Stay on offer side
Over the day
Participate don't initiate
Try to scale
Stay on bid side
Cross is forbidden.
OK to cross
Percent of volume
Indicates that the sender does not want to be all of the volume on the floor vs. a specific percentage.
Do not increase - DNI
Do not reduce - DNR
All or none - AON
Reinstate on system failure
Mutually exclusive with Q and l (lower case L).
Reinstate on trading halt
Mutually exclusive with K and m.
Cancel on trading halt
Mutually exclusive with J and m.
Last peg (last sale)
Mid-price peg (midprice of inside quote)
Cancel on system failure
Mutually exclusive with H and l(lower case L).
Primary market - buy at bid, sell at offer.
Fixed peg to local best bid or offer at time of order
Customer display instruction
Used in US Markets for: SEC Rule 11Ac1-1/4.
Netting (for Forex)
Peg to VWAP
Try to stop
Cancel if not best
Trailing stop peg
No price improvement.
Ignore price validity checks
Peg to limit price
Work to target strategy
External routing allowed
External routing not allowed
Single execution requested for block trade
Suspend on system failure
Mutually exclusive with H and Q.
Suspend on trading halt
Mutually exclusive with J and K.
Reinstate on connection loss
Mutually exclusive with o and p.
Cancel on connection loss
Mutually exclusive with n and p.
Suspend on connection loss
Mutually exclusive with n and o.
Mutually exclusive with S and w.
Execute as delta neutral using volatility provided
Execute as duration neutral
Execute as FX neutral
Minimum guaranteed fill eligible
Bypass non-displayed liquidity
Mutually exclusive with q.
Ignore notional value checks
Trade at reference price
In the context of Reg NMS and the Tick Size Pilot Program, this is intended to indicate the order should Trade At Intermarket Sweep Order (TAISO) price.
Express explicit consent to receive facilitation services from the counterparty. Facilitation services are when an institutional client allows a broker to assume a risk-taking principal position rather than an agency position, to obtain liquidity or achieve a guaranteed execution price on the client's behalf. Interpretation of absence of this value needs to be bilaterally agreed, if applicable. In the context of Hong Kong's SFC, this can be used to comply with SFC regulations for disclosure of client facilitation.