Order Types

Resting Orders
Resting Orders are firm indications of interest that can interact with a broker's own order flow, order flow from other brokers, or orders within the system. Resting orders are not part of the marketplace. They are not forwarded 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 have the capability to utilize a minimum quantity and block minimum quantity. The Minimum Quantity function will allow aggregated quantities equal to or greater than the submitted minimum quantity to execute. Block Minimum Quantity will only allow a match if the non aggregated quantity is equal to or greater than the minimum quantity submitted

IOC - Immediate or Cancel
IOC orders are instructions from a firm to buy or sell in LeveL ATS. IOCs entered into LeveL are matched against resting orders residing in the book. IOC orders that will be accepted are limit, market and midpoint IOC orders. They will either match with a resting order, or be canceled back to the originating user.

SmartBlock^SM
SmartBlock^SM allows the user to control the rate of execution if a stock moves away from the arrival price. SmartBlock^SM 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