explications on some values of Ordtype field (tag 40)

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Imported from previous forum

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Hello

1/ Matrix order type of SETS (specs fix 4.2, app. E, p219) : is the Execute and Eliminate order type the same as Immediate-Or -Cancel order XETRA)?

2/ Is there any explications somewhere available for following values of tag 40 (ordtype) ?

5 market on close,
6 with or without,
7 limit or better,
and P (pegged)?

3/ does anyone have a matrix order type for XETRA ? (ORdtype and TimeInForce fields ?)

Thanks

Quê-Phuong Tran
E.I.F.B - Etudes et Organisation
Tel : 01 45 96 77 81 / Fax : 01 45 96 77 86
e-mail : tranqu@sdm.cic.fr

3

[ original email was from Shalom Reich - shalom.reich@neonsoft.com ]
> 2/ Is there any explications somewhere available for following values of tag 40 (ordtype) ?
>
> 5 market on close,
> 6 with or without,
> 7 limit or better,
> and P (pegged)?
>
>

Partial answer. Values 5, 6 and 7 are valid at NYSE.

After the market closes there is a special trading session called the crossing session in which (I believe) shares can be traded at the closing price.

Odd-lot trades (generally those for less than 100 shares) are handled automatically. The other side of the trade is the NYSE specialist in the stock. The price is usually determined by the price of the next trade. With-or-without allows the trade to occur even without a price setting trade.

I believe that the or-better instruction also applies to odd-lot orders.

When translating messages to CMS (until recently the only protocol for sending orders to the NYSE floor) these would be translated differently.

Shalom Reich