Order Types

An order condition requiring the entire order quantity to be filled in a single transaction or not executed at all. Unlike Fill or Kill (FOK) orders, AON orders can remain active throughout the trading day (or longer if designated GTC) waiting for the full quantity to become available. Prevents partial fills that could result in multiple commission charges and incomplete position establishment.

Example: An investor places an AON order to buy 5,000 shares of a thinly traded stock at $25 per share. Even ...

A securities order that automatically expires at the end of the trading day if not executed. This is the DEFAULT time-in-force instruction unless the client specifies otherwise (such as Good-Til-Cancelled). Day orders prevent stale orders from executing at unintended times and require clients to reaffirm their trading intentions if market conditions change.

Example: A client calls at 10:00 AM to place a limit order to buy 100 shares of XYZ at $50 (currently trading...

An order that must be executed immediately and in its entirety, or cancelled completely. No partial fills are allowed. FOK orders require both immediate execution and complete fulfillment of the entire order quantity. Used when immediate full execution is critical, such as arbitrage opportunities or large block trades where partial fills would disrupt the strategy.

Example: An institutional trader identifies an arbitrage opportunity requiring the purchase of exactly 10,000...

Time-in-force instruction that keeps an order active until executed or explicitly cancelled by the investor. GTC orders remain open across multiple trading sessions, unlike day orders that expire at market close. Broker-dealers typically impose time limits of 90 to 180 days, after which the order automatically expires. Must be manually cancelled if the investor no longer wants the order to execute.

Example: An investor places a GTC limit order to buy 100 shares of ABC stock at $50 when the current price is...

An order to buy or sell a security at a specified price or better. Buy limit orders execute at the limit price or lower; sell limit orders execute at the limit price or higher. Limit orders guarantee price control but do NOT guarantee execution. If the market never reaches the limit price, the order remains unfilled.

Example: An investor wants to buy XYZ stock currently trading at $52, but only if it falls to $50 or below. T...

An order to buy or sell a security immediately at the best available current price. Execution is virtually guaranteed, but the exact price is unknown until the order is filled. Market orders prioritize speed of execution over price certainty.

Example: An investor places a market order to buy 100 shares of a liquid stock trading at $50.25. The order e...

A two-stage order combining stop and limit order characteristics. When the stop price is reached, the order becomes a limit order (not a market order) at the specified limit price. Provides price protection but risks non-execution if the market price moves through the limit price before the order fills. Requires two prices: the stop price (trigger) and the limit price (execution boundary).

Example: An investor owns shares of XYZ stock trading at $50 and wants downside protection but also wants con...