Order Types | Description |
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Limit |
|
Market |
These are matched with the ARCA book if there is volume at the inside. Any residual will not be routed to the next price level until all quotes at the current best bid or offer are exhausted
|
*Market Peg |
Pegs the order price to the ask if buying or to the bid if selling, meaning the order price will automatically adjust as the bid or ask moves until the order executes or the stock trades beyond your limit price. Orders may be adjusted a penny up or down to avoid locking the market. EXAMPLE
|
*Primary Peg |
Pegs the order price to the bid if buying or the ask if selling OTC securities, or the best exchange bid/ask for Listed securities. The order price will automatically adjust as the bid or ask moves until the order executes or the stock is priced beyond your limit price. EXAMPLE
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Times in Force | Description |
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Day |
Can be entered after 7:00 AM ET and expire at the end of the extended trading day (8:00 p.m. ET) |
IOC |
Portions of the order not filled immediately upon reaching the market are canceled. |
Special Conditions | Description |
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*Discretion |
Allows you to have a displayed price and a discretionary price. You
can place the order at the price you’d like to receive with a discretion
amount for the maximum/minimum amount you’re willing to pay. Available
for limit orders only. EXAMPLE A limit
order to buy with a displayed price of 50 and a discretionary price of
50.25 is presented as: |
*Max Floor |
Specifies the reserve size for the order.
Must be a round lot equal to or less than the order quantity. Reserve
size has no time priority in Level II. Only the displayed portion of the
order will have time priority. EXAMPLE You enter a bid with 5,000 as the total quantity, but 1,000 as the Max Floor value. Your order will display as 1,000 shares, but if yours is the only bid when an offer arrives for 10,000 shares at your price, your entire 5,000 shares will execute. However, if 3 other bids for 3,000 shares each were behind you at the same price, only your displayed 1,000 would execute, along with 9,000 shares from the other three bids. |
*Peg Diff |
Added to the bid or offer to produce the
actual order price. Allows more flexibility in your order executions.
EXAMPLE To peg the bid minus .02, Peg Diff must equal -0.02 (the negative sign is required). |
* Features only available when Spec Cond & Brackets is checked in the Trading window.
The information provided on this page is subject to change at any time.
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