Order types

Market order. Order executed immediately at current price.

Limit. Order to buy or sell at a specific price or better; trade will execute once that price is met. Order remains on the book until filled or cancelled.

Limit by Time. Limit Order, with a time limit. If not filled by the specified time, cancelled.

Stop. An order to buy or sell once a VC moves past an assigned price. Once the price crosses the threshold, the stop order becomes a market order and the full trade is executed at the current price.

Stop-Limit. Order used to mitigate the risk of losses. The trader must set two prices, the stop price and the limit price. Trader places a stop price, but instead of the stop order automatically reverting to a market order, it becomes a limit order and will only be traded if the execution price is still in the limit range.

Trailing Stop. Order will automatically track the price and trigger a sell if the price of the falls below the chosen range.

Fill or Kill. Trader sets amount and price. If the trade can be done immediately at the price (or better) and amount named then the order is filled. If not, then the order is cancelled or 'killed'.

Scale. Order includes several limit orders at incrementally increasing or decreasing prices; allows trader to split a larger transaction into smaller volumes.

One Cancels Other. Trader creates two orders (stop order and limit order) and links them together so that if one is met, the other automatically cancels.

Hidden. Orders that do not appear on the book.

Post-Only. Order that is only added to the order book if it does not fill a pre-existing order. If there is an order currently in the order book that would be filled, the post-only order will be cancelled. Used to ensure trader does not incur 'taker' fee.

Good Till Cancel. Order remains active until the order is filled or cancelled.

Immediate or Cancel. Order must be executed immediately, and any part of the order that cannot be immediately filled is cancelled. Unlike Fill or Kill, Immediate or Cancel typically can be partially filled before being cancelled, whereas the entire order must be filled in a Fill or Kill.

Instant. Unlike a market order, which is filled at the current price, an Instant Order is used to try to execute a trade by naming the latest price on the platform. If the price has changed since the submission of the order, the trader has the option to name a new price.

Good Till Date. A buy or sell order that remains active until filled or the end of a specified date. If the order is not filled by the Good till date, it is cancelled.

Good Till End of Day. A buy or sell order that remains active until filled or the end of day that it is submitted. If the order is not filled by the end of the day, it is cancelled.

Auction-Only. At the end of the auction (usually at the end of a day), participating orders will be matched and determine the price at which the largest quantity of orders can be filled.

Indication of Interest. Typically describes a non-firm submission that includes side (buy or sell), quantity, minimum fill requirement and price limit.

Maker or Cancel. Limit order with a set price that sits on the order book, and if any quantity of the order can be filled immediately, the entire order is cancelled. Used to ensure trader does not incur 'taker' fee. Similar to Post-Only.

Remco Bloemen
Math & Engineering