The following table lists the various order types that a user can submit through the BVMF Gateway.
Supported Order Types
Native (Exchange supports)
Market on Auction
Market on Close
Market to Limit
Stop Limit (Futures only)
Stop with Protection
Iceberg (Disclosed Quantity)
- There is no option strategies support available on the BVMF Gateway. The exchange lists volatility options that are essentially covered options strategies, but these are treated as outright options by the exchange and the BVMF Gateway because the exchange does not provide leg fills.
- Market orders are processed by the exchange as market orders with protection, which means BVMF sets a protection price level for each Market order. If the order is partially filled and the next fill would occur at a price beyond the protection price, then the unfilled quantity rests as a Limit order at the protection price. Market orders are sent as Entrypoint order type Tag 40=1. BVMF changes Tag 40=1 (Market) to 40=2 (Limit) for the unfilled quantity at the protected price, and the BVMF Gateway shows the partially filled order as a Limit order to clients.
- Market to Limit orders are processed by the exchange as Market with Leftover as Limit orders. This means they are processed like Market orders except the leftover quantity for a partially filled order becomes a Limit order at the last executed price. BVMF changes Entrypoint order type Tag 40 from 40=K (Market to Limit) to 40=2 (Limit) for the unfilled quantity at the last executed price, and the BVMF Gateway shows the partially filled order as a Limit order to clients.
- Cross trades are supported.
- BVMF does not support Stop orders on options and strategies.
- BVMF supports Market orders without restrictions (Tag 40=1) for Desk Traders only.