Derivatives

Order Conditions and Types

Update : Nov. 15, 2011

1. Types of Order Conditions

The following conditions can be attached to orders.
Condition details are as shown below.

Order Condition	Details
Immediate or Cancel (Fill And Kill)	Automatically cancels the remainder after executing the amount immediately.
Complete Volume (Fill Or Kill)	When the order is placed, a check of the book condition is performed. If execution of the entire amount is possible, such amount is executed. If such is not possible, the order results in an error.
Minimum Volume	When the order is placed, a check of the book condition is performed. In cases where the designated minimum amount or more cannot be immediately executed, the order results in an error. In cases where the minimum amount or more can be immediately executed, the remainder is left on the order book.
Good Till Cancel	The order will be valid until the end of the evening session on the designated date. * In cases where a date was not designated, the order shall be valid until such issue reaches expiry date.

• (*)In cases of placing orders without attaching order conditions, such orders will be valid until the end of the afternoon session or the evening session (orders placed in the morning/afternoon session shall be valid until the end of the afternoon session, while orders placed in the evening session shall be valid until the end of such evening session)

2. Types of Orders

Orders may be placed by the following methods.
The details of each order type are as shown below.

Order Conditions	Details	Status	GTC	IC	CV	MV (*2)
Limit Order	Most basic orders for which a price is designated	Before Uncrossing	○	N/A	N/A	N/A
		Continuous Auction	○	○	○	◎
Market Order (*1)	- Orders will be matched at the best price until the full amount is executed. - These orders can only be placed during continuous auction	Before Uncrossing	N/A
		Continuous Auction	N/A	○ (*3)	○	◎

• (*1)Market orders are unavailable for dividend index futures.
• (*2)MV is indicated with a ◎ because it can be placed with other conditions.
  (In cases where both MV and CV are designated, CV takes priority)
  
• (*3)With respect to market orders, remaining unexecuted amounts are automatically cancelled. Such orders will be processed in the same manner as IC conditions, whether or not such conditions have been attached.

3. Market Orders

Market orders are those that are matched at the best price until the full amount is executed.

Example of Market Orders

Notes regarding Market Orders

• Market orders may not be placed during the Pre-Open or the Closing Auction.
• In cases where no opposing orders are within the dynamic price range, or where all such market orders cannot be executed within the dynamic price range with market orders remaining, such orders will be automatically cancelled.