An order is the instruction to buy or sell a certain amount of a specific instrument. Orders of all sizes may be traded through Xetra® T7 as the minimum trading lot has been defined as one for all segments except bonds.
Xetra® T7 supports several order types, depending on the trading procedure. In addition, orders may be subject to validity restrictions, execution restrictions or trading restrictions. A detailed description can also be found in the market models.
- Market Order
Unlimited buy or sell orders (orders to buy or sell at the best available price) to be executed at the next price that is determined.
- Limit Order
Limited buy or sell orders to be executed at the set limit price or better.
- Iceberg Order
Input of large order sizes into the order book during continuous trading without the market being given insight into the overall volume.
- Stop Market Order
When the stop limit is reached (or exceeded for stop buy orders or falls below it for stop loss orders), the stop order is automatically placed in the order book as a market order and may be executed immediately.
- Stop Limit Order
When the stop limit is reached (or exceeded for stop buy orders or if it falls below it for stop loss orders), the stop order is automatically placed in the order book as a limit order and may be executed immediately.
- Trailing Stop Order
A trailing stop order is a stop market order with a dynamic stop limit that is adjusted in relation to a reference price.
- One-Cancels-the-Other Order
A one-cancels-other order is an order that combines a limit order and a stop market order. If the limit order is fully executed or the stop market order is triggered, the respectively other order will be deleted.
Order is valid only for the current trading day.
Order is valid until a specified date
Order is valid until execution or cancellation
- Immediate-or-Cancel (IOC)
IOC-Order is an order that is executed immediately and in full or to the furthest extent possible.
- Fill-or-Kill (FOK)
FOK-Order is an order that is either executed immediately and in full or not at all.
- Book-or-Cancel (BOC)
BOC-Order (available only for limit orders in continuous trading) is an order, which permits order to be entered as resting liquidity in the order book. When immediate execution is possible upon entering the order in the order book (i.e. if the order is aggressive), the BOC order is rejected.
- Auction only
The order is valid only for auctions.
- Opening auction only
The order is valid only for the opening auction.
- Intraday auction only
The order is valid only for auctions during the trading day.
- Closing auction only
This order is valid only for the closing auction.
Execution restrictions for Trade at Close
Only market orders and limit orders can participate in Trade at Close and may be subject to one of the following execution restrictions: Immediate-or-Cancel (IOC), Fill-or-Kill (FOK) or Book-or-Cancel (BOC).
Orders with the following trading restrictions cannot participate in Trade-at-Close: Opening auction only, Intraday auction only, Closing auction only and Auction only.