從報價目錄你可以選擇所需商品, 然後用滑鼠拖拉到到右邊的頁面, 你便可看到此産品價格資訊你也可以拖拉右邊的頁面上的某個商品, 更改商品顯示次序 Then, you can drag and drop your product(s) to the page in the right hand sid

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你首先點擊右上角的, 報價目錄會在左邊出現 Simply, click the small [ ] button in

1 您可以在市場資訊功能表中找到此視窗 Open this window from the Market Menu. (a) 新增産品到報價列表頁面 Add product(s) to Price List 很簡單, 你首先點擊右上角的, 報價目錄會在左邊出現 Simply, click the small [ ] button in the top of right corner to open the price tree in the left hand side.

從報價目錄你可以選擇所需商品, 然後用滑鼠拖拉到到右邊的頁面, 你便可看到此産品價格資訊你也可以拖拉右邊的頁面上的某個商品, 更改商品顯示次序

side. You can also drag and drop a product to change the sequence of price

中輸入商品號碼, 就可插入一個商品資訊 Right click the ID column, then this feature can be

2 從報價目錄你可以選擇所需商品, 然後用滑鼠拖拉到到右邊的頁面, 你便可看到此産品價格資訊你也可以拖拉右邊的頁面上的某個商品, 更改商品顯示次序 Then, you can drag and drop your product(s) to the page in the right hand side. You can also drag and drop a product to change the sequence of price list. (b) 插入價格 Add Price 只要用滑鼠右擊代價一欄, 你便能如下圖一樣找到此功能然後在 Input product 中輸入商品號碼, 就可插入一個商品資訊 Right click the ID column, then this feature can be selected in the quick menu. Type in the code of product and you will get the product information.

(c) 移除價格 Clear Price 只要用滑鼠右擊那一個商品, 你便能如下圖一樣找到此功能, 清除那一個商品資訊

清除所有在那一頁的商品 Right click the area of price list, then this

你便能如下圖一樣找到此功能可爲每一欄同類型商品加上標題 Right click the area of price

3 (c) 移除價格 Clear Price 只要用滑鼠右擊那一個商品, 你便能如下圖一樣找到此功能, 清除那一個商品資訊 Right click the target product, then this feature can be selected in the quick menu. (d) 清除價格列表 Clear Price List 只要用滑鼠右擊此頁的空白地, 你便能如下圖一樣找到此功能, 清除所有在那一頁的商品 Right click the area of price list, then this feature can be selected in the quick menu. (e) 價格列表命名 Rename Price List 只要用滑鼠右擊代價一欄, 你便能如下圖一樣找到此功能可爲每一欄同類型商品加上標題 Right click the area of price list, then this feature can be selected in the quick menu. A title can be given to the same product group.

4 輸入你喜歡的名稱便可以! Input the name of this price list. (f) 查詢産品資料 Product Information 在報價列表或報價目錄, 你只要用滑鼠右擊産品, 你便能如下圖一樣找到此功能 In the Price List or Tree, right click your target product, then this feature can be selected in the quick menu.

(g) 編輯欄位 Edit Columns 只要用滑鼠雙擊頁面標題, 你見到如下圖一樣的編輯欄位視窗, 你可以選擇顯示那些欄位 Double Click the column header, then you can see the following edit column window.

5 (g) 編輯欄位 Edit Columns 只要用滑鼠雙擊頁面標題, 你見到如下圖一樣的編輯欄位視窗, 你可以選擇顯示那些欄位 Double Click the column header, then you can see the following edit column window. 欄位說明 Description of the Window Items 代號 Id 名稱 Name 市場 Market 狀况 TSS 買入量, 買入, 賣出, 賣出量商品編號 Product ID 商品名稱 Product Name 商品市場類型 Product Market 市場狀况 : " 開市 " 表示市場正式交易的時間 " 開市前時段 " 表示是這時段只容許用戶輸入競價指示或競價限價指示 " 對盤前時段 " 表示是參考平衡價格及成交量之訊息將持續計算及發放的時段 " 對盤時段 " 表示是交易所的自動對盤系統進行配的時段 " 暫停 " 表示市場交易暫停一段時間 " 收市 " 表示市場交易結束的時間 The states of the market: "Open" indicates the market is open. "Pause" means the market is in a pause period. "Close" denotes market close. "Pre open" stands for Pre opening stage. "Pre open Allocation" Pre open Allocation period. "Open Allocation" Open Allocation period. Close indicates the market is closed. 交易最佳買入價和賣出價隨著成交量改變最佳買入價或賣出價的價格和數量以紅色和藍色即時更新

6 BQty,Bid,Ask,Aqty 成交 Last 平衡價 EP 成交量 Lqty 未平倉 OpenInt 每手 Lot 合約值 Contract 升跌 Chg 升跌 % Chg% 總成交量 Volume 最高 High 最低 Low 開市 Open 前收市 Close 收市日期 Close Date 行使價 Strike 期權 Opt 到期日 Expiry 紅色代表買入 / 賣出價格下降, 藍色代表買入 / 賣出價格上升, 幾秒鐘以後顔色恢復正常 The best bid and offer in the market with the accumulated volumes. Changes in the price or quantity of the best bid or offer will be updated immediately with red or blue color. Red represents a decrease in value of bid/ask orders and blue denotes an increase in value of bid/ask orders. The color will return to normal in a few seconds. 最後成交價 Last traded 開市時是開盤價, 如果開盤價在下午無效, 用戶可以重新下載價格得到上午的開盤價 The calculated opening price (COP) in pre market opening period. If COP is not available in the P.M. session users can reload prices to get the COP of the A.M. session. 最後成交量 Last traded volume 未平倉合約數量 No of trades without closing position 數字顯示爲 1 手 Displays as one lot 顯示合約每手數量 Displays the lot quantity 價格變動 Price Change 價格變動百分比 Price Change Percentage 目前成交量 The up to the moment turnover 目前最高成交價 The up to the moment highest traded price 目前最低成交價 The up to the moment lowest traded price 開市價 Opening price 收市價 Closing price 收市價日期 Date of Closing price 行使價 Options Strike Price C= 認購期權, P= 認沽期權 C=Call Option, P=Put Option 到期日 Expiry Date

The best bid starts from B1 and down to B5 while the best ask starts from A1 up to A5.

7 您可以在市場資訊功能表中找到此視窗 Open this window from the Market Menu. 價格深度視窗顯示的是市場中最新的前五位最佳買入和最佳沽出價最佳買入價從 B1 降到 B5, 最佳沽出價從 A1 升到 A5. Price Depth window shows, with real time update, the five best bids and offers in the market together with the accumulated volumes. The best bid starts from B1 and down to B5 while the best ask starts from A1 up to A5. 欄位說明 Description of the Window Items 價格 Prc 數量 Qty B1 B5 A1 A5 市場輪候價格 Price 市場輪候價格的數量 Quantity 第一到第五的最佳買入價格 First Bid to Fifth Bid 第一到第五的最佳沽出價格 First Ask to Fifth Ask 垂直或水平顯示 Vertical or Horizontal

8 用滑鼠點擊右上角 [V] 按鈕, 可切換為垂直顯示或水平顯示 Click [V] button to change vertical view or horizontal view. 更改或鎖定産品 Change/Lock Product ID 用滑鼠點擊右上角 [*] 按鈕, 便可更換顯示産品或鎖定顯示産品 Click [*] button t o change/lock the displayed product. 打開指定産品的價格深度 Open Price Depth

9 步驟 STEP: 1. 在價格資訊視窗, 只要用滑鼠右擊産品代碼 Select a Product ID in the Market Price window. 2. 再選擇價格深度 Open the Price Depth window from the Quick menu.

10 您可以在市場資訊功能表中找到此視窗當你右擊視窗可以改變産品或改變視窗模式, 有四種畫面模式可供以選擇 ( 此功能只適用於香港指數期貨 ) Open the window from the Market Menu. You can right click this window to change product or change window view. There are four view to select. (For Hong Kong Index Futures Only) (0) Order Depth Mode 指示深度模式

從市場資訊功能表中打開視窗投資者可以利用期權大師快速看到各期權以及期權引申波幅和風險參數 (Deta,Gamma,Theta,Vega), 大大方便投資者作組合投資動態對沖以至風險管理... 等等你可以在視窗的右上角的小按鈕改變視窗形式, 形式有三種畫面可以選擇 : Open the window from the Market Menu.

11 從市場資訊功能表中打開視窗投資者可以利用期權大師快速看到各期權以及期權引申波幅和風險參數 (Deta,Gamma,Theta,Vega), 大大方便投資者作組合投資動態對沖以至風險管理... 等等你可以在視窗的右上角的小按鈕改變視窗形式, 形式有三種畫面可以選擇 : Open the window from the Market Menu. Investors can find all kinds of options, Implied Volatility and risk parameter(deta,gamma,theta,vega), very convenience to portfolio, dynamic hedge and as well as risk management etc. You can click small button in the right top corner of this window to change window view. There are three view to select: (1) Basic Mode 基本顯示模式基本顯示模式用來顯示具體成交情況, 包括買入價沽出價買入量沽出量以及成交價和成交量總成交量 Basic Mode is to show the details about bid ask bid qty ask qty, also trade price trade volume and total trade volume. (2) Advance Mode 進階顯示模式

So you needn t to calculate by yourself, you can trade according to the value which calculated by the system.

12 進階顯示模式可以看到各個風險係數 risk parameter(deta,gamma,theta,vega) 您不必自己去算, 您可以根據系統計算好的各個系數值來決定如何交易 In the Advance Mode window, you can see all kinds of risk parameter(deta,gamma,theta,vega). So you needn t to calculate by yourself, you can trade according to the value which calculated by the system. (3) Master Mode 大師級顯示模式大師級顯示模式能夠根據你所持有的期權來即時計算風險參數 ( 如上圖框內所示 ), 幫助您快速覺察市場情況及持倉風險 Master Mode is able to calculate risk parameter real timely according to your position, as well as to help you quickly know the market information and position risk.

引申波幅 Implied Volatility (IV) 引申波幅是評估期權或認股證價格最重要的因素引伸波幅從期權或認股證價格本身配合其他客觀影響因素如正股價格行使價時間值利率及派息計算出來 Implied Volatility is the most important factors to evaluate the price of option.

5 就表示當正股價格變動 1 元時, 期權價格會跟著變動 0.5 元 Delta means the change of stock price affect the price of option. If delta=0.5 mean that when stock price change 1yuan, option price will follow to change 0.5yuan.

13 引申波幅 Implied Volatility (IV) 引申波幅是評估期權或認股證價格最重要的因素引伸波幅從期權或認股證價格本身配合其他客觀影響因素如正股價格行使價時間值利率及派息計算出來 Implied Volatility is the most important factors to evaluate the price of option. Implied Volatility is calculated from the options and their influence factors such as stock price, strike, time value, interest rate and bonus. Delta Delta 表示當正股價格變動時對期權價格的影響若 delta=0.5 就表示當正股價格變動 1 元時, 期權價格會跟著變動 0.5 元 Delta means the change of stock price affect the price of option. If delta=0.5 mean that when stock price change 1yuan, option price will follow to change 0.5yuan. Gamma Delta 數值隨正股價格變動 Gamma 是用來衡量 delta 的敏感度 Gamma=0.1 就表示當正股價格變動 1 元時,delta 跟著變動 0.1 Delta s value changed when stock price changed. Gamma is to show the degree of delta s sensitivity. Gamma=0.1 mean that when stock price change 1yuan, delta will follow to change 0.1yuan. Theta 期權或認股證每日的價值耗損假設正股價格及引伸波幅不變,Theta=0.01 就表示明日認股證或期權下跌 0.01 元 The missing value about option everyday. If stock price and Implied Volatility didn t change, Theta=0.01 mean that option price fall 0.01yuan next day. Vega Vega 表示引伸波幅變動 1% 時對期權或認股證價格的影響 Vega mean the price of option affected when Implied Volatility change 1%. 要求報價 Quote Request 如果市場未有報價, 你是可以要求莊家報價你只須點擊該期權然後按 [ 要求報價 ] 便會見到以下視窗 You can send a quote request to market maker. First, you click the Quote Request button. Then you will see the following window: 輸入所須資料, 然後送出報價的要求 Input the information and then send your request.

期權交易指示 Option Order 新增期權交易指示視窗, 可在期權大師上進行成交或取消, 成交並取消及即日盤三類型交易用戶只須先按期權大師右上角的 E 按鍵, 並選擇視窗內的價格, 便可開出此交易指示視窗 The Option Order window can be called by pressing E button on the top right corner

FAK (Fill and Kill) and FOK (Fill or Kill) orders are also supported.

14 期權交易指示 Option Order 新增期權交易指示視窗, 可在期權大師上進行成交或取消, 成交並取消及即日盤三類型交易用戶只須先按期權大師右上角的 E 按鍵, 並選擇視窗內的價格, 便可開出此交易指示視窗 The Option Order window can be called by pressing E button on the top right corner of Option Master Window. After pressing E, and choose a price on the window, you can call out the Option order and place positions. FAK (Fill and Kill) and FOK (Fill or Kill) orders are also supported. 更新期權系數 Update Option Parameters 此功能讓用戶在有需要時, 可即時更新所有期權系數 ( 例如波幅,Delta, Gamma ) This function permits client to update the option parameters (e.g. Implied Volatility, Delta, Gamma ) instantaneously if needed. 期權圖表 Option Chart 另外, 新設期權即日及成交紀錄圖表用戶只需右擊期權大師畫面便可開啓此功能 Option Intraday and Option Ticker Chart are enabled, which can be found when right clicking the Option Master window.

15 (i) 期權即日圖表 Option Intraday Chart 這個視窗可以顯示相關期權的即日圖表 This window can display intraday chart of a particular option. (ii) 期權成交紀錄圖表 Option Ticker Chart

16 這個視窗可以顯示相關期權的成交記錄圖表但是只會記錄登入後的成交, 用戶將不能得到任何未登入前的成交記錄 This window can display ticker chart of a particular option in HK Market. It can only display trades information received during the logged in period. Users will not be able to retrieve any trade details during the logged off period.

17 指示深度模式展示每一個買賣盤的詳細資料 Order depth Mode displays the information of each order. 欄位說明 Description of the Window Items 買入量 B.Qty 買入價 Bid 沽出價 Ask 沽出量 A.Qty 買入數量 Bid quantity 買入價格 Bid Price 沽出價格 Ask Price 沽出數量 Ask quantity (1) Basic Mode 基本顯示模式

18 買入數量 / 沽出數量的三個數位分別代表什麽? What is the meaning of the three numbers in Bid/Ask Qty Column? 第 1 個數位代表合約數量 1 st Number is no. of contracts 第 2 個數位代表有多少個買賣盤 2 nd Number is no. of orders 第 3 個數位代表轉期合約數量 (0= 沒有, 不顯示數位 ) 3 rd Number is no. of spread contracts) 上面圖片的例子 : 即有 12 張合約, 有 4 個盤, 當中 2 張爲轉期合約 In above example, that means 12 contracts have 4 orders but 2 contracts is spread contract. (2) Distribution Mode 分佈顯示模式

19 這個模式除了顯示買賣價格及數量之外, 同時清楚顯示這些買賣盤分佈情況 This model shows the orders distribution. 1 5 表示細盤 ( 每個買賣盤不超過 5 手 ) 6 50 爲中型盤 ( 每個買賣盤介乎 6 至 50 手 ) >50 爲大盤 ( 每個買賣盤超過 50 手 ) (3) Full Mode 完全顯示模式

20 欄位說明 Description of the Window Items 買入平均 B.Avg 買入累積 B.Accu 買入量 B.Qty 買入價 Bid 沽出價 Ask 沽出量平均買入價格 Average price in Bid side 累計買入數量 Accumulated Volume in Bid side 買入數量 Bid quantity 買入價格 Bid Price 沽出價格 Ask Price 沽出數量

21 A.Qty 沽出平均 A.Avg 沽出累積 A.Accu Ask quantity 平均沽出價格 Average price in Ask side 累計沽出數量 Accumulated Volume in Ask side 圖中灰色位置爲一指標, 顯示合約總數量較少的買賣盤如在價位, 共有 11 張合約,2 個買賣盤 ; 其中 1 個買賣盤只有 1 張, 另 1 個買賣盤數量爲 10 張買賣盤合約量較細者便會以灰色呈現 The Gray area inside the window indicates those orders with fewer contracts. For example, there are 2 orders and 11 contracts at the price of One of the order buy 1 contract, while the other buys 10 contracts. The smaller order will be displayed in Gray for identification.

22 您可以在市場資訊功能表中找到此視窗 Open the Geneal Message window from the Market Menu. 此視窗顯示期貨交易所提供消息的及資訊, 例如 : 開市收市交易所資訊連接問題以及各類利率的消息等 This window displays messages sent from the system server. Such messages include exchange message ( e.g. openings and closings of the market, potential information and connection problems, and other information of general interest.)

敬啟者：

敬啟者： SP 系統用戶使用指南利宏商品及期貨有限公司 Horizon Commodities and Futures Limited 香港新界大埔工業邨大發街 16 號 16 Dai Fat Street, Tai Po Industrial Estate, N.T, Hong Kong T: +852 2235 2777 F: +852 2235 2757 www.hcfl.com.hk SP 系統用戶使用指南

從報價目錄你可以選擇所需商品, 然後用滑鼠拖拉到到右邊的頁面, 你便可看到此産品價格資訊 你也可以拖拉右邊的頁面上的某個商品, 更改商品顯示次序 Then, you can drag and drop your product(s) to the page in the right hand sid

從報價目錄你可以選擇所需商品, 然後用滑鼠拖拉到到右邊的頁面, 你便可看到此産品價格資訊你也可以拖拉右邊的頁面上的某個商品, 更改商品顯示次序 Then, you can drag and drop your product(s) to the page in the right hand sid