Order types

An order is the instruction to buy or sell a certain amount of a specific instrument. Orders of all sizes may be traded through Xetra^® T7 as the minimum trading lot has been defined as one for all segments except bonds.

Xetra^® T7 supports several order types, depending on the trading procedure. In addition, orders may be subject to validity restrictions, execution restrictions or trading restrictions. A detailed description can also be found in the market models.

Order types

• Market Order
  Unlimited buy or sell orders (orders to buy or sell at the best available price) to be executed at the next price that is determined.
• Limit Order
  Limited buy or sell orders to be executed at the set limit price or better.
• Iceberg Order
  Input of large order sizes into the order book during continuous trading without the market being given insight into the overall volume.
• Stop Market Order
  When the stop limit is reached (or exceeded for stop buy orders or falls below it for stop loss orders), the stop order is automatically placed in the order book as a market order and may be executed immediately.
• Stop Limit Order
  When the stop limit is reached (or exceeded for stop buy orders or if it falls below it for stop loss orders), the stop order is automatically placed in the order book as a limit order and may be executed immediately.
• Trailing Stop Order
  A trailing stop order is a stop market order with a dynamic stop limit that is adjusted in relation to a reference price.
• One-Cancels-the-Other Order
  A one-cancels-other order is an order that combines a limit order and a stop market order. If the limit order is fully executed or the stop market order is triggered, the respectively other order will be deleted.

Validity restrictions

• Good-for-day
  Order is valid only for the current trading day.
• Good-till-date
  Order is valid until a specified date
• Good-till-cancelled
  Order is valid until execution or cancellation

Execution restrictions

• Immediate-or-Cancel (IOC)
  IOC-Order is an order that is executed immediately and in full or to the furthest extent possible.
• Fill-or-Kill (FOK)
  FOK-Order is an order that is either executed immediately and in full or not at all.
• Book-or-Cancel (BOC)
  BOC-Order (available only for limit orders in continuous trading) is an order, which permits order to be entered as resting liquidity in the order book. When immediate execution is possible upon entering the order in the order book (i.e. if the order is aggressive),  the BOC order is rejected.

Trading restrictions

• Auction only
  The order is valid only for auctions.
• Opening auction only
  The order is valid only for the opening auction.
• Intraday auction only
  The order is valid only for auctions during the trading day.
• Closing auction only
  This order is valid only for the closing auction.