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Orders, Execution & Market Structure

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Orders, Execution & Market Structure

Day Order

An order that remains valid only for the current trading session and is cancelled automatically at the close if unfilled.

Test: the order's validity expires at the end of the session in which it was placed qualitative Orders, Execution & Market Structure

Direct Market Access

An arrangement in which a client's orders reach the exchange through a broker's infrastructure without manual intervention by the broker.

Test: orders pass automated risk checks and route to the exchange without a dealer keying them in qualitative Orders, Execution & Market Structure

Disclosed Quantity

The portion of an order's total size that is made visible in the public order book.

Test: disclosed quantity is less than total quantity and meets the exchange's minimum disclosure percentage shares