Contingency and Stipulation Orders

What this video covers

• The two independent branches of the Contingency Order or Working Order definition, including conditional instructions and undisplayed price or size
• Why undisplayed size alone qualifies an order, and why the lists introduced by “including” remain open
• How options Day Orders expire at the end of the day, while equities Day Orders expire at the end of the designated session
• Why a good-til-cancelled options order is cancelled when a corporate action adjusts the option contract, and why equities have no good-til-cancelled modifier
• The difference between immediate-or-cancel and fill-or-kill orders, including partial execution, full execution, and cancellation rules
• How Limit IOC and Limit Routable IOC orders differ in routing, including the protected offer (PBO) and protected bid (PBB)
• Why all-or-none orders survive without standing or display, which orders are restricted to open outcry, and why a not-held timestamp alone does not grant discretion