Bursa Malaysia

Pin Menu

Click here to unpin menu.
You're here: Market » Home » Securities » Equities » Trading » Order Types

Equities

Equities offer considerable potential for capital growth and are long term risk investments. Ownership of equities will often entitle the investor to a portion of the company's profits through dividends.

Order Types

Trading

Order Types

Order types and validity types allowed under Bursa Trade Securities effective 2 July 2012 are:

  • Limit Order
  • Market Order
  • Market To Limit Order (MTL) - NEW
  • Market FAK (MO FAK) - NEW
  • Fill And Kill (FAK) - NEW
  • Minimum Quantity - NEW

Limit Order

A limit order is an order which has a price limit specified at the time of entry. A limit order is executed at the specified price or a better price. Buy limit orders can match at prices less than or equal to the limit price. Sell limit orders can match at prices greater than or equal to the limit price. An incoming limit order can match with multiple orders in the book at prices up to the limit price specified.

Market Order (An order with no limit price)

A market order is an order that shall be executed at the best available price(s) as quickly as possible. Only the order quantity needs to be specified when a market order is entered into the system. Unmatched quantity will remain in order book with highest priority status.

Market To Limit (MTL) orders - NEW

A Market to Limit (MTL) order is an order that is executed at the best opposite order price limit on the market when it is introduced in the system. If it is not completely executed, the Market To Limit order is put in the book for the remaining quantity at the execution limit.

  • This type of order is available in continuous trading phase only.
  • Order price is not required for MTL order type.
  • Only quantity needs to be specified during order entry.
  • MTL order is not acceptable if there is no opposite side order.
  • MTL order can be entered with a minimum quantity specified.
Enter Market To Limit Order (MTL)
Initial Order Book:
Initial Order Book
Buy Order BookSell Order Book
#TypePriceQty#TypePriceQty
001 LMT 2.30 200 002 LMT 2.31 200
        003 LMT 2.31 100

Transaction entered: Buy MTL #004 quantity 1000

Executed:

  • Order #004 is executed with #002 at price 2.31, quantity 200
  • Remaining quantity order #004 is put in the order at price 2.31, quantity 800
Remaining Order Book:
Remaining Order Book
Buy Order BookSell Order Book
#TypePriceQty#TypePriceQty
004 LMT 2.31 800 003 LMT 2.32 100
001 LMT 2.30 200        

Fill and Kill Market order (FAK MO) - NEW

This is an order which is immediately executed for all possible quantity on the opposite side, and the remaining quantity if any, will be automatically eliminated by the trading system.

  • This type of order is available in continuous trading phase only.
  • Order price is not required for FILL and Kill Market order type.
  • Only quantity needs to be specified during order entry.
  • Fill and Kill Market order can be entered with a minimum quantity specified
Enter Fill And Kill (FAK) Market Order (MO)
Initial Order Book:
Initial Order Book
Buy Order BookSell Order Book
#TypePriceQty#TypePriceQty
001 LMT 2.30 200 002 LMT 2.31 200
        003 LMT 2.32 100

Transaction entered: Buy MO FAK #004 size 1000

Executed:

  • Order #004 is executed with #002 at price 2.31, quantity 200
  • Order #004 is executed with #003 at price 2.32, quantity 100
  • Remaining quantity order #004 of 700 is eliminated
Remaining Order Book:
Remaining Order Book
Buy Order BookSell Order Book
#TypePriceQty#TypePriceQty
001 LMT 2.30 200        

Fill And Kill (FAK) - NEW

Orders used in combination with Fill & Kill (FAK) type validity is an order requiring that all or part of the order to be executed immediately after it has been put to the market. Any portions not executed are automatically cancelled by the trading system.

Enter Limit Order with FAK validity
Initial Order Book
Buy Order BookSell Order Book
#TypePriceQty#TypePriceQty
001 LMT 2.30 200 002 LMT 2.32 300

Transaction entered: Buy LIMIT FAK #003 at price 2.32, quantity 1000

Executed:

  • Order #003 is executed with #002 at price 2.32, quantity 300
  • Remaining quantity order #003 of 700 is eliminated
Remaining Order Book:
Remaining Order Book
Buy Order BookSell Order Book
#TypePriceQty#TypePriceQty
001 LMT 2.30 200        
Enter Market To Limit Order (MTL) with Fill And Kill (FAK) validity
Initial Order Book:
Initial Order Book
Buy Order BookSell Order Book
#TypePriceQty#TypePriceQty
001 LMT 2.30 200 002 LMT 2.31 200
        003 LMT 2.32 100

Transaction entered: Buy MTL FAK #004 quantity 1000

Executed:

  • Order #004 is executed with #002 at price 2.31, quantity 200
  • Remaining quantity order #004 of 800 is eliminated
Remaining Order Book:
Remaining Order Book
Buy Order BookSell Order Book
#TypePriceQty#TypePriceQty
001 LMT 2.30 200 003 LMT 2.32 100

Minimum Quantity - NEW

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 in order to control the minimum size to be traded.

Enter Limit Order with Minimum Quantity Validity type
Initial Order Book:
Initial Order Book
Buy Order BookSell Order Book
#TypePriceQty#TypePriceQty
001 LMT 2.30 200 002 LMT 2.32 300

Transaction entered: Buy LIMIT #003 at price 2.32, quantity 1000 and minimum quantity 500 (not available)

Executed:

  • Order #003 is eliminated.
Remaining Order Book
Remaining Order Book
Buy Order BookSell Order Book
#TypePriceQty#TypePriceQty
001 LMT 2.30 200 003 LMT 2.32 300
Enter Limit Order with Minimum Quantity Validity type
Initial Order Book:
Initial Order Book
Buy Order BookSell Order Book
#TypePriceQty#TypePriceQty
001 LMT 2.30 200 002 LMT 2.32 300

Transaction entered: Buy LIMIT #003 at price 2.32, size 1000 and minimum quantity 300 (available)

Executed:

  • Order #003 is executed with #002 at price 2.32, quantity 300
  • Remaining quantity order #003 of 700 is put in the book
Remaining Order Book:
Remaining Order Book
Buy Order BookSell Order Book
#TypePriceQty#TypePriceQty
003 LMT 2.32 700        
001 LMT 2.30 200        
Enter Fill And Kill (FAK) Market Order (MO) with Minimum Quantity Validity type
Initial Order Book:
Initial Order Book
Buy Order BookSell Order Book
#TypePriceQty#TypePriceQty
001 LMT 2.30 200 002 LMT 2.31 500
        003 LMT 2.32 100
        004 LMT 2.33 100
        005 LMT 2.34 100

Transaction entered: Buy FAK MO #006 quantity 1000 and minimum quantity 400 (available)

Executed:

  • Order #006 is executed with #002 at price 2.31, quantity 500
  • Order #006 is executed with #003 at price 2.32, quantity 100
  • Order #006 is executed with #004 at price 2.33, quantity 100
  • Order#006 is executed with #005 at price 2.34, quantity 100
  • Remaining quantity order #004 of 200 is eliminated.
Remaining Order Book:
Remaining Order Book
Buy Order BookSell Order Book
#TypePriceQty#TypePriceQty
001 LMT 2.30 200        
Enter Fill And Kill (FAK) Market Order (MO) with Minimum Quantity Validity type
Initial Order Book:
Initial Order Book
Buy Order BookSell Order Book
#TypePriceQty#TypePriceQty
001 LMT 2.30 200 002 LMT 2.31 100
        003 LMT 2.32 100
        004 LMT 2.33 100
        005 LMT 2.34 100

Transaction entered: Buy FAK MO #004 quantity 1000 and minimum quantity 500 (not available)

Executed:

  • Order #004 is eliminated
Remaining Order Book:
Remaining Order Book
Buy Order BookSell Order Book
#TypePriceQty#TypePriceQty
001 LMT 2.30 200 002 LMT 2.31 100
        003 LMT 2.32 100
        004 LMT 2.33 100
        005 LMT 2.34 100