Basic order types questions

Discussion in 'Order Execution' started by Lucias, Jan 22, 2012.

  1. Lucias


    Also, is the FOK a market order that guarantees a given price or cancels? Is this available for retail traders? Is it available on CME emini or just some markets?

    Is it possible to see the limit orders that were placed after the fact in any data stream or offering?
  2. What i know and all i need to know:

    -> Market Order (Entry or Exit at current market price)
    -> Limit Entry Order (Entry at price under the current price for Long)
    -> Limit Exit Order (Exit at price over the current price for Long)
    -> Stop Entry Order (Entry at price over the current price for Long)
    -> Stop Exit Order (Exit at price under the current price for Long)
    -> OCO Order (One cancels other = Limit or Stop Order connected to another Limit or Stop Order)

    I dont know FOK ???

    I dont know about Level 2, because i dont need it.
    But i think with Level 2 you also can see the Limit Orders in the DOM. With Level 3 = only for the Market Makers, you can see all orders.

    All you need is Market Order, Limit and Stopp Order.
  3. If I am long a stock at 20, thats where its trading right now and and set a stop order to sell at 21, at what price should it get executed at?
  4. fok is time in force (tif) It relates to the behavior of the order, how long it lives and preference on partial fills. It fills 100% immediately or cancels. Unlike IOC which fills any amount or cancels immediately.

    Either of these can be a market or limit type of order. Market or limit has to do with the pricing of the order (any price vs a price better than ###)

    Different markets offer different functionalities. Fok is supported by most markets around the world (equity & futures) but not all of them.

    For more info on these order details google fixopaedia FIX tags 40 & 59.
  5. that would trigger the sell stop order right away & turn it into a market order. You would get the bid price (19.99 assuming there's enough liquidity)
  6. FOK orders (Fill or kill orders) are no longer applicable to electronic markets. A colleague of mine who's an ex floor trader told me this used to be matter when you would call in your orders to the floor and they'd offer the price you're trying to get filled at 3 times and if you were not filled they would kill your order. Hence the name fill or kill.