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Additional Considerations

Overview

This appendix lists order types supported by the MEFF Gateway.

Order Types

The following table lists the various order types that a user can submit through the MEFF Gateway. Currently, MEFF Gateways do not support the exchange’s Fill and Kill, Market Maker or Auction Price order types.

For a complete description of MEFF order types and order qualifiers, please refer to the MEFF Circular No. 10/05 located at http://www.meff.es/docs/ing/normativa/circulares/2005/0510%20-%20Order%20Types.pdfhttp://www.meff.es/docs/ing/normativa/circulares/2005/0510%20-%20Order%20Types.pdf.

Supported Order Types

Exchange

X_TRADER

Description

Market Order, Market on Closing Order

Market

MEFF processes market orders as limit orders. The exchange calculates the limit price based on the last traded price and the Member’s Price Filter.

If no market is available, or if the opposite order price is outside the limit price, the exchange cancels the market order.

Limit Order

Limit

Allow customers to define both the quantity and the maximum buy or minimum sell price for the trade.

Stop Limit Order

Stop Limit

Allow customers to set both the trigger price and the buy or sell volume.

When the order’s trigger price trades in the market, the exchange submits a limit order into the market.

Time in Force

The following table lists the various time in force restrictions that a user can apply to a supported order types.

Supported Time In Force Restrictions

Time In Force

X_TRADER

Description

Day

GTD

Order remains in force through the day’s trading unless executed or canceled.

Immediate Limit (LI)

IOC

Trader sets both the volume and a maximum buy or minimum sell price. The order only executes at time of entry.

Any remaining quantity that cannot be filled cancels immediately.

Fill or Kill

FOK

Similar to the “Immediate Limit”; however the entire specified volume must be executed.

If the price and volume requirements cannot be satisfied simultaneously, the order automatically cancels.