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  • Print publication year: 2016
  • Online publication date: July 2016

Appendix A - A Catalogue of Order Types

Summary

We list below some examples of orders that exist in different exchanges, along with short

descriptions:

• Market order: A market order is an order to buy or sell an asset at the bid or offer price currently available in the marketplace.

• Limit order: A limit order is an order to buy or sell a contract at a specified price or better.

Good till date order (GTD): An order that remains in the marketplace until it is executed or until the market closes on the date specified.

Fill or kill order (FOK): An order that must be executed as a complete order immediately, otherwise it is cancelled.

Market on close order (MOC): A market order submitted to be executed as close to the closing price as possible.

Market on open order (MOO): A market order to be executed when the market opens.

Limit on close order (LOC): A limit order to be executed as a market order at the closing price if the closing price is equal to or better than the submitted limit price.

Limit on open order (LOO): A limit order to be executed as a market order when the the market opens if the opening price is equal to or better than the limit price.

Stop order: An order converted to a market buy or sell order once a specified stop price is attained or penetrate

Pegged to market order: An order that is pegged to buy on the best offer and sell on the best bid.

Market to limit order: an order that is sent in as a market order to be executed at the current best price. If the entire order is not immediately executed at the market price, the remainder of the order is resubmitted as a limit order with the limit price set to the price at which the original order was executed as a market order.

Discretionary order: An order that allows the broker to delay the execution at her discretion to try and get a better price.

Iceberg order: An order whose (generally large) large volume is only partially disclosed. Iceberg orders belong to the category of “hidden orders”, whereby investors wishing to hide large-size orders, can do so by applying the “hidden” attribute to a large volume order and hide the submitted quantity from the market.