Orders on WSE
Subjects:
Orders
Orders with a price limit (limit orders)
The investor precisely defines a buy or sell price for a given security. In the case of a buy order, this is the price above which the investor placing the order will not agree to its execution. In the case of a sell order, it is the price below which the investor is not willing to sell the securities.
Orders with price limits may contain additional execution requirements.
For a minimum size order (MIN), i.e. an order with a minimum execution size, the minimum number of securities below which the order may not be executed should be specified.
A hidden order, HID (polish - WUJ) -an order containing a disclosed size requirement -is fulfilled gradually, in parts. The investor placing such an order indicates the portions in which it is to be executed, i.e. the number of securities to be displayed at a given time. The minimum is 100.
Stop orders (LIMakt), i.e. orders with an activation limit, are not displayed immediately after being entered into the system, but are revealed only when the indicative opening price or the price of the last transaction in the continuous trading system reaches the appropriate level, as specified by the investor. Thus, besides the activation limit, the order must also contain an execution price limit, a stop price or an instruction to execute at any price.
Orders without price limit
Market orders (PCR) may be entered into the Exchange system only in continuous trading, except for the market-balancing phase. They are executed at the price of the best opposite order not-yet-executed. The unfulfilled portion of the market order becomes a limit order with a limit equal to the price of the last transaction.
Market-on-opening orders (PCRO) may be entered into the system only during the pre-opening phase (opening call, i.e. acceptance of orders for the opening) and pre-closing phase in the continuous trading system, the single-price auction system, and the market-balancing phase. They are executed at, respectively, the opening price, the closing price, the single-price or the price resulting from market balancing.
A must-be-filled order (MBF, PKC - polish) may be entered into the trading system during all phases of continuous trading and in the single-price auction system, except during the intervention and post-auction trading phases. Orders entered for the opening or close of a session, the single-price auction or the market-balancing phase are executed at, respectively, the opening price, closing price, single-price, or price determined during market balancing.
Order validity dates
Broker's orders may be designated as valid for a specific date, or their validity may be defined in one of the following ways:until the end of the trading session (DAY), good 'till cancelled (GTC), fill and kill (FAK - WiA), fill or kill (FOK - WuA).
An order marked as good 'till cancelled (GTC) is valid indefinitely.
A fill-and-kill (FAK) order is valid until the first transaction is made or, if the order is to be executed in several subsequent transactions, until the first transactions are made. A FAK is executed immediately after placing and may be executed in part. The unfulfilled portion of the order then becomes void.
A fill-or-kill (FOK) order is valid until the first transaction is made or, if the order is to be executed in several subsequent transactions, until the first transactions are made. An FOK must be executed in full. If it is not possible, the order becomes void.
