# Page History

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CME Globex matches the order at the best available price level without exceeding the protection price limit. If the entire order cannot be filled within the protected range immediately, the unfilled quantity remains in the order book as a limit order at the limit of the protected range. Refer to http://www.cme.com for a list of the "no bust" ranges for products.

Example: See Market Order with Protection (Bid)\Example: See Market Order with Protection (Offer)\Bid

The following example illustrates how the client interacts with CME Globex to process a market order with protection bid.

1. The client sends a Market Order to CME Globex.

• Bid, ESZ8, Market Order.
• Best Offer = 90025 and Protection Points = 600.
• Protection Price Limit = 90025 + 600 = 90625.
2. CME Globex sends an Execution Report - Partial Fill.

• 2-Lot @ 90025
3. CME Globex sends an Execution Report - Partial Fill.

• 3-Lot @ 90300
4. CME Globex sends an Execution Report - Partial Fill.

• 3-Lot @ 90550
5. Next Best Offer = 90675. This value exceeds the protection price limit. CME Globex places the remaining quantity on the order book at a protection price limit of 90625.

Example: Offer

The following example illustrates how the client interacts with CME Globex to process a market order with protection offer.

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.

### Market-Limit Order

Market-limit orders are executed at the best price available in the market. If the market-limit order can only be partially filled, the order becomes a limit order and the remaining quantity remains on the order book at the specified limit price.

Example: See Bid

1. The client sends a New Order to CME Globex.

• Bid, ESZ8, Market-Limit.
2. CME Globex responds with an Execution Report - Order

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1. Confirmation.
2. The market-limit order becomes a limit order at the best available market price (90025).
3. CME Globex sends an Execution Report - Partial Fill.

• 2-Lot @ 90025
4. The remaining quantity rests on the book at 90025.

### Stop-Limit Order (Futures Only)

Market-limit orders are executed at the best price available in the market. If the market-limit order can only be partially filled, the order becomes a limit order and the remaining quantity remains on the order book at the specified limit price.

Example: See Market-Limit Order (Bid)\

Stop-limit orders are activated when an order's trigger price is traded in the market.

• For a bid order, the trigger price must be higher than the last traded price.
• For a sell order, the trigger price must be lower than the last traded price.

After the trigger price is traded in the market, the order enters the order book as a limit order at the order limit price. The limit price is the highest/lowest price at which the stop order can be filled. The order can be filled at all price levels between the trigger price and the limit price. If any quantity remains unfilled, it remains on the order book as a limit order at the limit price.

### Stop Order with Protection (Futures Only)

Stop orders with protection are intended to avoid cascading stop orders being executed at extreme prices. A stop order with protection is activated when the market trades at the stop trigger price and can only be executed within the protection range limit. The order enters the order book as a limit order with the protection price limit equal to the trigger price plus or minus the pre-defined protection point range. Protection point values usually equal half of the Non-reviewable range. Refer to www.cmegroup.com for a list of the Non --reviewable range for products.   For bid orders, protection points are added to the trigger price to calculate the protection price limit. For offer orders, protection points are subtracted from the trigger price.

CME Globex matches the order at all price levels between the trigger price and the protection price limits. If the order is not completely executed, the remaining quantity is then placed in the order book at the protection price limit.

Example: See Stop Order with Protection (Bid)\Example: See Stop Order with Protection (Offer)\ Bid

The following example illustrates how the client interacts with CME to process a stop order with protection bid.

1. The client sends in a new Stop With Protection order to CME Globex.Bidding 10 ESM1, Stop order, 133000 Trigger Price.
2. A trade occurs at the trigger price of 133000. The order is activated and CME responds with an execution report – order confirmation (Notification that order was triggered).
3. Trigger Price 133000, Protection Points  300
4. Protection Price Limit 133000 + 300 = 133300
5. CME Globex sends an Execution Report - Partial Fill. 2-Lot @ 133025.
6. CME Globex sends an Execution Report - Partial Fill. 3-Lot @ 133200.
7. CME Globex sends an Execution Report - Partial Fill. 2-Lot @ 133225.
8. Next Best Offer = 133375. This value exceeds the protection price limit of 133300. CME Globex places the remaining quantity on the order book at a protection price limit of 133300.

Example: Offer

The following example illustrates how the client interacts with CME Globex to process a stop order with protection offer.

1. The client sends a New Stop With Protection order to CME Globex.
2. Offering 10 ESM1, Stop order ,133000 Trigger Price.
3. A trade occurs at the trigger price of 133000. The client's order is activated and CME responds with an execution report - order confirmation (Notification that order was triggered).
4. Trigger Price 133000, Protection Points 300
5. Protection Price Limit 133000 – 300 = 132700
6. CME Globex sends an Execution Report - Partial Fill. 2-Lot @ 132900.
7. CME Globex sends an Execution Report - Partial Fill. 3-Lot @ 132850.
8. CME Globex sends an Execution Report - Partial Fill.  3-Lot @ 132800.
9. Next Best Bid = 132675. This value is below the protection price limit. CME Globex places the remaining quantity on the order book at a protection price limit of 132700.

### Hidden 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.

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