limit versus limit or better

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Imported from previous forum

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[ original email was from Brian Doelkahar - brian.doelkahar@objectplus.nl ]
FIX specifies "limit" and a "limit or better" order type. What is the difference?

  • Brian
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> FIX specifies "limit" and a "limit or better" order type. What is the difference?
>
> - Brian
>

Limit price order should be definition mean order getting executed at stated price or better. Eg if i say buy 1000 MSFT @55 and the current quote is 54/54.5, the order should get filled at 54.5.

According to me there should be no difference.