Order Types

ZUBR implemented three order types which include Market Orders, Limit Orders and Passive-Only Orders.
Market Orders may be used to immediately close or open a position and they effectively guarantee to take such position of the size specified in this type of order. However, a Market Order may not set the price, and the weighted price one gets might significantly differ from the Market Price. This may happen in relation to low liquid instruments or during 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 a maximum or minimum price at which he is willing to buy or sell the contract. The order will only be 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 ‘Till Cancelled) - once submitted, the GTC order will remain in the order book until executed or cancelled.

IOC (Immediately Or Cancel) - the IOC Order is accepted only when it may be immediately executed in full or in part. If executed partially, the remaining part will be cancelled.

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

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