Market Order Types and Attributes

Here is a list of all Market Order types provided by the Kodiak OMS. The order types depend on the types exchanges and brokers provide.

Order Type	Description	INET	Genium INET
Limit	A Limit Order stipulates a maximum purchase price or minimum selling price. If not fully matched, it is logged in the orderbook. If the price specified by the limit price is not valid according to the tick sizes, it will be rounded to a more generous price. The Limit Order will only execute at prices equal to or better than the specified limit price.	✔	✔
Market	The matching logic of the Market Order is that it will hit the opposite side of the order book and fill as much as possible at the best price level. Remaining volume will be cancelled, even though more volume is available at less favorable levels.	✔	✔
Imbalance Order (IOOP and IOOC)	The Imbalance Order is an order type that can be used in the auctions. It accepts the equilibrium price reached, based on limit orders and market orders in the call auction and fills the theoretical imbalance between the surplus and the deficit side. It does not take part in the equilibrium price determination. Imbalance Orders are prioritized among each other according to time of entry of the order. Imbalance Orders are only executed against the surplus imbalance (and not against each other) There are two flavors: • Imbalance on Open Order (IOOP) Provides liquidity intended to offset orders during the opening cross. Imbalanceonly orders can only be limit orders. Imbalance-only buy/sell orders only execute at cross of opening call. • Imbalance on Close Order (IOOC) Provides liquidity intended to offset orders during the closing uncross. Imbalance only orders can only be limit orders	✔
On-open	On-open orders specifically request execution at the opening price of the opening call. They can be specified as market priced (MOO) or limit priced (LOO) orders. "Limit On Open Order" or "LOO" is an order to buy or sell at a specified price or better that is to be executed only during the Opening Call. LOO Orders will execute only at the price determined by the Opening Call. "Market on Open Order" or "MOO" is an order to buy or sell at the market that is to be executed only during the Opening Call. MOO orders will execute only at the price determined by the Opening Call.	✔
On-close	On-close orders specifically request execution at the closing price of the closing call. They can be specified as market priced (MOC) or limit priced (LOC) orders. "Limit On Close Order" or "LOC" is an order to buy or sell at a specified price or better that is to be executed only during the Closing Call. LOC Orders will execute only at the price determined by the Closing Call. "Market on Close Order" or "MOC" is an order to buy or sell at the market that is to be executed only during the Closing Call. MOC orders will execute only at the price determined by the Closing Call. As the definition of a market order is to price itself aggressively enough to put itself ahead of any competing limit order, the result is that the market order will always have the highest priority when allocating matched shares in the uncross of the call.	✔
Market with left over as limit	A matching logic of the Market Order is that it will hit the opposite side of the order book and fill as much as possible at the best price level. Remaining volume will be entered as a Limit order on the execution price.		✔
Reserve (Iceberg Order)	A Reserve Order has a displayed volume (O Amount field) and a non-displayed, or hidden, volume (Amount field). The hidden volume is only displayed within your own firm. In order to make the hidden volume hidden, you must check the Hidden checkbox. Both the displayed and hidden portions of the Reserve Order are available for execution against incoming orders. In the Auction phase the hidden part can be part of the imbalance. If the Reserve Order is modified it becomes a new order. The smallest Reserve Order allowed is 1 displayed and 1 non-displayed. When the order's shown volume is completely executed, the non-displayed volume is decremented (retains time priority) and a new visible portion is sent to the orderbook (with a new time priority).	✔	✔
Pegged	A Pegged Order has the order price "pegged", or "tied", to either the Bid, the Ask or the Mid Point. As the market moves, the Pegged Order will follow. However, if you specify a limit price, the order will not exceed this price. You have the option to peg your order using an offset, which allows you to peg the order with an incremental difference (tick) from the Best Bid Offer (BBO) in the orderbook. To view the tick size, use the Properties dialogue. If the price moves so that the tick size changes, the new tick size will automatically be applied. The offset can be positive or negative, and can be of three types: • Primary Peg: The order is pegged to the same side of the BBO • Market Peg: The order is pegged to the opposite side of the BBO • Mid-Point Peg: The order is pegged to the mid-point of the BBO A new timestamp is created for a pegged order each time it is automatically adjusted. In order to secure that pegged orders do not peg towards themselves, the Natural BBO has been introduced. The Natural BBO is the BBO created from only the pure limit orders (i.e., what remains after filtering out the pegged orders). Pegging will therefore be done against the resulting Natural BBO. The Natural BBO is only known internally by the trading engine, and pegging can be based on the expectations upon prices seen in the True (disseminated) BBO based on limit orders. The prices of Natural and True BBO remains consistent by an applied rule saying that visible pegged orders cannot affect the Natural BBO; they may join the BBO, but not affect it. The volumes seen in the Natural BBO may differ from that of the True BBO, but the prices will typically remain the same (though, prices of the Natural BBO may occur slightly ahead of the True, as pegged orders adjust to the change of the Natural BBO). Mid-point Pegged Orders are never displayed. They only use prices available in the relevant tick size table, i.e. the mid-point peg may round, but always to a less aggressive price. Note: If the peg is within the spread, the order must be: 1. Hidden 2. Large in Scale (LIS). For a definition of "Large in Scale" see Large in Scale (LIS) below. If the BBO changes so that the order no longer meets the LIS requirement, the firm rule will apply (the order is converted to an IOC or cancelled). See Hidden Order below for more information on this. For example, if you place a buy order with Peg Type Primary and set the offset to 1, the peg will typically end up in the spread.	✔
Hidden Order (Non -Displayed Order)	A Hidden Order does not show any information in the public orderbook, but is visible within your firm. You make an order hidden by entering the volume in the Amount field and then checking the Hidden checkbox in the Order Entry window. A Hidden Order can be combined with the Pegged attribute, thus becoming a Pegged Hidden Order. The volume of the order must be big enough for the order to qualify as "Large in Scale" (LIS). For a definition of "Large in Scale" see Large in Scale (LIS) below. If a share/security does not have an Average Daily Turnover defined, a LIS order can be any size. If the system does not accept a Hidden Order due to its failure to met the LIS requirement, a firm rule will be applied deciding what the system should do with the order: • The order is not accepted. • The order is converted to an IOC order. A Hidden Order that is partially traded so that it no longer meets the LIS requirement will remain hidden. Only when the order volume is actively changed by the trader, the order is cancelled and a new order is placed (and the firm rule is applied if the volume now is below the LIS requirement).	✔	✔