Electronic Trading and Order Routing Systems

Electronic Trading and Order Routing Systems

(ACN: 007268386 AFSL: 300767)

17 December 2021

Disclosure Document


1. Electronic trading and order routing system differ significantly from traditional outcry pit trading and manual order routing methods. Transactions using an electronic system are subject to the rules and regulations of the exchanges offering the system and/or products. You must understand that the exchanges may be located in different time zones, therefore, you are obligated to know and conduct your trading according to the business hours of the various exchanges. You are responsible for directing your trading in accordance with the relevant policies, procedures, and trading rules of the exchanges to which your orders are routed.


2. Trading or routing orders through electronic systems varies widely among different electronic systems. The orders are subject to the rules and regulations as prescribed by the various exchange(s) offering the system and products you are trading, hence, before you engage in transactions using an electronic system, you should carefully review the applicable rules and regulations of such exchanges to understand, including but not limit to, the system’s order matching procedure, opening and closing procedures and prices, error trade policies, and trading limitations or requirements, qualifications for access and grounds for termination and limitations on the types of orders that may be entered into the system and the risk involves in such matters.


3. Trading through an electronic trading or order routing system exposes you to risks associated with system or component failure. In the event of system or component failure, it is possible that, for a certain time period, you may not be able to enter new orders, execute existing orders, modify or cancel orders that were previously entered or view the receipt of confirmations. System or component failure may also result in loss of orders or order priority. Electronic trading system may experience outages or delays as the result of, among other events, power failures, programming failures, accessibility, volatile market conditions or heavy volume of trading which may result in delayed or slowed response time. You should be prepared and maintain alternative trading arrangements for order entry in the event that Tiger Brokers (AU) Pty Limited (“TBAU”) system is unavailable for any reason.


4. To the extent that you or TBAU use Internet services to transport data or communications, TBAU disclaims any liability for interception of any such data or communications. TBAU is not responsible, and makes no warranties, regarding the access, speed, availability or security of Internet or network services.


5. Exchanges offering electronic trading or order routing system and/or products may have adopted rules to limit their liability in regards to software and communication systems failure, therefore you may be limited in the amount of damages that may be collected in the event of a system failure. These limitations of liability vary among the exchanges. You should consult the rules and regulations of the relevant exchanges you plan to enter trades for execution.


6. Some contracts offered on an electronic trading system may be traded electronically and through open outcry during the same trading hours. You should review the rules and regulations of the exchange offering the system and/or listing the contract to determine how orders that do not designate a particular process will be executed.


7. You will find that it is extremely difficult or impossible to cancel market orders before execution in the electronic markets. While limit orders do not ensure execution of your order, limit orders may reduce your execution risk.


8. We may offer different order types from time to time. It is YOUR responsibility to understand the unique nature of those order types. We will not be held liable for any misunderstanding of order type behaviour nor we guarantee those order functions will achieve your intended execution outcome.