Status & Priority Rules

Status:

At any given time, an order is currently in one of the following states:

  • Filled

  • Cancelled

  • Expired

  • Partially Filled

  • New

  • Rejected

  • Suspended (not currently on the order book, for example, parked Stop/Stop Limit)

Amendments:

After entering an order into the system, you can change the following properties:

  • Quantity

  • Disclosed Quantity

  • Price

  • Stop Price

  • Expiration Time (GTTs)

  • Expiration Date (GTDs)

Priority Rules:

When matching, the priority order (from highest to lowest) for any given price level is:

  • All displayed orders

  • Non-displayed parts of Icebergs (via replenishment)

  • Fully Hidden Orders

  • Pegged Orders

The order is then prioritized according to when it was added to the book or changed. If an order is changed, it loses priority.

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