Types of OrdersWe offer a selection of exchanges on L2 Dealer and this section explains the wide range of order types available across these exchanges. Please note: not all order types are available across all exchanges. There are essentially three different ways of constructing a trade: Whichever you choose decides the manner in which the order is traded. The lifespan of these trades is prescribed by the type of order you modify it with. On the LSE, these are:
- Day
- Date
- Fill or Kill
- Execute & Eliminate
- Good For Auction
- Good Till Cancel
- At the Auction
- At the Open
- At the Close
- At Best
Limit Orders
A Limit Order is an Order with a specified size and price which executes, either in part or in full, against eligible Orders with any remaining unexecuted portion added to the Order Book. Market Orders
A Market Order is only used in an auction period, normally pre-opening or on the close. Iceberg Orders (Tranche quantity)
A tranche is literally a slice; this function can be used to split an order up into smaller slices which may have a smaller impact on the order book than if the entire order was visible. For example, an order to buy 100,000 shares on a thin order book may cause sellers to remove their offers. This order could therefore be split into five tranches of 20,000, disguising the true volume of the full order. Day
If a Day Market, Limit or Iceberg order is placed, that type of order will remain active until it is filled or until the end of the day’s trading, when it will be cancelled. Date
If a Date Market, Limit or Iceberg order is placed, that type of order will remain active until it is filled or by the date specified by you when opening the trade. Fill or Kill
An Order is either filled completely or rejected. Execute & Eliminate
This trades whatever is possible at the user-specified level before cancelling the balance. Good for Auction
Good For Auction is a Limit Order that can be traded during auction periods only. Good at the Auction
Orders placed at market best during auction periods only. Good Till Cancel
A Good Till Cancel order is given to buy or sell a stock at a set price, which remains active until you decide to cancel it or the trade is filled; these normally have a maximum life of 90 days. At the Open order
An order to be executed at the opening auction of the market, either at the opening price or as near to the opening price as possible. At the Close order
An order to be executed at the closing auction of the market, either at the closing price or as near to the closing price as possible.
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