Order Types and Order Features
Alpha Order Types
An order to buy or sell a security at the best price available in the Alpha book, up to a specified volume. An unfilled market order entered during the Pre-Open session, is booked as a limit order for trading in the Continuous Trading session at the Alpha Opening Price.
An order to buy or sell a security at a price equal to, or better than the specified limit price. An unfilled limit order entered during the Pre-Open session will be available for trading in the Continuous Trading session.
A market order valid during the Pre-Open Trading session. MOO orders can be entered, modified or cancelled anytime during the Pre-Open. Any unfilled volume of the MOO order will be killed when the Continuous Trading session begins.
A limit order only valid during the Pre-Open Trading session and is only filled during the Open at the price equal to, or better than, the specified limit price. LOO orders can be entered, modified or cancelled anytime during the Pre-Open. Any unfilled volume will be killed when the Continuous Trading session begins.
An order that is to be filled immediately, in full, or in part, with the unfilled quantity killed in its entirety by Alpha.
An order that is to be filled immediately in full, in its entirety, or killed by Alpha.
An order to sell a security which the seller does not own (either directly, or through an agent or trustee) at the time of the order. Short Sell orders may only be executed at a price equal to, or above the last sale price for that security.
An On-Stop limit order is entered with limit price equal to stop price. The On-Stop order is not displayed in the public order book until its stop price is reached, or passed, at which point it becomes a regular limit order. This order has time priority from the time the stop price has been triggered. Note: TTM On-Stop orders may be entered with Market price or with limit price different than stop price.
A limit order that specifies a total size and a disclosed size. The disclosed size is revealed as a limit order. Once the disclosed size is completely executed and reduced to zero, the new quantity of the disclosed size is released with instantaneous availability for execution and time priority corresponding to release time.
An order with same characteristics as a Standard Iceberg Order with the additional capability to match with Inside Match orders. A price range is specified on the PII order, and the disclosed volume is available for matching with IM orders if the price of the IM order is within the specified range.
An order that executes against the disclosed volume of a Price Improvement Iceberg (PII) order, within the National best bid/offer. The inside price is calculated based on the percentage of the bid/ask spread for that specific security (between 10 and 90 percent) specified on the Inside Match order. The unfilled part of the Inside Match order is killed.
Dark order is a fully hidden order used to manage passive interest in the IntraSpread™ facility with no pre-trade transparency. Dark orders trade only with active SDL™ orders, offering price improvement calculated as a percentage offset of the NBBO spread (10% capped to one price tick or 50% with no cap).
SDL™ order is used, generally by order routers, to interact with Dark orders in IntraSpread™ before going to transparent markets. SDL™ orders are “immediate or cancel” orders that trade only with eligible Dark orders from any Alpha Subscriber to the extent possible, and any residual volume is cancelled. SDL™ orders can only be entered on behalf of Retail Customers – Trader IDs must be authorized by the Subscriber for SDL™ order entry.
RAD is an optional routing instruction available for the Alpha Order Router TTM Service allowing TTM orders to first seek matches with Dark orders in Alpha IntraSpread™ before routing any residual volume to transparent marketplaces using standard Alpha OR TTM Service. Price improvement over the NBBO is guaranteed for RAD orders trading in IntraSpread™.
Alpha Order Features
An order that will remain active in the Alpha book until completely filled. The order will be killed automatically after a predefined period (e.g. 90 days), or when certain corporate actions take place, or as a result of changes to lot sizes. Orders are cancelled at conclusion of continous trading session on relevant date.
An order that will remain in the Alpha book until completely filled, or until the specified expiry date. The expiry date must be within a period pre-defined by Alpha (e.g. 90 days). The order can be killed by Alpha when certain corporate actions take place, or as a result of changes to lot sizes.
An order that will remain in the Alpha book until completely filled, or until the end of continuous trading for the day the order was entered.
An order that will remain active in the Alpha book until completely filled, or until the end of the Extended Trading Session.
An order that will remain in the Alpha book until completely filled or until the specified expiry date and time. The expiry date must be within a period pre-defined by Alpha (e.g. 90 days). The order can be killed by Alpha when certain corporate actions take place, or as a result of changes to lot sizes.
An order where the identity of the Subscriber is not disclosed to the trading community and is replaced with a Broker ID #001 on all public feeds.
Mixed lot orders are broken up into a round lot and an odd lot portion.
Odd lot orders are filled by a designated odd lot dealer (on a per security basis), separate from the CLOB. Market and limit odd lots are accepted by the odd lot dealer. An odd lot order is any order for number of securities less than one standard trading unit.
Matching prioritization in IntraSpread™ is based on:
Price – Dark orders with better price have priority, then
Broker – Dark orders from same Subscriber (including Anonymous orders) have priority, then
Smart Size – Dark orders with sufficient size to completely fill the SDL™ order have priority, then
Round Robin – Dark orders take turns matching with SDL™ orders. Each time a Dark order
trades, it moves to the end of the queue.