Glossary

Fill

See Also:

Bunched Order: Bunched order is a discretionary order entered on behalf of multiple customers.

Day Order: Day order is an order that if not executed expires automatically at the end of the trading session on the day it was entered. There may be a day order with time contingency. For example, an "off at a specific time" order is an order that remains in force until the specified time during the session is reached. At such time, the order is automatically cancelled.

Electronic Order: Electronic Order is an order placed electronically (without the use of a broker) either via the Internet or an electronic trading system.

Fill or Kill Order: Fill or Kill Order (FOK) is an order that demands immediate execution or cancellation. Typically involving a designation, added to an order, instructing the broker to offer or bid (as the case may be) one time only; if the order is not filled immediately, it is then automatically cancelled.

Limit Order: Limit Order is an order in which the customer specifies a minimum sale price or maximum purchase price, as contrasted with a market order, which implies that the order should be filled as soon as possible at the market price.

Market Order: Market Order is an order to buy or sell a futures or options contract at whatever price (in opposite to Limit order where price is specified) is obtainable when the order reaches the trading floor.

Open Order: Open Order (or Orders) is an order that remains in force until it is canceled or until the futures contracts expire.

Stop Order: Stop Order (sometimes referred to as stop loss order) is an order that becomes a market order when a particular price level is reached. A sell stop is placed below the market, a buy stop is placed above the market.

Stop Limit Order: Stop Limit Order is a stop limit order is an order that goes into force as soon as there is a trade at the specified price. The order, however, can only be filled at the stop limit price or better.

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