Equities
Order Types
Order Type
Limit Order
An
order that specifies a certain price to buy or sell. It can match with other
orders at the limit price or at better prices. A buy order can match at the
limit price or lower, and a sell order can match at the limit price or higher.
Market Order
An
order to buy or sell without specifying a price. It's executed at the best
available prices from the other side of the order book. A market order can
match with multiple orders up to a certain quantity.
Market to Limit Order (MTL)
A
MTL order is similar to a market order as it involves buying or selling without
a specified price limit. However, a MTL order is only executed at the single
best available price on the opposite side of the order book.
Stop Limit Order
A
stop limit order is used for buying or selling with two specified prices: a
trigger price and a limit price. The order remains inactive and hidden until
the trigger price is reached, at which point it becomes active. After
activation, it behaves like a regular limit order. The trigger price can be set
above or below the current market price.
Stop Market Order
A
stop market order is used for buying or selling, with a trigger price but no
specific limit price. It remains hidden and inactive in the order book until
the trigger price is hit. Once triggered, it becomes active and transforms into
a regular market order. The trigger price can be set above or below the current
market price.
On Open Order
Limit-On-Open
(LOO) and Market-On-Open (MOO) orders are allowed only during the first Pre-Opening
phase of the day. Both become active after the Post-Opening phase but before
the Main Trading phase. Triggered LOO orders will be converted to Limit Orders
and expire automatically at the end of the first Main Trading phase. MOO
orders, when triggered, can only match at the Opening Price and expires
immediately if there is no match. Partial matches result in conversion to Limit
Orders at the Opening Price, with expiration at the first Main Trading phase's
end.
On Close Order
Limit-On-Close
(LOC) and Market-On-Close (MOC) orders can be submitted in the Pre-Opening and
Main Trading phases. Both become active during the Pre-Closing phase. Once
activated, MOC orders will be converted into Market orders and expires automatically
if don't fully match during the Closing phase. Triggered LOC orders will be
converted into Limit orders and expires automatically if don't fully match
during the Closing phase. Additionally, these activated LOC orders are checked against
Last Price Limits and Static Price Limits.
On Market Married Transaction
(OMMT) Order
OMMT
is a limit order with both buy and sell sides and a limit price. It can only be
entered with order validity Fill-And-Kill. When one side is executed, the other
side is cancelled, making it self-matching and not interacting with other
orders in the book.
One-Cancel-Other (OCO) Order
An
OCO order combines a Limit order and a Stop order (Market or Limit). If the
Limit order is partially or fully matched, the STOP order will be automatically
expired, and vice versa. If one of the orders is cancelled by the trader or the
Exchange, the other is cancelled automatically. Both orders can be modified and
must have the same Stock, Side (BUY or SELL), and Day Order Validity only.
Their Order Quantity can differ. For OCO BUY, the Limit order price must be
lower than the Stop order Trigger price, and for OCO SELL, the Limit order price
must be higher than the Stop order Trigger price.
Order Validity
Day Order
Day
orders are intended to be active only during that trading day. When a day order
is submitted and not fully matched, the remaining portion is placed in the
order book's queue until the "End of Trading Day."
Fill and Kill (FAK)
An
FAK order must be matched immediately, either partially or fully; otherwise,
the Automated Trading System (ATS) will cancel the order. Any unmatched
quantity is automatically cancelled by the ATS. Unlike other orders, an FAK
order is not placed in the order book's queue.
Fill or Kill (FOK)
An
FOK order needs to be fully matched immediately; otherwise, the ATS will cancel
the order. Unlike other orders, an FOK order is not be placed into the order
book's queue.
Bursa Good Till Date (Bursa GTD)
A
Bursa GTD order stays in the order book until its specified expiry date if it's
not fully matched, unless cancelled by the trading participant or withdrawn by
the exchange. The order must have an expiry date within 30 calendar days,
excluding the entry day. Unmatched GTD orders carry over to the next trading
day, with their status shared before trading starts. Changes or cancellations
to GTD orders can only be made during the Pre-Opening phase at 8:30 AM.
Bursa Good Till Cancel (Bursa
GTC)
A
Bursa GTC order stays in the order book until fully matched or until the
maximum pre-set expiry day of 30 calendar days, unless cancelled by the trader
or withdrawn by the Exchange. Unmatched GTC orders are carried forward to the
next trading day, with their status revealed before trading starts. Changes or
cancellations can only be made during the Pre-Opening phase at 8:30 AM.
Order Qualifier
Minimum quantity
Orders
used in combination with minimum quantity type will be immediately executed at
the minimum quantity the least otherwise the order is eliminated. Minimum
quantity is used to control the minimum size to be traded.
Iceberg
An
Iceberg order is a market order that discloses only a part of its total
quantity initially. It comprises the Order Quantity and Visible Quantity. As
the Visible Quantity is fully matched, it's continuously replenished until the
entire Order Quantity is met. Each replenishment of the Visible Quantity will
cause the order to lose its priority and gain a new one based on the latest
replenishment's date and time.