This topic contains descriptions of CME Globex order qualifiers. An order qualifier is an order execution instruction and can have have three potential attributes:
- duration - required
- minimum execution quantity - optional
- display quantity - optional
CME Globex supports the following order qualifiers:
Day orders are intended to be active only during that trading day. Day orders automatically expire at the end of the day and do not carry over to the next trade date. CME Globex assumes that all orders are day orders unless otherwise specified.
GTC orders remain active in the order book until they are completely executed, canceled or when the instrument expires.
GTD orders remain active on the order book until they are completely executed, expire at the specified date, are canceled, or when the instrument expires.
FAK orders are immediately executed against resting orders. If the order cannot be fully filled, the remaining balance is canceled. A minimum quantity can be specified. If the specified minimum quantity cannot be filled, the order is canceled. FAK orders are accepted during the Open market state only; they will be rejected during any other market state.
FOK orders must be fully filled immediately or the entire order is canceled. An FOK order is created by using the FAK qualifier and setting the minimum quantity to the total order quantity. FOK orders are accepted during the Open market state only; they will be rejected during any other market state.
The user can specify a minimum quantity which must be executed for the order. The entire order quantity is displayed to the market.
The display quantity allows you to control the manner in which orders are shown to the market. The display quantity specifies the given quantity of an order shown the market, replenishes the specified quantity when filled, and exposes the entire order to the market gradually until the entire order quantity is depleted.
For example, a user may place a Buy order for 100 and a display quantity of 10. Therefore, no more than Buy 10 is exposed to the market at any time; the remainder are booked but not displayed. Each time the quantity of 10 instruments is filled, the next 10 enter the market as a new order at the bottom of the book.
Note: In CME Eurodollar futures products, the maximum display ratio is 1:60.
Available for all products except the following FX and Interest Rate contracts:
See iLink - Order Qualifiers for examples and message level details.