Trailing stop order

A trailing stop order is a stop market order with a variable stop limit.

The stop limit is continuously adjusted on the basis of the reference price in Continuous Trading or the Auction, and the standard quote in the Continuous Auction. Traders use trailing stop orders in order not to have to continually adjust the stop limit themselves. The trading system does this for traders.

Trailing stop limits can be inputted either as an absolute or per cent distance from the corresponding reference price or standard quote. Strict rules apply with regard to the adjustment of the stop limit:

• If, in the case of a sell trailing stop order, the reference price or the bid limit of the standard quote rises, the trading system adapts the stop limit in line with the target. If the reference price or the bid limit of the standard quote falls, the stop limit remains unchanged. If the reference price or the bid limit of the standard quote reaches or falls below the stop limit, the trailing stop order is triggered.
• If, in the case of a buy trailing stop order, the reference price or offer limit of the standard quote falls, the trading system adapts the stop limit in line with the target. If the reference price or the offer limit of the standard quote falls, the stop limit remains unchanged. If the reference price or the offer limit of the standard quote reaches or goes above the stop limit, the trailing stop order is triggered.

One-cancels-other order

A one-cancels-other order is an order that combines a limit order and a stop market order. If the limit order is fully executed or the stop market order is triggered, the respectively other order will be deleted. If the limit order is partially executed, the stop market order will be modified to match the remaining volume of the limit order.

Iceberg order

A trading participant can use an iceberg order to place a large-volume order in the order book without revealing its entire volume.

All that is visible in the order book is the tip of the order as defined by the trader. If this tip is executed in full, a new tip is displayed in the order book.

In an auction, the entire volume of the iceberg order is taken into consideration. Iceberg orders are used in order to avoid large movements in price on account of large volumes.

Quotes in continuous trading and auction

In continuous trading and in the auction, a quote represents the simultaneous input of a limited buy and sell order. Every trading participant can place quotes.

When placing quotes, the trading place’s regulations as regards the maximum spread between the bid and offer limit, as well as the minimum quotation volume must be adhered to. Quotes placed are binding and only ever valid for a single trading day.