Order Validity

The Day Validity

Definition
An order with a Day validity remains valid until the end of the trading day during which it was entered. It is withdrawn automatically at the post-session marking the end of the day. No cancellation notice is disseminated.

Admissibility
The Day validity is accepted in all trading phases and is compliant with all order types, whatever their additional execution criterion.

The Good Till Date validity (GTD)

Definition
A Good Till Date order remains valid until close of business on the validity date that is specified when the order is entered.
The expiration date specified when submitting a GTD order cannot be greater than [the trading date plus one year minus one day] or earlier than [the current trading day].
When the closing date is reached, the order is automatically withdrawn at the post-session marking the end of the day.
No cancellation notice is disseminated.
Examples:

  • if an order is entered on 20 January 2009, the maximum validity will be 19 January 2010.
  • If an order is entered on 20 January 2009 with a validity date of 20 January 2010, the order will be automatically rejected.

Admissibility
The Good Till Date validity is accepted in all trading phases and is compliant with all the order types, whatever their additional execution criterion.

The Good Till Cancelled validity (GTC)

Definition
A Good Till Cancelled order remains active until the broker decides to cancel it or the order is fully executed. If a GTC order is not cancelled or fully executed during one year, it is automatically cancelled at the corresponding post-session and a cancellation notice is sent to inform the owner of the order’s deletion. There is no impact whether the year is a leap year or not.
Examples:

  • if an order is entered on 20 January 2009, unless cancelled, the order will be valid until the end of the trading day on 20 January 2010
  • orders entered on 29 February, during a leap year: if an order is entered on 29 February 2012, unless cancelled, the order will be valid until 29 February 2013. As this date does not exist, the order will be eliminated at the post-session on 1 March 2013.

Admissibility
The Good Till Cancelled validity is accepted in all trading phases and is compliant with all order types, whatever their additional execution criterion.

The Good Till Time validity (GTT)

Definition
A Good Till Time order remains active until the expiration time specified by the broker at order entry.
The expiration time applies to the current trading day. An order specified Good Till 10:00:00am, is automatically cancelled at 10:00:00am.
A cancellation notice is sent when time has passed and the order is deleted.

Admissibility
The Good Till Time validity is accepted in all trading phases and is compliant with all order types, whatever their additional execution criterion.

The Immediate Or Cancel validity (IOC)

Definition
An order combined with the Immediate Or Cancel validity is immediately executed for the maximum possible quantity on the opposite side (in compliance with the collars) and the remaining quantity, if any, will be automatically cancelled by the system.
An IOC order that cannot be executed upon entry is rejected with an error message indicating that there are no shares available in the market.

Admissibility
The IOC validity is accepted in Continuous Trading phase and in Trading At Last phase. It is rejected in Call phase.

Features
Immediate Or Cancel validity is not compliant with:

  • the disclosed quantity attribute
  • stop orders
  • peg orders.

Processing in Continuous Trading Phase
An order combined with the IOC validity may be:

  • executed at once for the maximum possible quantity on the opposite side. The remaining quantity is then cancelled by the system and an execution report and information message produced containing the reason for the rejection
  • partially executed at once and then eliminated for the remaining quantity when it hits a collar
  • not executed at all and then rejected with an execution report and information message giving the reason for the rejection produced.

The Fill Or Kill validity (FOK)

Definition
An order combined with the Fill Or Kill validity is immediately executed if the entire quantity can be filled against the order book. If conditions do not permit a complete fill, the entire order is rejected and an execution report produced informing its owner that no shares are available for a FOK order.

Admissibility
The Fill Or Kill validity is accepted in Continuous Trading phase and in Trading At Last phase. It is rejected in Call phase.

Features
Fill Or Kill validity is not compliant with:

  • the attributes “disclosed and minimum quantities”
  • stop orders
  • peg orders.

Processing in Continuous Trading Phase
An order combined with the Fill Or Kill validity may be:

  • Executed at once for its entire quantity on the opposite side
  • Rejected because there is insufficient quantity on the opposite side to fill it. It will be rejected and an execution report produced informing the owner that no shares are available for this order.
  • Rejected because the quantity available on the opposite side does not allow an execution inside the collars. It will then be rejected and an execution report produced informing the owner that no shares are available for this order.

The Valid For Auction (VFA)

Definition
An order combined with the Valid For Auction validity is processed during auction only. It can be entered throughout the trading day and participate in the next scheduled auction, whether that be an opening or closing class auction, or any instrument auction.
Once the auction is completed, any unfilled remaining quantity of the VFA orders is immediately cancelled.

Admissibility
The Valid For Auction validity is accepted in all the trading phases.

Features
The Valid For Auction validity is not compliant with:

  • the minimum quantity attribute
  • stop orders
  • peg orders
  • cross orders.

Processing in Call Phase
A VFA order entered in Call phase is disseminated at once as it participates in the Indicative Matching Price determination.
At the auction, the VFA order can be:

  • totally executed at the Indicative Matching Price
  • partially executed at the Indicative Matching Price and, at the end of the auction, the remaining quantity is automatically cancelled with a cancellation notice
  • not executable at all at the Indicative Matching Price: the order is automatically cancelled at the end of the auction, with a cancellation notice
  • not executable at all because there is no Indicative Matching Price: the order is automatically cancelled as soon as the instrument opens
  • kept in the order book following a trading halt caused by an Indicative Matching Price outside the collars. It will then participate in the next instrument auction.
  • If there are VFA orders remaining in the order book for any reason at the end of the trading day, all of them will be automatically cancelled in post-session.

Processing in Continuous Trading Phase
A VFA order entered in Continuous Trading phase will be stored in the order book but kept hidden.
It is displayed, according to its timestamp of order entry, as soon as the instrument or the class returns in Call phase and follows the rules described above.

The Valid For Closing (VFC)

Definition
An order combined with the Valid For Closing validity is processed during the closing auction only. It can be entered throughout the trading day but takes part in the closing auction only.
Once the closing auction is completed, any unfilled remaining quantity of the VFC orders is immediately cancelled.

Admissibility
The Valid For Closing validity is accepted in all the trading phases.

Features
Valid For Closing is not compliant with:

  • the minimum quantity attribute
  • stop orders
  • peg orders
  • cross orders.

Processing in Call Phase
A VFC order entered in Core Call phase (first Call phase of the trading day) is stored in the order book but is kept hidden.
As long as the class is in a different state to the closing Call phase, VFC orders are hidden. They will be displayed as soon as the class enters the Closing Call phase and then be able to take part in the Indicative Matching Price determination and in the closing auction.
In the same way, a VFC order entered in Closing Call phase is immediately disseminated and takes part in the Indicative Matching Price determination and in the closing auction.
At the closing auction, the VFC order can be:

  • totally executed at the Indicative Matching Price
  • partially executed at the Indicative Matching Price and, at the end of the auction, the remaining quantity is automatically cancelled with a cancellation notice
  • Not executable at all at the Indicative Matching Price: the order is automatically cancelled at the end of the auction, with a cancellation notice
  • Not executable at all because there is no Indicative Matching Price: the order is automatically cancelled as soon as the instrument opens
  • Kept in the order book following a trading halt caused by an Indicative Matching Price outside the collars. It will then participate in the next instrument auction.
  • If there are VFC orders remaining in the order book for any reason at the end of the trading day, all of them will be automatically cancelled in post-session.

Processing in Continuous Trading Phase
A VFC order entered in Continuous Trading phase will be stored in the order book but kept hidden.
It is displayed as soon as the instrument or the class returns to the Closing Call phase and follows the rules described above.