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Info

The above order types can be used in conjunction with an Order Type Qualifier.

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  1. The client sends a Market Order to CME Globex.
     
    • Offer, ESZ8, Market Order.
    • Best Bid = 90000 and Protection Points = 600
    • Protection Price Limit = 90000 - 600 = 89400
  2. CME Globex sends an Execution Report - Partial Fill.
     
    • 2-Lot @ 90000
  3. CME sends an Execution Report - Partial Fill.
     
    • 3-Lot @ 89900
  4. CME Globex sends an Execution Report - Partial Fill.
     
    • 3-Lot @ 89650
  5. Next Best Bid = 89300. This value is below the protection price limit. CME Globex places the remaining quantity on the order book at a protection price limit of 89400.

Minimum Order Quantity

The user can specify a minimum quantity which must be executed for the order. The entire order quantity is displayed to the market.
The following rules apply to Minimum Quantity:

  • If an order specifies a minimum quantity, then at least the minimum quantity must be filled immediately.
  • If at least the minimum quantity cannot be filled, then the entire order is cancelled.
  • If the minimum quantity or more is filled, then the remaining quantity is placed on the book.
  • If an order has a minimum quantity equal to the total order quantity then the entire order fills immediately or it is cancelled.
  • If an order does not specify a minimum quantity, then the order is treated as a regular order.

Order Display Quantity

The display quantity allows you to control the manner in which trades are reported in the market. Also referred to as "maximum show", the display quantity allows you to specify whether or not the entire quantity of an order is reported to the market. You can expose the order to the market gradually.

For example, a user may place an order with a quantity of 1000. If a display quantity value of 100 is submitted with the order, no more than 100 instruments are exposed to the market at any time, the remaining is hidden. Each time 100 instruments are filled, the next 100 instrument order is entered into the market as a new order.

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  1. .

Stop-Limit Order (Futures Only)

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