Order types

Limit orders include a specified price limit, and may not be executed at a price worse than that limit. These orders are used in all markets and have a duration attached to them, which defines their validity.

• Good-for-day (GFD) is also known as a day order. All orders are assumed to be GFD unless otherwise specified. The validity of a GFD order ends at the close of that day's trading period. 
• Good-till-cancelled (GTC) is also known as an open order in some markets. This order remains valid until it is executed, it is cancelled, or the contract expires. All orders are automatically cancelled one year after entry.
• Good-till-date (GTD) is similar to GTC but carries a specified date up to one year from entry on which the order is automatically cancelled.
• Immediate-or-cancel (IOC) is to be filled immediately, either completely or to the extent possible; the portion that cannot be filled immediately is cancelled.

Market orders are not visible in the order book for any market participant and have no specific price limit, but are matched to the best available contra-side bid or offer. For example, a market that is twelve bid and fourteen offered will fill market orders to sell at twelve and market orders to buy at fourteen. Market orders are possible for both futures and options, but are not supported for strategies and futures calendar spreads.

Closing-Auction-Only orders are orders that are active only in the instrument states Closing Auction and Closing Auction Freeze. In all other instrument states, they are inactive, i.e. they can be entered, modified or deleted, but they are not available for matching and they do not contribute to the published market data.

When the instrument enters the Closing Auction state, all Closing-Auction-Only orders become automatically active, and they receive a new priority timestamp. The Closing-Auction-Only orders participate then in the closing auction as any regular order. Unexecuted Closing-Auction-Only orders are not automatically deleted by T7 after the Closing Auction is terminated. Instead, they become inactive.

Closing-Auction-Only orders can be market orders or limit orders. The "Price/Reasonability Check" and the "Extended Price Range Validation" are never applied for Closing-Auction-Only orders.

Opening-Auction-Only orders are similar to closing-auction-only orders, i.e., they are active only in the instrument states Opening Auction and Opening Auction Freeze. In all other instrument states, they are inactive, i.e., they can be entered, modified or deleted, but they are not available for matching, and they do not contribute to the published market data.

When the instrument enters the Opening Auction state, all Opening-Auction-Only orders become automatically active, and they receive a new priority timestamp. The Opening-Auction-Only order participates in the opening auction as any regular order.

Unexecuted Opening-Auction-Only orders are not automatically deleted by T7 after the Opening Auction is terminated. Instead, they become inactive. Note however that after the opening auction, further entry of Opening-Auction-Only orders with validity for the same day only, is prevented.

Opening-Auction-Only orders can be market orders or limit orders. The "Price/Reasonability Check" and the "Extended Price Range Validation" are never applied for Opening-Auction-Only orders.
 

Auction-Only orders are orders that are active only in the instrument states Opening Auction or Opening Auction Freeze, Intraday Auction or Intraday Auction Freeze and Closing Auction or Closing Auction Freeze. In all other instrument states, they are inactive, i.e., they can be entered, modified or deleted, but they are not available for matching, and they do not contribute to the published market data.

When the instrument enters one of the above-mentioned states, all Auction-Only orders become automatically active, and they receive a new priority timestamp. The Auction-Only order participates in Opening-, Intraday- or Closing Auction states as any regular order.

Unexecuted Auction-Only orders are not automatically deleted by T7 after an Auction is terminated. Instead, they become inactive.

Auction-Only orders can be market orders or limit orders. The "Price/Reasonability Check" and the "Extended Price Range Validation" are never applied for Auction-Only orders.

Book-or-Cancel (BOC) orders are orders that are never matched on entry.

BOC orders which could be partially or fully executed upon entry are immediately deleted without execution. BOC orders that are not executable on entry are accepted and written to the order book.

In all other aspects, BOC orders are treated as regular limit orders. Specifically, it is possible to modify a BOC order in the order book such that it can be executed immediately. The matching will take place as if it were a normal regular order.

BOC market orders are not supported. BOC orders must have a limit price.

A stop order is an order that is initially inactive. It is not able to match and it is not included in the public market data. When the market reaches the price level that is given by the stop price of the stop order, then the stop order is triggered, i.e. it is converted to an active regular order and, if possible, matched according to the rules for incoming regular orders.

A buy stop order is normally placed at a stop price above the current market price, and a sell stop order is normally placed at a stop price below the current market price.

There is no guarantee that a triggered stop order is matched immediately after it is triggered. It is treated just as any incoming regular order and will be placed on the order book, if it cannot be matched.

A stop order can be a stop limit order or a stop market order. A triggered stop limit order is converted to a limit order, and a triggered stop market order is converted to a market order. Currently Eurex supports only stop market orders.

Stop orders are often referred to as stop-loss orders in that they are often used to protect a trader's position from deteriorating beyond a certain point and stopping further loss.

A One-Cancels-the-Other (OCO) order is an order that combines the behavior of a regular limit order with that of a stop market order.

An OCO order has both a limit price and a stop price. On entry, it first behaves exactly like a regular limit order. It can match like a regular limit order, and it contributes to the published market data.

The stop price defines a trigger condition just as for stop orders. Once the trigger condition is fulfilled, the OCO order behaves like a stop market order, i.e. it gets a new priority timestamp and is converted to an incoming market order. The limit price does not apply anymore. When several stop orders and OCO orders are triggered, T7 does not distinguish between stop orders and OCO orders when working out the sequence of processing.

An OCO order that fulfills the trigger condition on entry is rejected by the system. I.e. contrary to stop orders, immediate conversion to regular market orders is in general not supported for OCO orders.

Though the name One-Cancels-the-Other may suggest otherwise, T7 treats an OCO order as one single order, and not as two orders that are linked. This is also reflected by an OCO order having only one Exchange Order ID that does not change throughout its life time, and specifically not when the OCO order is triggered.