Order Types, etc.
1. Order Types
- (*1) The unfilled part of a market order cannot be stored on the order book (the unfilled part is forced to be cancelled).
- (*2) In case there is no best offer or best bid to be matched with, a market to limit order with GFD or with GTD/GTC is recorded on the order book as a limit order at the better price than the best bid or best offer by one tick; provided, however, such order becomes invalid if there is no best bid or best offer.
- (*3) The orders described in (1) to (3) above can be specified as an order type of the order to be recorded on the order book when the trigger is touched.
2. Conditions for Validity Period and Executed Volume
It is required to specify any of the following conditions at the submission of an order.
|(1) Good for Day (GFD)||Valid until the end of the Day Session of the day (or, until the end of the Night Session if the order is submitted at the Night Session.).|
|(2) Good till Date/ Good till Cancel (GTD/GTC)||Valid until the end of the Day Session on the date the specified period ends.
Selectable from either GTD (valid until the end of the day session on the date the specified period ends) or GTC (valid until the cancellation. (If not cancelled, it is valid until the end of the day session on the last trading day.)).
|(3) Fill and Kill (FAK)||In the case where there is unfilled volume after the order is partially executed, cancel the unfilled volume.|
|(4) Fill or Kill (FOK)||In the case where all the volume is not executed immediately, cancel all the volume.|
3. Period Allowed for Submitting Order by each Order Type and Condition for Execution
|Order Types||Order Acceptance Period before Itayose||Zaraba|
|(1) Limit Order||A||A||A||A||NA||A||A||A||A||A|
|(2) Market Order||PA||PA||PA||A||NA||NA||NA||NA||A||A|
|(3) Market to Limit Order||NA||NA||NA||NA||NA||A||A||A||A||A|
|(4) Stop Order||A||NA||NA||NA||NA||A||NA||NA||NA||NA|
- (*1) "A" means "available" and "NA" means "not available". "PA" means "available, but it needs attention because all the orders will be invalid after Itayose, like FAK condition".
- (*2) Stop Order can be submitted anytime for order acceptance period, but the trigger condition is checked only in the period of Zaraba.
- (*3) The conditions for validity period cannot be specified for orders for strategy trades.
4. Conditions to be Specified for Stop Orders
It is required to specify the following conditions at the submission of a stop order.
|(1) Stop Series||The issue for checking stop condition of (3)||The same contract month (issue) or the different one in the product group which has the same underlying can be specified.|
|(2) Stop Price||The price for checking stop condition of (3)||The price is necessary to be specified, according to the price tick of stop series of (1).|
|(3) Stop Conditions||The condition for checking whether it is recorded on the order book||Either of the following (a) to (f) can be specified.
|(4) Issue on which order is to be recorded||The issue on which the order of (5) are recorded when the stop condition is met||The same contract month (issue) or the different one in the product group which has the same underlying can be specified.|
|(5) Order to be recorded on order book||The order type which is recorded on the issue of (4), when the stop condition is met||Either of the following (a) to (c) can be specified. It is required to specify price, quantity and conditions for execution, the same as the submission of a normal order. For information on condition for execution allowed by order type and period, please refer to 3 (1) - (3).
- (*1) In the product group of the Nikkei Stock Average, different products cannot be specified for trigger conditions (e.g. For a stop order for Nikkei 225 Futures, neither Nikkei 225 mini nor Nikkei 225 Options can be specified.)
- (*2) Only either of stop condition (a) to (d) can be set for strategy trades.
- (*3) When submitting a stop order for the order acceptance period before Itayose, it is not allowed to specify an order that is not allowed to submit for such period (e.g. market order with FOK condition) as "an order to be recorded on order book".
- (*4) A stop order is not treated as being accepted until recorded on the order book; therefore, its time priority is inferior to the exiting orders on the order book (the time of accepting a stop order is not inherited).