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Orders

Order​

An order is a directive or request to the market or market provider specifying:

  • The financial instrument (e.g., Xyz stock)
  • Quantity (or amount if fractional quantities allowed)
  • Timing
  • Price
  • Buy or sell

Order Side​

Order Side is the direction of order trade, which can be either BUY or SELL.

Order Types​

Based on price and time conditional behavior, there are generally two types of orders: Market and Pending/Limit orders.

Market order​

A market order is an instruction to buy or sell a financial instrument at the closest available price at the time of order placement. The execution of this order results in committing a deal. A financial instrument is bought at Ask price and sold at Bid price.

Pending/Limit order​

A pending/limit order is the client's instruction to buy or sell a security under the pre-defined conditions in the future. The types of pending/limit orders include:

  • Buy Limit: A trade request to buy at the "Ask" price equal to or less than the specified value in the order.
  • Buy Stop: A trade order to buy at the "Ask" price equal to or greater than the specified value in the order.
  • Sell Limit: A trade order to sell at the "Bid" price equal to or greater than the specified value in the order.
  • Sell Stop: A trade order to sell at the "Bid" price equal to or less than the specified value in the order.

There is also a Stop Limit order type, where both limit and stop prices are set as the conditions defined above.

Order Sub Types​

In Order Management Service (OMS) API, there are sub-types for the orders based on how much shares is requested to BUY/SELL:

  • REGULAR: The order is placed based on the quantity of the financial instrument to BUY/SELL.
  • FRACTIONAL: Similar to REGULAR order, but the quantity must be DECIMAL.
  • MONEY_ORDER: The order is placed based on the provided money amount, which is used to calculate the quantity of the order depending on the market price at execution.

Order Status​

After an order is created and sent to the trading service, it may pass through the following stages:

  • New: The order has been placed successfully on OMS API but has not been accepted by the market provider yet.
    • NOTE: Some trade providers may set the order status as New or Pending New even if the order has been accepted for processing.
  • Pending New: The order has been accepted by the market provider and is in the queue to be processed (BUY or SELL).
    • NOTE: Some trade providers may not set the order status to Pending New.
  • Partially filled: The order is filled partially.
  • Filled: The entire order quantity is filled.
  • Pending Cancel: The client has requested to cancel the order, which is still waiting to be canceled.
  • Canceled: The order has been canceled, either by the dealer or by the client.
  • Deleted/Stopped: The order has been deleted or stopped by the market provider (dealer) due to unsatisfactory market dynamics for the specified order.
  • Rejected: The order has been rejected by the market provider (dealer).
  • Suspended: The order has been suspended by the market provider (dealer).
  • Expired: The order has expired without any successful market deal.
  • Pending Replace: The client has requested to replace/change the order, which is still waiting to be replaced/changed.