GLOBEX Order Types

GLOBEX Order Types
Unless the customer and broker agree otherwise, it will be presumed that all orders of a type other than those listed below are to be executed by open outcry rather than on the GLOBEX System. The following order types are eligible to be entered into the GLOBEX System:Limit Order-an order to be executed at a specific price (" limit price") or better.Market Order-an order to execute as much of the order as possible at the best current offer price (for buy orders) or bid price (for sell orders). Any remaining quantity becomes a limit order at that price. Market orders will not be accepted before the opening of continuous trading on GLOBEX.Stop Limit Order-an order which becomes eligible for execution at its limit price or better when the market ( a) in the case of a buy stop limit order, trades at or above the stop price, or ( b) in the case of a sell stop limit order, trades at or below the stop price.MIT ( Market-If-Touched) Order-( a) for buy orders, an order with a trigger price below the offer which becomes eligible for execution at its limit price or better when the market trades at or below the trigger price; or ( b) for sell orders, an order with a trigger price above the bid which becomes eligible for execution at its limit price or better when the market trades at or above the trigger price.OCO ( One-Cancels-Other)-two orders entered at the same time; if one is filled, the other is cancelled. Chicago Mercantile Exchange Glossary

Financial and business terms. 2012.

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