Order Types
HybridBook
The following order types and execution conditions are available in the HybridBook:
|
Limit Order
|
Market Order
|
Iceberg Order
|
|
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Good for Day (GFD)
|
Y
|
N
|
Y
|
|
Good till Cancel (GTC)
|
Y
|
N
|
Y
|
|
Good till Date (GTD)
|
Y
|
N
|
Y
|
|
Good till Time (GTT)
|
Y
|
N
|
Y
|
|
Immediate or Cancel (IOC)
|
Y
|
Y
|
Y
|
|
Fill or Kill
(FOK)
|
Y
|
Y
|
Y
|
|
At the Open (ATO)
|
Y
|
Y
|
Y
|
|
At the Close (ATC)
|
Y
|
Y
|
Y
|
SafeOrder
The HybridBook also provides a new order type called SafeOrder. A SafeOrder is designed to represent trading interest at the best possible price in Europe. Using reference prices from the reference markets for the financial instrument, ETS will calculate a Europe-wide best bid and offer for the specific order size (“EBBO”).
Buy SafeOrders will appear in the HybridBook as dynamically-priced limit orders, where the limit price is set equal to the best offer price of the Equiduct EBBO. Sell SafeOrders will be priced at the best bid price of the Equiduct EBBO.
Each time the best bid / offer in a reference market updates, the limit price of the SafeOrder will adjust accordingly, until it is either cancelled by the owner, or fully executes against other trading interest in the HybridBook.
Quotes
A quote is a pair of executable buy and sell prices (with volumes) at which a Market Maker is committing to trade in the HybridBook with other Börse Berlin participants.