Exchange Connections

Exchanges may have different trade routing practices.

LIFFE/eCBOT

Pre-Open Market Orders

If you place a market order in pre-open, then the market order is converted to a market on open (MOO) order. Spread MOO orders are rejected. When the market opens, MOO orders are filled at the open price. The exchange converts them to limit day orders with the price equal to open price. The messenger cancels the market order and places a limit order.

Stop Orders

How orders are submitted to the exchange:

MKT STOP orders are submitted as market stop orders with LIFFE order price equal to the trigger price.

LMT DAY STOP orders are submitted as stop orders with the order price equal to either the limit or trigger price. Orders with different limit and trigger prices are rejected.

GTC STOP orders are submitted as GTC stop orders with the order price equal to the trigger price. GTC stop limit orders with different limit and trigger prices are rejected.

All stop limit orders are synthetic.

Native stop orders work like this: