| Term |
Definition |
Used in |
| All or None |
A round-lot market or limit-price order that must be executed in its entirety or not at all; unlike Fill or Kill orders, AON orders are not treated as canceled if they are not executed as soon as represented in the Trading Crowd. |
ExecInst <18> |
| At the Opening |
A market or limit-price order to be executed at the opening of the stock or notat all; all or part of any order not executed at the opening is treated as canceled. |
TimeInForce <59> |
| Basis Price |
A price established by joint agreement of odd-lot dealers in 100-share-unit stocks when:
- no round-lot has occurred during the trading session,
- the spread between the closing bid and offer is two points or more, and
- on odd-lot the dealer has been given a "basis-price" order.
|
OrdType <40> |
| Buy Minus |
A round-lot market order to buy "minus" is an order to buy a stated amount of a stock provided that its price is:
- not higher than the last sale if the last sale was a "minus" or "zero minus" tick and
- not higher than the last sale minus the minimum fractional change in the stock if the last sale was a "plus" or "zero plus" tick.
A limit price order to buy "minus" also states the highest price at which it can be executed.
|
Side <54> |
| Day Order |
A buy or sell order that, if not executed expires at the end of the trading day on which it was entered. |
TimeInForce <59> |
| Do Not Increase |
A limit order to buy, a stop order to sell, or a stop-limit order to sell which is not to be increased in shares on the ex-dividend date as a result of a stock dividend or distribution. |
ExecInst <18> |
| Do Not Reduce |
A limit order to buy, a stop order to sell, or a stop-limit order to sell that is not to be reduced in price by the amount of an ordinary cash dividend on the ex-dividend date. A do-not-reduce order applies only to ordinary cash
dividends; it should be reduced for other distributions - such as when a stock goes "ex" stock dividend or "ex" rights. |
ExecInst <18> |
| Fill or Kill |
A market or limit-price order that is to be executed in its entirety as soon as it is represented in the Trading Crowd; if not so executed, the order is to be canceled. Not to be confused with Immediate or Cancel. |
TimeInForce <59> |
| Good Till Canceled |
An order to buy or sell that remains in effect until it is either executed or canceled; sometimes called an "open order". |
TimeInForce <59> |
| Good Till Executed |
An order to buy or sell that remains in effect until it is executed |
|
| Immediate or Cancel |
A market or limit-price order that is to be executed in whole or in part as soon as it is represented in the Trading Crowd; any portion not so exexecuted is to be canceled. Not to be confused with Fill or Kill. |
TimeInForce <59> |
| Limit or Better |
Indicates an order to
- buy a security at the indicated limit price or lower, or to
- sell a security at the indicated limit price or higher.
|
OrdType <40> |
| Limit With or Without |
An order to be executed at a limit price, with or without round-lot sales; valid only for odd lot orders. |
OrdType <40> |
| Market |
Indicates an order to buy or sell a stated amount of a security at the most advantageous price obtainable after the order is represented in the Trading Crowd. |
OrdType <40> |
| Market On Close |
A round-lot order to be executed at - or as near to as practical - the close of the market. |
OrdType <40> |
| Market Or Better |
Indicates an order to buy or sell a stated amount of a security at the quoted market or better. |
|
| On Close |
An odd-lot order to buy or sell to be filled at the price of the closing round-lot offer
- plus the differential, for a buy order, or
- minus the differential, for a sell order, or
A crossing session order to buy or sell at the closing price.
|
OrdType <40> |
| Sell Plus |
A round-lot market order to sell "plus" is an order to sell a stated amount of a stock provided that its price is:
- not lower than the last sale if the last sale was a "plus" or "zero plus" tick and
- not lower than the last sale minus the minimum fractional change in the stock if the last sale was a "minus" or "zero minus" tick.
A limit-price order to sell "plus" also states the lowest price at which it can be executed.
|
Side <54> |
| Sell Short |
An order to sell a security that the seller does not own; a sale effected by delivering a security borrowed by, or for the account of, the seller. Can only be executed on a "plus" or "zero plus" tick. |
Side <54> |
| Sell Short Exempt |
Short sale exempt from short-sale rules. |
Side <54> |
| Stop |
A stop order to buy which becomes a market order when the security trades at - or above - the stop price after the order is represented in the Trading Crowd. A stop order to sell which becomes a market order when the
security trades at - or below - the stop price after the order is represented in the Trading Crowd. |
OrdType <40> |
| Stop Limit |
A stop order to buy which becomes a limit order at the limit price when the security trades at - or above - the stop price after the order is represented in the Trading Crowd. A stop order to sell which becomes a limit order at the
limit price when the security trades at - or below - the stop price after the order is represented in the Trading Crowd. |
OrdType <40> |
