Order Types

Parameter →
Order ↓
IOC Minimum Quantity Reserve
Limit Yes Yes Yes
Market to Limit Yes Yes No
Peg No No No

 

 

 

The Universal Trading Platform supports a variety of order types:

Pure Market Orders

Market orders are entered in the NYSE Euronext trading platform with no price stipulation, and can be used for securities traded continuously or by auction. Market orders can be placed during the order accumulation periods and during the main trading session. A Market Order to buy or to sell a security will be executed at the best price obtainable when the order reaches the Central Order Book.

Limit Orders

A limit order stipulates a maximum purchase price or minimum selling price, and can be placed during the order accumulation period and during the main trading session. A limit order may be executed either fully or partially, as market conditions permit. Failing this, it is logged in the order book in descending buy-price order or ascending sell-price order (the price-priority principle) and joins the queue of orders with the same price (the time-priority principle).

Market-to-Limit Orders

Market-to-limit orders are placed in the market as soon as an auction price is set to generate trades the moment they are recorded on a continuously traded market. They do not, however, allow investors to control the execution price. When placed in the pre-opening phase, they are called market-on-opening orders.

Stop Orders

A stop order is an instruction to buy or sell a quantity of securities at the prevailing market price once the security has reached a ’stop price’ specified by the client.

A stop-loss order is an instruction to buy or sell the full specified quantity of a financial instrument at the prevailing market price once the instrument has reached the trigger price specified by the client. Once triggered, a stop-loss order becomes a must-be-filled or a market order, depending on the trading group.

A stop-limit order is an instruction to buy or sell a quantity of financial instruments at the prevailing market price once the instrument has reached a trigger price specified by the client, but not below the sell limit or above the buy limit specified in the order. Once triggered, a stop-limit order becomes a limit order.

For detailed information about order types, please review our European Cash Orders Factsheet.