Market Order (with Protection)
A market order is a buy or sell order sent without specifying a limit price with the aim of executing at the best available price in the central limit order book. Market orders entered on CDE are given protection prices designated by CDE to prevent market orders from being filled at extreme prices. For buy market orders, protection points are added to the current best offer price. For sell market orders, protection points are subtracted from the current best bid price.
Limit Order
A limit order is a type of order which defines the maximum price to buy or the minimum price for sell. For buy limit orders, the order will be executed only at or below the limit price, while for sell limit orders, the order will be executed at or higher than the limit price.
Stop Order (with Protection)
A stop order is an order to buy or sell a contract when the price of the contract reaches a specified price, the stop price.
Stop orders with protection prevent orders from being executed at extremely inferior prices after the stop price is triggered. The stop order with protection will be entered as a limit order with a protection price limit set at the stop trigger price plus or minus the protection point range. For buy stops with protection, protection points are added to the trigger price to calculate the protection price limit. For sell stops with protection, protection points are subtracted from the trigger price.
If the market trades at or through the stop trigger price, the order will be matched at the best available price level, executed at a price no worse than the protection price limit. If the order is not completely executed, the remaining quantity is then placed as a limit order in the order book at the protection price limit.
When a stop order is submitted, if the top of book of the same order side is already worse than stop trigger price, the stop order will be rejected.
Stop-Limit Order
A stop limit order is an order to buy or sell a contract at a specified price, the limit price, when the price of the contract reaches a trigger price, the stop price.
The limit price is the highest/lowest price at which the stop order can be filled. The order can be filled at all price levels between the stop price and the limit price. If any quantity remains unfilled, the order will remain on the order book as a limit order at the specified limit price. The maximum differential between the stop price and the limit price will be equal to the product’s price bands.