ArcaEdge subscribers may enter a variety of Order Types:
Market Order - An order to be executed at the best available market price.
Limit Order - An order to buy or sell a security at or better than a specified price.
Reserve Order Size (RSV) - A reserve order that replenishes the displayed order size as executions are received, up to the total order quantity; away markets are routed at their quoted size or larger (if applicable) when hitting the bid or taking the offer. RSV orders that are entered with a show size in excess of the tier size will maintain a displayed quote of at least the tier size minimum for display in the OTC Montage
PNP + - A limit order to buy or sell that is to be executed in whole or in part on ArcaEdge. The portion not executed is posted in the ArcaEdge Book without routing any portion of the order to another market center. PNP+ orders will be restricted by the NBBO (when quotes are greater than or equal to quotation tier size) and may not lock or cross the NBBO, instead they will be displayed at the minimum quotation increment inside the NBBO.
Time In Force:
Fill or Kill (FOK) - An order that requires the immediate execution of the entire share quantity at the specified price or cancel the order.
Immediate Or Cancel (IOC) - An order that requires the immediate execution of as many shares as can be filled against resident ArcaEdge liquidity at a price up to and including the limit price; with instructions to cancel the remaining unfilled shares. To protect the subscriber, market IOC orders will not be accepted.
Day - An order to buy or sell; if not executed, it will expire at the end of the trading day.
DAY+ - An order to buy or sell that will be eligible for display and execution during the pre-market (8 a.m. to 9:30 a.m. ET) and core trading (9:30 a.m. to 4:01 p.m. ET) sessions.
Short Sale Processing:
Sell Short (SS) - An order to sell short is the sale of securities that are not owned by the seller. The short sale rules apply to all traders using this function.