Equity - ORDER TYPES
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Equity - ORDER TYPES
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Order Type Description
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Primary Order Types
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Market OrderAn unpriced order to buy or sell a stated amount of a security that is to be traded at the best price obtainable. A Market Order must be designated Day. Unexecuted Market Orders are ranked Priority 1 - Market Orders.
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Limit OrderAn order to buy or sell a stated amount of a security at a specified price or better. Unless otherwise specified, the working price and the display price of a Limit Order equal the limit price of the order, it is eligible to be routed, and it is ranked Priority 2 - Display Orders.
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Inside Limit OrderA Limit Order that is to be traded at the best price obtainable.
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Time in Force Adjustments
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Day ModifierAny order to buy or sell designated Day, if not traded, will expire at the end of the designated session on the day on which it was entered. A Day Modifier cannot be combined with any other Adjustments.
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IOC OrderIOC Order is to be traded in whole or in part as soon as such order is received, and the quantity not so traded is cancelled. A Limit IOC Order to buy (sell) may be designated with a trade size, which will trade against sell (buy) orders that in the aggregate, meets its trade size.
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Auction-Only Order Types
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Limit-on-Open Order
(LOO Order)

Market-on-Open Order
(MOO Order)
Orders will be accepted only during trading halts, which may occur in any trading session.
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Limit-on-Close Order
(LOC Order)

Market-on-Close Order
(MOC Order).
Orders to be traded only during the Closing.
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Orders Types with a Conditional or Undisplayed Price/Size
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Reserve OrderThe displayed quantity is ranked Priority 2 and the reserve interest is ranked Priority 3. Both the display quantity and the reserve interest of an arriving marketable Reserve Order are eligible to trade with resting interest. On entry, the display quantity of a Reserve Order must be entered in round lots. The displayed portion of a Reserve Order will be replenished following any execution.
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Non-Displayed OrderMust be designated Day, is valid for any trading session, and does not participate in any auctions.
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Mid-Point Order Order that is not displayed, with a working price at the midpoint. Orders are valid for any session and do not participate in any auctions.
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Tracking OrderAn order to buy (sell) with a limit price that is not displayed, must be entered in round lots and designated Day, and will trade only with an order to sell (buy) that is eligible to route.
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Pegged Orders
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Pegged OrderMarket Pegged Orders are not displayed and are ranked Priority 3. A Market Pegged Order may include an offset value up to two decimals.
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Cross Orders
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Cross OrderOrder that must trade in full at its cross price, will cancel at the time of order entry.
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Self Trade Prevention Instructions
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Self Trade Prevention Any incoming order to buy (sell) designated with an STP will be prevented from trading with a resting order to sell (buy) also designated with an STP and from the same ID. The STP controls the interaction between two orders marked.
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STP Cancel NewestAn incoming order to buy (sell) marked with the STPN will not trade with resting interest to sell (buy) marked with any of the STP from the same ID.
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STP Cancel Oldest An incoming order to buy (sell) marked with the STPO will not trade with resting interest to sell (buy) marked with any of the STP from the same ID. The resting order marked with the STP will be cancelled back to the originating holder.
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STP Decrement and Cancel An incoming order to buy (sell) marked with the STPD will not trade with resting interest to sell (buy) marked with any of the STP from the same ID. If both orders are equivalent in size, both orders will be cancelled back to the originating holder. If the orders are not equivalent in size, the equivalent size will be cancelled back to the originating holder and the larger order will be decremented by the size of the smaller order with the balance remaining.
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STP Cancel BothAn incoming order to buy (sell) marked with the STPC will not trade with resting interest to sell (buy) marked with any of the STP from the same ID. The entire size of both orders will be cancelled back to originating holder
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*This document is provided for reference purposes only.
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For specific details regarding the order types, please refer to Rulebook.
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