order would requires that you to first choose a transaction type – either a Buy or Sell, then pick out the defaulted main board or odd lot board to transact, followed by the term type of the transaction. Thereafter choose the stock code, number of shares and enter a definite limit price you would wish your order to be placed at.
 An order to buy 1,000 shares of ALI at P5.30 would place an order to try to buy the designated 1,000 shares at a maximum price of P5.30 or lower if there is an available seller below P5.30. An order to sell 1,000 shares of ALI at P5.00 would place an order to sell the 1,000 shares at a maximum low of P5.00 if not higher if there is an available buyer above P5.00.

 Any unfilled Limit Day Orders will be cancelled at the end of the day. All orders must first pass a credit and stock position check before it is passed to the Exchange and meet out their order regulations for posting.

2. A Limit GTC Order (GTC)  the COLFinancial GTC orders are limit orders which are valid for sixty (60) calendar days. For example, if the GTC order is entered on November 26, the order will be valid until January 25. If the Valid Until date is a non-trading day, it will no longer be valid on the next trading day which follows. For example, if a GTC order is valid until November 20 which is a Saturday, on November 22 (Monday) which is the first trading day that follows, the GTC order will no longer be valid. For more details about COLFinancial’s GTC order click here.

3. An At-the-Close (ATC) Order – the COLFinancial At-the-Close order allows the user to enter an order that would be sent to the Exchange for execution during the market RUN-OFF period at a price equivalent to the closing price of the stock. The ATC Order is available during market session from 9:00 – 11:59 pm. ATC orders will be collected on a first come first serve basis, and will be sent to the Exchange for execution/posting on a first in first out basis during the run-off market period. After posting, all ATC orders immediately become Limit Day Orders at a price equivalent to the closing price of a stock. Any ATC orders still in queue after market close will be removed from the ATC queue.  For more details about COLFinancial’s ATC order click here.

What are Off-Hours orders?
An Off-hours Order or ‘After Trade hours Order’ (ATO) – the Off-hours ATO Order is provided to allow customers to enter orders after closing in preparation for the next trading day. ATO orders are accepted after 1:00PM and before 8:55 AM weekdays and anytime on weekends. Off-hours orders will be collected on a first come first serve basis, and will be sent to the Exchange for posting on a first in first out basis during pre-open session. After posting, all Off-hours orders immediately become Limit Day Orders and cannot be cancelled/modified during (9:15AM-9:30 AM). All orders will be governed by the Exchange’s order regulations. For orders during market activity (9:00 AM to 12:10 PM), please use the regular “Enter Orders” function.

How do I see the price of a stock (Requesting a Quote)?
You can check the price of a stock through the following ways:

1. Click on the QUOTES menu tab followed by STOCK INFORMATION then STOCK QUOTE. Enter the stock code and press the QUOTE button. You can change the refresh option to have the page continuously update every so often.

2. You can also check stock prices through the HOME page after you Log On into the site. But this option shows less stock detail than using the STOCK QUOTE option.


3. Furthermore you can use the WATCHLIST under the QUOTES tab to bring up a table wherein you can input a list of stocks to monitor.

 
How do I read the Quote Screen into a stock (The Bid & Ask)?

The order board or quote screen is a table that identifies the Buying (Bid) and Selling (Ask) parties into each stock reference. It lists on two main columns the desire to buy and the desire to sell, showing the respective volume levels at each price point. The sample below shows such a list.


BID Size column – how many individual buyers along with their total buying volume*
BID Price column – are the prices that buyers want to buy at
ASK Price column – are the prices that sellers want to sell at
ASK Size column – total selling volume* along with how many individual sellers
 * Volume represents the number of shares being bought or sold in a queue. This may illustrate the strength of buying and selling interest and is many times used to give an impression of market force or weakness
To read a quote you first read out the best buying price and the best selling price.  The first row of prices for each column represents the best bid or buyer and the best asking price or seller for the stock. Thus in the example above of MEG the quote is:  buying at 1.99 and selling at 2.00.
If you are a buyer, and would want to buy a stock immediately then you could enter a buying order at the best selling price or higher.  You can post a price that is lower than the selling price in an attempt to get a better price, but you take a chance of not getting your order filled if no seller would be willing to sell it to you at that price.
Same method will be applied if you want to sell a stock. If you want to sell a stock immediately then you would enter a selling order to sell at a price that buyers are buying at or lower. You can post a price that is higher than the buying price in an attempt to get a better price, but you take a chance of not getting your order filled if no buyer would be willing to buy it from you at that price.
How do I read the price ticker?
A Ticker Tape or price ticker shows a streaming set of data that displays every transaction made for all stocks. The Ticker reveals the active side of the market as it summarizes the most recent trades and may show where the action is. 
  The Ticker example above gives a good account of what is commonly displayed. In the order listed you will find the ff:
1. Stock Code
2. Market Price
3. Traded Volume
4. Buying Broker (during closing, this portion of the ticker will display ‘Closed’)
5. Selling Broker (during closing, this portion of the ticker will display the closing date)
The ticker details may also change its color to relate some information about its performance for the day – the color guide is as follows:

1. Green indicates the stock is trading higher than the previous day’s close.
2. Red indicates the stock is trading lower than the previous day’s close.
3. Yellow means the stock is unchanged from the previous closing price. 

What is a Posted Order, Matched Order and a Partially Filled Order?

Posted orders are current orders sent to the Exchange that have not been filled or have only been partially filled. Matched orders are wholly accomplished trades. Partially Matched orders are uncompleted orders where only a portion of the desired order has been matched.

How do I check my Posted Orders?
You can check all posted orders in the following manner:.

1. Click on the TRADE/PORTFOLIO menu tab followed by VIEW/MODIFY ORDER.
2. Any posted order (whether partly filled or not) will be listed.
3. You can filter the view option to show all Buying transactions, Selling transactions or its default to show any and all orders.
4. You can also check the status of order details under the TRADE/PORTFOLIO menu tab followed by TRADING HISTORY and clicking on Show Orders button under Order Details.
How do I Cancel a Posted Order?

Note: You cannot cancel orders during Pre-Open period between 9:15AM to 9:30AM and during Pre-Close period between 11:58AM to 12:00PM. You can however cancel any posted or remaining non-matched orders in the following manner:

1. Click on the TRADE/PORTFOLIO menu tab followed by VIEW/MODIFY ORDER.
2. Any posted order (whether partly filled or not) will be listed.
3. From this list the option to Cancel will be shown on the left of each separate order, click on the word Cancel (which may appear in red) to choose this action type.
4. An order to cancel will also be followed by a confirmation screen which will ask you to re-enter your password for verification. Enter your password to confirm your intent then press the Cancel Order button.
5. You can click on VIEW/MODIFY ORDER again after a couple of seconds to check for updates on your request. 

How do I Modify a Posted Order? 

Note: You cannot modify orders during Pre-Open period between 9:15AM to 9:30AM and during Pre-Close period between 11:58AM to 12:00PM.

You can attempt to Modify an order to lessen your desired volume in an earlier posted order. The price of which must remain the same and the new volume must satisfy the minimum board lot rule. You can only modify the volume of posted non-matched orders (which does not include matched or partially matched orders) in the following manner:
1. Click on the TRADE/PORTFOLIO menu tab followed by VIEW/MODIFY ORDER.
2. Any posted order (whether partly filled or not) will be listed.
3. From this list the option to Modify will be shown on the left of each separate order, click on the word Modify (which may appear in blue) to choose this action type.
4. A detail box will surface to ask for the new intended volume. Enter the new desired volume then press Preview Change Order.
5. An order to Modify will also be followed by a confirmation screen which will ask you to enter your password for verification. Simply enter your password then press the Modify Order button to acknowledge.
6. You can click on VIEW/MODIFY ORDER again after a couple of seconds to check for updates on your request.
*Note: If your desire is to change the price of an order or increase its volume, you must first cancel your current order then re-enter a new order.
What is the minimum board lot and fluctuation size?

Board Lot

Each stock may trade at different minimum lot sizes controlled by its price.  This minimum lot size is called a Board Lot (see table below). If a stock’s board lot is 1,000 then that is the minimum amount of shares that can be bought and any mount above this should also be traded in scales of 1,000. Thus an order to buy a stock with a board lot of 1,000 will reject an order to buy 1,500 and 3,200; but will accept 1,000, 2,000, 5,000 and above as long as it is wholly divisible by 1,000 and not leave any partial lots. 
Any amount of shares not wholly divisible by a minimum board lot is considered an Odd lot. Odd lots are traded at an Odd Lot board which are usually illiquidly traded and often at a discount to the stocks market price. You can enter odd lot orders by choosing the ODDLOT button on the order details box. Please note that odd lot orders can only be DAY orders, not GTC or ATC orders, which means you’ll have to place your odd lot sell order again the next day if it is not matched today. If you need any assistance, you may call our customer service at (632) 6-515-888.

*The table below identifies the Board Lot size based on stock price and the corresponding tick sizes.

Board Lot and Fluctuation Table
Price Range Tick Size Board Lot
0.0001 0.0099 0.0001         1,000,000
0.01 0.049 0.001             100,000
0.05 0.249 0.001               10,000
0.25 0.495 0.005               10,000
0.5 4.99 0.01                  1,000
5 9.99 0.01                    100
10 19.98 0.02                    100
20 49.95 0.05                    100
50 99.95 0.05                      10
100 199.9 0.10                      10
200 499.8 0.20                      10
500 999.5 0.50                      10
1000 1999 1.00                        5
2000 4998 2.00                        5
5000 Up 5.00                        5
How do I confirm my completed transactions for the day, month, or year?

All your completed transactions can be verified and confirmed through our website through the following means:

1. Click on the TRADE/PORTFOLIO tab then click on TRADING HISTORY, then fill up your requested details under Completed Trades and press the COMPLETED TRADES button.
2. You can also check your listed transactions under TRADE/PORTFOLIO then PORTFOLIO, and then click on View Monthly Account Ledger to see a trade summary of the current month. You can also click on Transaction invoice: daily or historical to get a summary of the invoices the system generates for your trades at the end of every day.

If I sell a stock position today, can I use the proceeds to buy immediately?

Yes, you can use the proceeds to immediately buy another stock or even the same stock if you wish. There is no need for you to wait three days for clearing. However if you wish to withdraw the funds, you must wait three days after you sell to avail of its proceeds.

What would prevent me from placing an order?

There could be a number of situations that can prevent you from entering an order during trading time, some of which are listed below:

1. A connection problem may exist between the client and COLFinancial or between the PSE and COLFinancial. This can only be remedied by the reestablishment of connectivity.

2. Your attempt to buy or sell may have exceeded or surpassed your credit. Simply check your PORTFOLIO Balances under the TRADE/PORTFOLIO menu tab to examine your available balances.
3. It could be possible that you have had posted an order already committing your shares or cash and this is preventing you from posting a new order. Check your posted orders under the TRADE/PORTFOLIO menu option the click on VIEW/MODIFY ORDER function to verify this. A posted order, even if it is not filled will temporarily lock out your available cash as it reserves it for that transaction. This is similar to a stock position being sold – once posted. And unless that posted order is canceled first, that stock cannot be placed into an order twice or simultaneously as the stock position has already been earmarked by the system.
4. You may be trying to place an order before or after trading time. Remember that trading time starts at 9:30 AM and ends at 12:10 PM. If you wish to place an order during these periods please use the Off-hours Order.
5. For further inquires please contact our Customer Service Representatives at (632) 6-515-888.
My buy order was rejected for “Insufficient funds”. Why did I get this error message?

This error message appears when you attempt to post a buying order that was worth more than the available cash in your account. To avoid this error, view your buying power first under the TRADE/PORTFOLIO tab followed by the PORTFOLIO function before placing new orders. Always check if you still have pending orders – remember that the value of a pending or posted order is automatically deducted from your buying power as the funds for this purchase will be earmarked for use. 

My sell order was rejected for “Account does not have Stock Position for _____”. Why did I get this error message?

This error message appears when you attempt to post an order to sell more shares than was available in your account. To avoid this error, view your Uncommitted Stock Positions first under the TRADE/PORTFOLIO tab followed by the PORTFOLIO function before placing new orders. Always check if you still have pending orders – remember that a posted order will commit your available shares and this will be deducted from your uncommitted number of shares. You can post selling of shares of up to that number that is uncommitted only. You must cancel your posted order first to reinstate your uncommitted share balance before attempting to post a new sell order.

I posted an order and cancelled it. But it seems the order still hasn’t been cancelled?
There are two instances when this might occur:

1. You might be trying to cancel your order during the pre-open or pre-close period.  Orders cannot be cancelled or modified during Pre-Open period between 9:15AM to 9:30AM and during Pre-Close period between 11:58AM to 12:00PM.
2. The order that you posted may have already been filled or done. Click on the TRADE/PORTFOLIO tab then click on TRADING HISTORY, then fill up your requested details under Order Details and press the SHOW ORDERS button to confirm your transactions.

3. If neither of the two seems to be the cause of your inability to cancel, please call our helpdesk at (632) 6-515-888 to secure further aid or information on your cancellation request.

Can I still place an order if I do not have access to a computer/internet?
Yes. You can call our Customer Service Department at (632) 6-515-888 and ask our agents for assistance in posting your order. Please note however that broker-assisted orders are charged 0.5% for commission instead of the regular 0.25%. Other charges will remain the same.