1. Market Order
Market Order is an order placed to trade at current market price that requires no price setting and enables quick trading.
MOs guarantee filling but not trading price, particularly when market changes quickly. For stocks not actively traded, MOs often are executed at prices too high or too low;
MOs placed pre-opening or post-closing are likely to be filled at a price too high or too low when the market opens;
MOs may be placed pre-opening starting on 09:30 EST. Prior to this time point, only Limit Orders may be placed. The corresponding Beijing time is 22:30 (WT) and 21:30 (DST).
2. Limit Order
Limit Order is an order to be filled at a specified price or at a price better than the specified price, similar to a “regular order” in Chinese A-shares.
If the stock price is lower than or equal to the limit price, a limit order will not be filled;
Once stock price trend becomes clear, price movements will soon be initiated, but the volume and timing of trading are uncertain. If LOs are adopted at this point, favorable market moves may be missed;
Certain unfilled LOs may be withdrawn or changed. Where the original LOs remain valid during withdrawals or changes, such withdrawals or changes may be impossible if the original LOs are fully filled in the process of modification.
3.Period of Validity
Day: Unfilled orders will be automatically cancelled after the close of the day;
GTC (Good till Cancel): The order will remain valid until it is fully filled or cancelled.
Please note that GTC orders will be canceled automatically under the following conditions:
- If it has not filled totally after 90 natural days;
- For GTC Order of Futures, itwill be cancelled automatically before the market opening on the last trading day or 3 days before the first notice day, according to the future variety, long-short direction and open-close direction of the order;
- For GTC Orderof Stocks, if there is any major corporate action during the period, such as split, merge and dividend, the order will be cancelled automatically before the market opening on the execution date.