What are the types of orders? - SG

This article introduces common order types in securities trading and their core execution rules, covering three main categories: basic limit/market orders, conditionally triggered orders, and orders with special execution instructions.

1. Limit order

Limit orders require a specified fill price and will only be executed when the market price reaches the specified price or a better one. A better price means a price lower than the specified price if buying, or a price higher than the specified price if selling.

Supported validity period of orders: valid for the day/good 'til canceled (GTC)/Good 'Til Date (GTD)

2. Market order

Market orders do not specify a price and are applicable during continuous trading sessions. The fill price of a market order is not guaranteed, and the market order may be filled at any price. Any unfilled portion after matching will be automatically canceled by the system.

Supported validity period of orders: valid for the day

3. Buy if Touched

A Buy if Touched order requires setting a trigger price and parameters such as order price (market/limit) and quantity. Once the market price reaches the trigger price, the system will place a buy order with the specified parameters.

Supported validity period of orders: valid for the day/good 'til canceled (GTC)/Good 'Til Date (GTD)

4. Sell if Touched

A Sell if Touched order requires setting a trigger price and parameters such as order price (market/limit) and quantity. Once the market price reaches the trigger price, the system will place a sell order with the specified parameters.

Supported validity period of orders: valid for the day/good 'til canceled (GTC)/Good 'Til Date (GTD)

5. Trailing to Buy

To execute a Trailing to Buy order, you need to set a trailing amount (fixed value or percentage) that the price must rebound from its lowest point after the order is placed, along with parameters such as the order spread and quantity. Once the price fluctuation reaches the specified trailing amount, the system will submit the buy order with the specified parameters.

Supported validity period of orders: valid for the day/good 'til canceled (GTC)/Good 'Til Date (GTD)

6. Trailing to Sell

To execute a Trailing to Sell order, you need to set a trailing amount (fixed value or percentage) that the price must decline from its highest point after the order is placed, along with parameters such as the order spread and quantity. Once the price fluctuation reaches the specified trailing amount, the system will submit the sell order with the specified parameters.

Supported validity period of orders: valid for the day/good 'til canceled (GTC)/Good 'Til Date (GTD)

7. Fill or Kill (FOK)

An FOK order is a conditional order that must be executed immediately in full or not at all. If the order cannot be fully executed, it will be canceled (killed).

8. Immediate or Cancel (IOC)

An IOC order is an order to buy or sell securities. After submission, it will be executed immediately, either fully or partially. Any portion of the order that cannot be filled will be canceled.

Disclosures

This article is for reference only and does not constitute any investment advice.