Order Types

The Exchange accepts limit orders and market orders from the members.

The Exchange may accept the following types of market orders in line with market needs:
(1) “Counterparty Best Price” order;
(2) “Same Side Best Price” order;
(3) “Five Best Orders Immediate or Cancel” order;
(4) “Immediate or Cancel” order;
(5) “Fill or Kill” order; and
(6) other types of orders as specified by the Exchange.

“Counterparty Best Price” order is the best price quotation based on prices of the opposite side in the order book at the time the order is routed into the Exchange trading system.

“Same Side Best Price” order is an order whose quotation price is set at the best price on the same side in the central order book at the time the order is routed into the Exchange trading system.

“Five Best Orders Immediate or Cancel” order is an unpriced order that is executed in sequence against the five best orders on the opposite side in the central order book at the time the order is routed into the Exchange trading system, with the portion of the unexecuted order, if any, canceled automatically.

“Immediate or Cancel” order is an unpriced order that is executed in sequence against all the orders on the opposite side in the central order book at the time the order is routed into the Exchange trading system, with the portion of the unexecuted order, if any, canceled automatically.

“Fill or Kill” order is an unpriced order to be executed in its entirety against all the orders on the opposite side in the central order book at the time the order is routed into the Exchange trading system, otherwise the entire order shall be canceled automatically.

No orders cancellations during 9:20-9:25 and 14:57-15:00 periods

The buy or sell orders not executed during the opening call auction automatically enter the continuous trading.

The buy or sell orders not executed during the continuous trading automatically enter the closing call auction.

Each order to trade in stocks or mutual funds in auction is limited to a maximum volume of one million shares.