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Order

There are only three main types of order available at the CSX:

  • Limit Order - The order where the bid order price is maximum offer price and ask order price is minimum offer price.
    Example: A bid limit order of 4,000 KHR shall be traded at 4,000 KHR or lower, and an ask limit order of 4,000 KHR shall be traded at 4,000 KHR or higher.
  • Market Order – The order to immediately buy or sell a stock at the best price available. However, it is not allowed for liquidity providing activities and the first trading of initially listed securities. The market order can have two affixed conditions: Fill or Kill (FOK) and Fill and Kill (FAK). They can only be used during the multiple-price auction and only when there is an order available at the opposite side.
    • FOK Market Order: the order shall be immediately cancelled if the quantity of order cannot be fully executed.
      Example: FOK market order to buy 200 shares of stock A can be matched ONLY when there is (are) ask order(s) with (total) quantity ≥ 200 shares.
    • FAK Market Order: the order shall be immediately cancelled if the quantity of order cannot be executed (fully or partially). If partially executed, the remaining quantity of order shall be cancelled right after the order matching.
      Example: FAK market order to buy 200 shares of stock B will be matched with the opposite side orders of any quantity, let say 50 shares. The unmatched quantity of 150 shares will be automatically and immediately cancelled.
      Characteristic Limit Order (LO) Market Order (MO)
      Priority Normally having lower price priority than MO, except at upper/lower limit prices where time priority is counted. Normally having higher price priority than LO, except at upper/lower limit prices where time priority is counted.
      Matching principle Price and time priority are applied Price and time priority are applied
      Affixed Conditions N/A FOK and FAK, working with multiple-price auction
      Order Book Display At determined price • Displayed at the price of best LO ±1 tick when there is a LO
      • At the last traded price when isn't a LO
      Correction Allowed Not allowed
      Cancellation Allowed Allowed
      Good faith deposit (cash) Locked up at determined price multiplied by order quantity plus brokerage fee Locked up at the upper limit price multiplied by order quantity plus brokerage fee
      Restriction No restriction is applied • Liquidity provider transactions
      • First trade of initially listed securities
  • Negotiated Order – The order to buy or sell a security through Negotiated Trading Method (NTM). It secures investors to trade in a single large transaction and provides order and trade confidentiality during the trading hours.
    • Note: The correction or cancellation of an order shall be made only if the concerned order has not been executed. The time stamp of receiving order in the CSX's trading system shall change to the correction time when there is price correction or quantity increase.
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