Order Types - field 40 & TimeInForce field 59

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Imported from previous forum

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[ original email was from Vanessa Robson - vanessa.robson@reuters.com ]
Can anyone explain the differences between the following order types:

  1. 5;Market on close and A;On close?
  2. 2;Limit and 7;Limit or better?

And can anyone explain the difference between TIF 3;Immediate or Cancel and TIF;4 Fill or Kill?
Is one the equivalent of all or nothing and the other allows for partial fills?

Any help understanding the business significance of each is appreciated.
Vanessa

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> Can anyone explain the differences between the following order types:
> 1) 5;Market on close and A;On close?
> 2) 2;Limit and 7;Limit or better?
>
> And can anyone explain the difference between TIF 3;Immediate or Cancel and TIF;4 Fill or Kill?
> Is one the equivalent of all or nothing and the other allows for partial fills?
>
> Any help understanding the business significance of each is appreciated.
> Vanessa
>
> By definition of Limit order it should execute at a price which is either Limit or better. Therefore, I think that Limit Or Better is by the definition the same as Limit.

Stan Maydan
Goldman Sachs