Orders Sides:
Sell Order: The order enterd to sell a specific security.
Buy Order: The order entered to buy a specific security.
Cross Order: Cross order is entered according to the following terms and conditions:
- If there are both buy and sell orders present in the instrument (Inbook), the cross order price must be higher than the best buy price and lower than the best sell price (must be between best bid and offer (BBO)).
- If only sell orders exist (and no buy orders), the cross order price must be lower than the best sell price.
- If only buy orders exist (and no sell orders), the cross order price must be higher than the best buy price.
- If there are no buy or sell orders, the cross order price must be within the price limits of the instrument.
Orders Types:
| Order Type | Description |
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Limit Order
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An order placed at a specific price, executed at the specified price or better. Any unexecuted portion remains in the order book at the same price until it fully executed, modified, or cancelled.
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Market Order
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An order with no specified price, executed based on the available opposite orders at the best available prices. Any unexecuted portion remains recorded in the order book until it is fully executed, modified, or cancelled.
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Market to Limit Orders (MTL)
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An order similar to a market order; if a portion of it is executed, the remaining quantity automatically converts into a limit order at the execution price. This type of order can only be entered when opposite orders are available for execution.
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Iceberg Order
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An order in which only a specified visible portion of the total quantity is displayed for execution. Once the visible portion is fully executed, the trading system automatically displays the same pre-defined visible quantity from the hidden portion. The following conditions must be met:
· The order must be a limit order (limit price only).
· The visible portion must not be less than 5% of the total order quantity.
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Stop Order
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A market order that is automatically activated once the security’s price reaches the specified stop price.
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Stop Limit Order
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A limit order that is automatically activated once the security’s price reaches the specified stop price.
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Orders Validity:
| Order Validity | Description |
|---|
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Good for Day
(Day)
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The order remains valid until the end of the trading day on which it was entered.
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Good till Date
(GTD)
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A GTD order remains valid until the validity date that is specified when the order is entered, for a maximum period of one year.
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Good till Month
(GTM)
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The GTM is valid until the end of the last trading day of the month in which the order was entered.
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Good till Cancelled
(GTC)
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A GTC order remains active until decide to cancel it or the order is fully executed. If the order is neither cancelled nor fully executed within one year, it will be cancelled automatically.
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Immediate or Cancel
(IOC)
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An IOC order is immediately executed for all possible quantity on the opposite side, and the remaining quantity if any, will be automatically cancelled by the system. IOC can only be submitted during a Continuous session, and with the condition that at least one order is available on the opposite side for execution.
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Fill or Kill
(FOK)
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A FOK order is immediately executed if there is sufficient volume available, at the stated price or better, for it to execute fully. If conditions do not permit a complete fill, the entire order is rejected. FOK can only be submitted during a continuous session type.
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Valid for Uncrossing
(VFU)
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The order remains valid during the pre-opening session only on the day it was entered.
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Valid for Closing Uncrossing
(VFCU)
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The order remains valid during the pre-closing session only on the day it was entered.
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Disclaimer: The information on this page is provided for general guidance only and is subject to change in accordance with applicable laws and regulations. For official and legal details, please refer to the rules and regulations issued by MSX and relevant authorities.