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Orders, Execution & Market Structure

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Orders, Execution & Market Structure

Partial Fill

The execution of only part of an order's quantity, with the remainder either resting in the book or cancelled.

Filled Quantity < Order Quantity, with the unfilled balance either resting or cancelled per the order's validity shares Orders, Execution & Market Structure

Pay-In

The stage of settlement at which members deliver securities and funds owed to the clearing corporation.

Test: on the settlement date, net obligations are transferred from members to the clearing corporation by the pay-in deadline qualitative Orders, Execution & Market Structure

Pay-Out

The stage of settlement at which the clearing corporation distributes securities and funds to the members entitled to them.

Test: after pay-in is complete, net entitlements are transferred from the clearing corporation to members and onward to clients qualitative Orders, Execution & Market Structure

Post-Closing Session

A short window after the main session in which orders execute at the day's official closing price rather than at a negotiated one.

Test: all trades in the window execute at the previously determined closing price, with no price discovery qualitative Orders, Execution & Market Structure

Pre-Open Session

The window before continuous trading begins in which orders are collected and matched in a call auction to set the opening price.

Test: orders may be entered and modified during the collection window but execute only at the single auction price qualitative Orders, Execution & Market Structure

Price Band

The maximum percentage a security may move from its previous close in a session before orders outside the range are rejected.

Upper Band = Previous Close x (1 + Band %); Lower Band = Previous Close x (1 - Band %) % Orders, Execution & Market Structure

Price Discovery

The process by which the interaction of buy and sell orders produces a price that reflects the market's aggregate view.

Test: price emerges from competing orders rather than being set administratively or by a single participant qualitative Orders, Execution & Market Structure

Price-Time Priority

The rule by which an exchange ranks orders for matching: better prices first, and among equal prices, whichever arrived earlier.

Rank = better price first; among equal prices, earlier timestamp first qualitative