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Available order types include:

Table of Contents

Limit Order

A Limit order , tag 40-OrdType=2, defines the upper price limit at which to buy an instrument and lower price limit at which to sell an instrument. The price limit is defined in tag 44-Price. If the price is not immediately available, the Limit order will rest until filled or cancelled.

The following diagram illustrates a Limit order that will rest on the book.

iLink-Order-Types-Limit-Order

Market-Limit Order (Bid) with Market

  1. The client sends a iLink 2 New Order message to the CME Group, Bid, ESZ8, Market-Limit, quantity of 15.
  2. CME Globex responds with an Execution Report - Confirmation/Acknowledgment (tag 35-MsgType=8).
  3. The Market-Limit order becomes a Limit order at the best available market price (90025).
  4. CME Globex sends an Execution Report - Fill Notice (tag 35-MsgType=8) for a partial fill 2-Lot @ 90025.
  5. The remaining quantity rests on the book at 90025.

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The following diagram illustrates this example.

iLink-Order-Types-market-Limit-Order

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Market-Limit Order (Bid) with No Market

The following diagram displays CME Globex actions when a market-limit order (bid) is placed with no market.

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CME Globex returns a Execution Report - Reject (tag 35-MsgType=8) message.

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Market Order with Protection

The following example illustrates  Market order with protection interaction with the CME Globex platform . In the example the Protection Points are 600.

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The following diagram illustrates this example.

iLink-Order-Types-Market-Order-with-Protection

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Stop-Limit Order

A  Stop-Limit order is activated when the trigger price of the order is traded in the market. The Stop-Limit order is then executed at all price levels between the trigger price and the limit price.

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The following diagram illustrates at Stop-Limit order that is triggered and filled.

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Stop-Limit Order Triggered but not Filled Example

The following figure illustrates a Stop-Limit order triggered but not filled.

iLink-Order-Types-Stop-Limit-Order-Not-Filled

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Stop Order

When Stop orders (with protection) are sent, customers should be aware of the response:

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Info

Stop orders will be rejected during any market state except Pre-Open, Open, and No Cancel.

All Execution Report messages, including order elimination messages, sent in response to Stop orders (with protection) include tag 44-Price populated with the Protection Price Limit (best available price +/- the protection points). If the order is not completely filled, the Protection Price Limit is the price that the remaining Open Quantity rests on the order book.

Example of Protection Price Limits Calculations for Stop Orders (with Protection) Bid and Offer.

Stop Orders with Protection Bid

Stop Orders with Protection Offer

Trigger Price                   90000

Trigger Price                   90000

Protection Points             +600

Protection Points               -600

Protection Price Limits  = 90600

Protection Price Limits  = 89400

Stop Order with Protection Bid

The following example illustrates  Stop order (with protection) behavior on the CME Globex platform. In this example the Protection Points are 600.

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