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Order Type
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Description |
All or None
(AON) |
A Limit Order that is to be executed in its entirety or not at all. Non-marketable AON orders will rest in the working book but not be displayed. AON orders will not route to other exchanges.
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Day Order
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An order to buy or sell which, if not executed, expires at the end of the day on which it was entered. All orders by their terms are Day Orders unless otherwise specified.
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| Opening Only Order |
A Market or Limit order that is to be executed only during the opening auction. Any remaining portions of the order are automatically cancelled at the end of the auction. |
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Fill or Kill (FOK)
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A Market or Limit Order that is to be executed in its entirety on NYSE Arca as soon as the order is received, and if not so executed is to be cancelled. FOK orders will not route to other exchanges.
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Good till Cancelled Order
(GTC)
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An order to buy or sell that remains in force until the order is filled, cancelled or the option contract expires. GTC Orders will be cancelled in the event of a corporate action that results in an adjustment to the terms of the option contract.
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Immediate or Cancel
(IOC)
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A Market or Limit Order immediately executed, in whole or part on NYSE Arca, with the unexecuted amount cancelled. IOC orders are not routed to other exchanges.
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Limit
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Marketable Limit Orders that cannot be filled in their entirety at the NBBO on NYSE Arca will be routed to other exchanges. Any unfilled portion of the order will not be routed to the next best price level until all quotes at the current best bid or offer are exhausted. If the order is no longer marketable it will be ranked in the NYSE Arca Book.
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Market
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An order to buy or sell a stated number of contracts that is to be executed at the best price obtainable when the order reaches NYSE Arca. If the order cannot achieve the NBBO on NYSE Arca, it will be routed to other exchanges.
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NOW
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A Market or Marketable Limit Order that is to be executed in whole or in part on NYSE Arca and any unexecuted portion will be routed to other exchanges for immediate execution. Any portion not immediately executed by the other exchange shall be cancelled. If a NOW Order is not marketable when it is submitted to NYSE Arca, it will be cancelled.
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| WAIT Order |
An order modifier the will allow a firm interested in facilitating their customer orders to enter both an agency order and a facilitation WAIT order at the same time. The WAIT modifier ensures the agency order is exposed for 1 second prior to allowing the facilitation order to interact with it to ensure compliance with the exposure requirements of Exchange rules. |
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Post No Preference (PNP)
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A Limit Order that is to be executed in whole or in part on NYSE Arca. Any portion not executed is posted in the NYSE Arca Book without routing any portion of the order to another exchange. PNP Orders that would lock or cross the NBBO will be cancelled.
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| Post No Preference Blind (PNP B) |
The PNP B order is an undisplayed limit order priced at or through the Protected Best Bid and Offer (PBBO), with a tradable price set at the contra side of the PBBO. When the PBBO moves away from the price of the PNP B and the prices continue to overlap, the limit price of the PNP B will remain undisplayed and its tradable price will be adjusted to the contra side of the PBBO. When the PBBO moves away from the price of the PNP B and the prices no longer overlap, the PNP B shall convert to a displayed PNP limit order.
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| Post No Preference Light Only (PNP LO) |
PNP LO orders do not route. If NYSE Arca is not at the NBBO upon receipt of PNP LO, the order cancels back to the firm. PNP LO orders also cancel if the order is marketable against any interest that is not disseminated to OPRA, e.g. resting PNP B orders (if PNP B is in blind state), or the nondisplayed portion of reserve orders. Non-marketable PNP LO orders will post to book and follow standard order processing. |
| Post No Preference Plus (PNP+) |
PNP + for complex orders designed to provide the sender the opportunity for price improvement over the screen markets. A PNP + order type will allow clients to send complex orders in all issues and it includes both options only and options with stock orders.
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Reserve
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A Limit Order with a portion of the size displayed and with a reserve portion of the size that is not displayed on NYSE Arca.
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| Tracking Orders |
Tracking Orders are undisplayed limit orders that are eligible for execution after volume in the Display Order Process has been exhausted at the NBBO price. Tracking Orders will only execute against orders that are about to route out and only against such orders when the routable quantity is less than or equal to the size of the Tracking Order. If the routable size of the contra order is greater than the size of the Tracking Order then the Tracking Order will not be executed. A Tracking Order shall not trade through the NBBO.
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| Adding Liquidity Only (ALO) Order |
The ALO order is a limit order that is posted to the NYSE Arca book in order to add liquidity. The Order assists Users in controlling their costs. Once accepted and placed in the NYSE Arca book, ALO orders will not route to away market centers. The ALO order shall be Day Only, and may not be designated as Good Till Cancel (GTC).
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Stop
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A Stop Order becomes an active Market Order when the stop price is reached. A Stop Order to buy is triggered when the option is bid on NYSE Arca or trades on NYSE Arca (or any exchange) at or above the specified stop price. A Stop Order to sell is activated when the option is offered on NYSE Arca or trades on NYSE Arca (or any exchange) at or below the specified stop price. Order execution is fully automated.
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Stop Limit
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A Stop Limit Order becomes an active Limit Order when the stop price is reached. A Stop Limit Order to buy is triggered when the option is bid or trades on NYSE Arca (or any exchange) at or above the specific stop price. A Stop Limit Order to sell becomes a Limit Order when the option is offered or trades on NYSE Arca (or any exchange) at or below the specified stop price. Order execution is fully automated. If the active limit order is not marketable it will post in the NYSE Arca Book.
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Intermarket Sweep Order(ISO) for IOC
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A designation on an IOC limit order that allows the order to sweep the Book without regard to any external quotes (manual or protected). |
