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NTP - Order Types and Controls

ASX’s Trading Platform supports two order types, Limit and Market-to-Limit described in further detail below. Each order type supports a range of time validity and execution price. Both order types are available for all products on the Trading Platform.

  • Limit order

A Limit order is an order that executes against resting displayed liquidity at all permitted prices up to and including its Limit price. The limit price can be priced aggressively to cross the spread at any price within the allowed user defined Trading Protection Limits (TPL) or (AOT) limits. The Limit order type behaves as a sweep order type and will fill level by level adhering to the limit price. Any unexecuted volume is posted to the order book at the order’s limit price.

  • Market-to-Limit order

A Market-to-Limit order is an order that executes against resting displayed liquidity only at the best opposing price. Market-to-limit orders can therefore execute only at one price level (the best opposing price).
Any unexecuted volume is posted to the order book at what was previously the best opposing price – that is, where a market-to-limit order exhausts all resting displayed liquidity at the best opposing price, it then becomes top of book at that price.
Market-to-Limit orders cannot be entered when an instrument is in a session state that does not have automatic execution.

Time in Force (TIF)

Day GFD At the end of the current trading session
Good Till Cancel GTC If the security expires or is cancelled 
Good Till Date GTD At the end of specified trading date
Good Till Time GTT At the earlier of the specified time on the current trading session or the end of current session
Fill or Kill FOK Executes immediately in full or is cancelled in full
Immediate or Cancel IOC Executes immediately with available quantity with any remaining quantity cancelled