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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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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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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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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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