Types of orders

The two most common types of orders are market orders and limit orders.

Market orders

A market order is an instruction to buy or sell at the best possible price.

Where there is no market in the series on ASX Trade, a quote request is sent to the market makers with obligations in that particular class. The market order would then be executed at the market makers’ best bid or offer price for that series.

Limit orders

A limit order is an instruction to buy or sell only at a specified price or better.

Orders are also designated as:

a). Good for day: any untraded balance of the order will remain in the Central Order Book until the end of the trading day
b). Fill and kill: seeks to transact the entire quantity immediately and delete any untraded balance; or
c). Fill or kill: seeks to transact the entire quantity immediately or does not transact at all

Combinations

As well as transacting single series, it is possible to transact combinations on ASX Trade.

Almost all combinations can be transacted through the Central Orderbook. With the recent introduction of Tailor Made Combinations (TMC), combination orders automatically interact with the individual component series. Furthermore, derived orders will be generated to increase the possibility of trading your total combination.