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X_TRADER®

X_TRADER Order Types

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Order types are different ways of telling X_TRADER how you want your order to interact with the market. Depending on your trading background, you might refer to order types as order restrictions, time in force, or even order types qualifiers. X_TRADER supports the following order types. Also, the definition and use of the order type may differ between exchanges and marketplaces.

Note: The types of supported native orders vary by exchange. See the Exchange Gateway Systems Administration Manual for order types supported by the exchange.

 

Order ParametersDescription

Against Actuals

Strategy for commodities market that incorporates a futures leg and underlying commodity leg
BasisBasis trades are strategies that incorporate a futures leg and underlying (or cash) leg.

Best Limit (BL)

Order joins the best bid or offer without the requirement of a price being entered

Block

High-volume trade whose price has been negotiated by two parties outside of the normal exchange trading methods; trade is posted to the exchange in order to get the trade settled

CrossPrearranged trade with either a party within the trading firm or a specified party outside of the firm
Exchange for SwapStrategy where a position in the underlying is traded to a futures position in two separate transactions
Fill and SaveLimit order that fills as much as possible; the remaining balance becomes Passive
Fill and Kill (FAK)Order fills to the extent possible; the remaining quantity is canceled immediately

Fill or Kill (FOK)

Entire order fills immediately or the order is immediately canceled

Good in Session (GIS)Order works until either the contract expires within the trading session, or the trading session ends
Good til Day (GTD)Order works until the current trading session ends
Good til Canceled (GTC)

Order works until it is either completely filled, you cancel it, or the contract expires

Note: TT User Setup credentials are required to submit GTC orders.

Good til Date (GTDate)Order works until the specified date

Iceberg

Large order that is split into smaller disclosed order orders; when the disclosed portion fills, the next disclosed order quantity enters the market until the total goal quantity fills

If Touched (IT)Order that triggers when the market has reached or penetrated a specified price in the market; IT orders are typically set better than the current market
Immediate or Cancel (IOC)Order that immediately fills to the extent possible; the remaining balance is canceled
LimitEither a buy order specifying the maximum price you are willing to pay or a sell order specifying the minimum sale price you are willing to accept
Limit on Close (LOC)Limit order that is executed during the closing auction of the current business day; any portion not filled at the close is canceled
Limit on Open (LOO)Limit order that executes at the open; any portion not filled at the open is canceled
Limit to Market (LTM)Limit orders where any unfilled portion is converted to a market order at the close
Machine Gun (Retry)Order that is sent repeatedly to obtain a favorable position in the queue prior to the market open
MarketOrder that is placed without a price with the intention of hitting the nest bid or taking the best offer available in the market
Market LimitMarket order submitted with price protection declaring how many ticks into the inside market you are willing to pay to execute the order
Market Limit Market (MLM)Buy order placed above the best offer to fill by the best offer, Sell order placed below the best bid to fill by the best bid
Market on Close (MOC)

Market order sent during the closing auction of the current business day; any portion not filled at the close is canceled

Note: MOC orders can be entered at any time during the trading day.

Market on Open (MOO)

Market order sent during the pre-opening period intended for execution at the opening market price; any portion not filled at the open is canceled

Market on Auction (MOA)Market order sent in an auction state
Market to Limit (MTL)Market order sent with the condition that on a partial fill, the remaining quantity rests as a limit order at the price that was just hit or taken
Minimum Volume (MV)Order setting a minimum order quantity that must be available in the market or the entire order is canceled
Order with a Hidden SizeAn Iceberg where the remaining order quantity becomes Passive
Order Cancels Order (OCO)Two orders for the same quantity and contract at different price levels; when one order executes, the other order is canceled
Stop LimitOrder that triggers when the market has reached or penetrated a specified price in the market; Stop triggers are typically set worse than the current market; once triggered, a limit order is entered in the market
Stop MarketOrder that triggers when the market has reached or penetrated a specified price in the market; Stop triggers are typically set worse than the current market; once triggered, a Market order is sent to the market
Time DurationLarge quantity order that is sliced into smaller disclosed order portions for a specified duration to achieve the total goal quantity; child order portions are entered into the market based on an interval or disclosed quantity
Time SlicedLarge quantity order that is sliced into smaller disclosed order portions where child order portions are entered into the market at fixed time intervals
Timed OrdersOrder submitted with a specified Start Date/Time and or End Date/Time
VolatilityOrders that are separately agreed to by both parties and approved by the exchange
Volume DurationLarge quantity order that is sliced into smaller disclosed order portions for a total amount of traded volume desired to achieve the total goal quantity; child order portions enter the market based either on trading volume or disclosed quantity
Volume SlicedLarge quantity order that is sliced into smaller disclosed order portions where child order portions enter the market based on trading volume
With a Tick (WAT)Passive order is converted to an aggressive order when a specified threshold is met

Equity Orders

Indicates an exemption from short-sell notifications for some trading types