Overview of order types

Overview of order types

The following tables provide an overview of the order types that can be used for each trading model, distinguished by execution conditions as well as validity and trading restrictions.

How to use the TOP+ Order

With the TOP+ Order liquidity provision on Xetra is facilitated. Find out more about how the TOP+ Order works in our factsheet.

 

Order types in the Auction Trading Model/Mini Auction Trading Model

Order typeMarket orderLimit orderStop orderTrailing-stop, OCO, OOE
Execution conditions    
Immediate-or-canceln/an/an/an/a
Fill-or-killn/an/an/an/a
Book-or-canceln/an/an/an/a
Top+n/an/an/an/a
Validity restrictions    
Good-for-dayYYYY
Good-till-dateYYYY
Good-till-cancelled    
Trading restrictions    
Opening auction onlyYYYn/a
Closing auction onlyYYYn/a
Auction onlyYYYn/a

Order types in the Continuous Trading Model

Order typeMarket orderLimit orderMarket-to-limit orderStop orderIceberg-/ Volume Discovery orderMidpoint orderHidden orderTrailing stop, OCO, OOE
Execution conditions        
Immediate-or-cancelYYYn/an/aYn/an/a
Fill-or-killYYYn/an/aYn/an/a
Book-or-canceln/aYn/an/an/an/an/an/a
Top+n/aYn/an/an/an/an/an/a
Validity restrictions        
Good-for-dayYYYYYYYY
Good-till-dateYYYYYYYY
Good-till-cancelledYYYYYYYY
Good till crossing/auction    Y*   
Trading restrictions        
Opening auction onlyYYn/aYn/an/an/an/a
Closing auction onlyYYn/aYn/an/an/an/a
Auction onlyYYn/aYn/an/an/an/a

*Volume Discovery Order only

Order types in the Continuous Auction

Order typeMarket orderLimit orderStop orderTrailing stop, OCO, OOE
Validity restrictions    
Good-for-dayYYYY
Good-till-dateYYYY
Good-till-cancelledYYYY
Trading restrictions    
Special AuctionYYYY

Order types in Reference Price Trading

Order typeMidpoint order
Execution conditions 
Immediate-or-cancelY
Fill-or-killY
Book-or-canceln/a
Top+n/a
Validity restrictions 
Good-for-dayY
Good-till-dateY
Good-till-cancelledY
Trading restrictions 
Opening auction onlyn/a
Closing auction onlyn/a
Auction onlyn/a

Order types in the Price Optimisation Model

Order typeMarket orderLimit order
Execution conditions  
Immediate-or-cancelYY
Fill-or-killYY
Book-or-canceln/aY
Top+n/aY
Validity restrictions  
Good-for-dayYY
Good-till-dateYY
Good-till-cancelledYY
Trading restrictions  
Opening auction onlyYY
Closing auction onlyYY
Auction onlyYY

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