Order Types
Resting Orders
Resting Orders are limit orders that can interact with a broker's own order flow, order flow from other brokers, or orders within LeveL's book. Resting orders are not part of the marketplace and are not routed out of LeveL to another executing venue or publicly disseminated as part of the national quote streams.
- Resting orders can be pegged to the primary (same side of market), midpoint, or market (opposite side of market)
- Resting Orders support both minimum quantity and block minimum quantity. The Minimum Quantity function allows for aggregated quantities equal to or greater than the submitted minimum quantity to execute. Block Minimum Quantity only will allow a match if the single fill is equal to or greater than the minimum quantity submitted.
IOC - Immediate or Cancel
IOC Orders have an immediate or cancel duration and will only match against Resting Orders residing in the LeveL book. If a match is not available with a Resting Order it will be canceled back to the client.
- IOC Orders can be priced at the market, midpoint or as limits
- IOC Orders can support both minimum quantity and block minimum quantity
SmartBlockTM
SmartBlockTM allows the user to control the rate of execution if a stock moves away from the arrival price. SmartBlockTM has all of the current functionality of a resting order as well as two additional attributes, Trigger Price and Maximum Fill.
- Trigger Price - A trigger price is entered as an absolute price or as a percentage of the arrival price. If the trigger price is not breached, the order retains all of the properties of a resting order. If the trigger price is breached, the maximum fill takes effect.
- Maximum Fill - a maximum fill is entered by the user. The maximum fill is the maximum amount of shares that are eligible for execution in 1 minute time buckets