Bolsas y Mercados Españoles
Placing your order

Investors in the continuous market can place their orders:

  • By price:

  1. Limit orders: buy or sell orders issued with a price limit. Buy orders cannot go through at higher than the price limit set, while sell orders cannot go through at any lower than the limit set. A limit order is executed immediately, if a counterparty can be found at the specified price or better. In the absence of a counterparty, or one with sufficient volume, the order or the unfilled volume of the same will be held in the order book until a counterparty is found.

  2. Market orders: order to buy or sell a security at the best available price

  3. Market to limit orders: introduced without a price limit and executed at the best counterparty price.

  • By conditions:

  1. Execute or kill: the volume of the bid unfilled on entry is excluded by the system

  2. Minimum execution: subject to the pre-condition that if a specified minimum volume is not traded on entry, the whole bid is excluded by the system.

  3. All or nothing: a special variant of minimum execution orders, in which the minimum coincides with the total order amount.

  4. Hidden volume: part of the volume assigned to the order is not disclosed to the rest of the market, but is fed in progressively as the visible portion is traded.

The investor may change any feature of an order introduced but not yet traded, except the direction (buy or sell) and the security specified. However, price alterations or volume increases will incur a loss of priority.

The unfilled portion of an order or set of orders may be cancelled.

The term of an order may also be specified on entry: valid for the trading session in progress, valid to a certain date and valid up to 90 days.



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