Order Types

ZUBR has implemented the following order types: Market Orders, Limit Orders and Passive-Only Orders.

Market Orders may be used to immediately close or open a position. The mentioned order type guarantees to take such position of the size specified in this type of order. However, a Market Order may not set a required price, and the average weighted price might significantly differ from the Market Price. This may happen in case of instruments low liquidity or a significant market shift. You should use the Market Orders with caution.

Limit Orders allow to open a position immediately or submit an order to the order book. A client may specify the maximum or minimum price at which he is willing to set for buying or selling a contract. The order will be only matched if there is an opposite order at the same or better price.

There are three types of the Limit Orders supported by ZUBR:

GTC (Good ‘Til Cancelled) - once submitted, the GTC order will remain in the order book until its execution or cancellation.

IOC (Immediately Or Cancel) - the IOC Order is accepted only when it may be immediately executed, no matter, completely or partially. If the order is executed partially, the remaining part will be cancelled.

FOK (Fill Or Kill) - the FOK Order is accepted only when it may be immediately and fully executed. 

Passive-Only Orders work almost like the Limit Orders but they also guarantee that the order of this type will be added to the order book. If such order is a subject to immediate execution it will be rejected by the matching engine.

Stop Orders allow to place an order and set a specified price that should be reached to get the order matched. The price thus set is called a Stop Price. After the Stop Price is reached, your Stop Order generates a Limit Order. (Full "Stop Orders" description can be found here)