Order Types and How to Use Them

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The following order types are supported by CME Globex for futures and options markets. Click the order type in the table for a description and examples of each type. Market Order with Protection. Stop Order with Protection. The above order types can be used in conjunction with an Order Type Qualifier. For message-level details for the following order types, see iLink Order Types. 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.

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.

Market orders with protection prevent market orders from being filled at extreme prices. Market orders with protection are filled within a pre-defined range of prices referred to as the protected range. For bid orders, protection points are added to the current best offer price to calculate the protection price limit.

For offer orders, protection points are subtracted from the current best bid price. 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. The following example illustrates how the client interacts with CME Globex to process a market order with protection bid. The following example illustrates how the client interacts with CME Globex to process a market order with protection offer.

The Stop order type is an order which, when accepted, does not immediately go on the book, but must be "triggered" by a trade in the market the price level submitted with the order. There are two types of Stop order: 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 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 orders with protection prevent stop orders from being executed at extreme prices. A stop order with protection is activated when the market trades at or through the stop trigger price and can only be executed within the protection range limit.

The order enters the order book as a market 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. 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. The following example illustrates how the client interacts with CME to process a stop order with protection bid. The following example illustrates how the client interacts with CME Globex to process a stop order with protection offer.

The market-limit order becomes a limit order at the best available market price Bid The following example illustrates how the client interacts with CME Globex to process a market order with protection bid.

This value exceeds the protection price limit. CME Globex places the remaining quantity on the order book at a protection price limit of Stop Order Notes The stop order's trigger price is validated differently depending on the market state. Absent a last trade price, the settlement price is used. Bid The following example illustrates how the client interacts with CME to process a stop order with protection bid.

A trade occurs at the trigger price of The order is activated and CME responds with an execution report — order confirmation Notification that order was triggered.

This value exceeds the protection price limit of Offer The following example illustrates how the client interacts with CME Globex to process a stop order with protection offer. The client's order is activated and CME responds with an execution report - order confirmation Notification that order was triggered. This value is below the protection price limit.

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