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Orders, Execution & Market Structure

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Orders, Execution & Market Structure

Latency

The time elapsed between sending an instruction and its effect being registered by the exchange.

Round-Trip Latency = time from order transmission to receipt of the exchange's acknowledgement qualitative Orders, Execution & Market Structure

Limit Order

An instruction to buy at or below, or sell at or above, a stated price, executing only if the market reaches it.

Test: the order carries a price condition and rests in the book until matched, cancelled or expired qualitative Orders, Execution & Market Structure

Lower Circuit

The state in which a security is trading at the bottom of its permitted price band, with sell orders pending and no buyers.

Lower Circuit Price = Previous Close x (1 - Band %) ₹