For message-level details for the following order types, see iLink Order Types.
For a video overview, watch the iLink Order Entry module of CME Globex 101.
<p><a href="https://www.cmegroup.com/education/videos/cme-globex-101.html" target="_blank" rel="nofollow"><img src=http://www.cmegroup.com/globex/images/eid-thumb.png alt="CME Globex 101"></a></p>
Limit orders allow the buyer to define the maximum purchase price for buying an instrument and the seller to define the minimum sale price for selling an instrument.
Any portion of the order that can be matched is immediately executed. Limit orders submitted for buying an instrument are executed at or below the limit price. Limit orders submitted for selling an instrument are executed at or above the limit price. A limit order remains on the book until the order is either executed, cancelled, or expires.