Glossary

Business Terms

The following glossary is an attempt to identify business terms used in this site or related to implementing FIX globally.

Term Definition Field where used
All or None A round-lot market or limit-price order that must be executed in its entirety or not at all; unlike Fill or Kill orders, AON orders are not treated as canceled if they are not executed as soon as represented in the Trading Crowd. ExecInst <18>
At the Opening A market or limit-price order to be executed at the opening of the stock or notat all; all or part of any order not executed at the opening is treated as canceled. TimeInForce <59>
Basis Price A price established by joint agreement of odd-lot dealers in 100-share-unit stocks when:
  • no round-lot has occurred during the trading session,
  • the spread between the closing bid and offer is two points or more, and
  • on odd-lot the dealer has been given a "basis-price" order.
OrdType <40>
Buy Minus A round-lot market order to buy "minus" is an order to buy a stated amount of a stock provided that its price is:
  • not higher than the last sale if the last sale was a "minus" or "zero minus" tick and
  • not higher than the last sale minus the minimum fractional change in the stock if the last sale was a "plus" or "zero plus" tick.

A limit price order to buy "minus" also states the highest price at which it can be executed.

Side <54>
Day Order A buy or sell order that, if not executed expires at the end of the trading day on which it was entered. TimeInForce <59>
Do Not Increase A limit order to buy, a stop order to sell, or a stop-limit order to sell which is not to be increased in shares on the ex-dividend date as a result of a stock dividend or distribution. ExecInst <18>
Do Not Reduce A limit order to buy, a stop order to sell, or a stop-limit order to sell that is not to be reduced in price by the amount of an ordinary cash dividend on the ex-dividend date. A do-not-reduce order applies only to ordinary cash dividends; it should be reduced for other distributions - such as when a stock goes "ex" stock dividend or "ex" rights. ExecInst <18>
Fill or Kill A market or limit-price order that is to be executed in its entirety as soon as it is represented in the Trading Crowd; if not so executed, the order is to be canceled. Not to be confused with Immediate or Cancel. TimeInForce <59>
Good Till Canceled An order to buy or sell that remains in effect until it is either executed or canceled; sometimes called an "open order". TimeInForce <59>
Good Till Executed An order to buy or sell that remains in effect until it is executed
Immediate or Cancel A market or limit-price order that is to be executed in whole or in part as soon as it is represented in the Trading Crowd; any portion not so exexecuted is to be canceled. Not to be confused with Fill or Kill. TimeInForce <59>
Limit or Better Indicates an order to
  • buy a security at the indicated limit price or lower, or to
  • sell a security at the indicated limit price or higher.
OrdType <40>
Limit With or Without An order to be executed at a limit price, with or without round-lot sales; valid only for odd lot orders. OrdType <40>
Market Indicates an order to buy or sell a stated amount of a security at the most advantageous price obtainable after the order is represented in the Trading Crowd. OrdType <40>
Market On Close A round-lot order to be executed at - or as near to as practical - the close of the market. OrdType <40>
Market Or Better Indicates an order to buy or sell a stated amount of a security at the quoted market or better.
On Close An odd-lot order to buy or sell to be filled at the price of the closing round-lot offer
  • plus the differential, for a buy order, or
  • minus the differential, for a sell order, or

A crossing session order to buy or sell at the closing price.

OrdType <40>
Sell Plus A round-lot market order to sell "plus" is an order to sell a stated amount of a stock provided that its price is:
  • not lower than the last sale if the last sale was a "plus" or "zero plus" tick and
  • not lower than the last sale minus the minimum fractional change in the stock if the last sale was a "minus" or "zero minus" tick.

A limit-price order to sell "plus" also states the lowest price at which it can be executed.

Side <54>
Sell Short An order to sell a security that the seller does not own; a sale effected by delivering a security borrowed by, or for the account of, the seller. Can only be executed on a "plus" or "zero plus" tick. Side <54>
Sell Short Exempt Short sale exempt from short-sale rules. Side <54>
Stop A stop order to buy which becomes a market order when the security trades at - or above - the stop price after the order is represented in the Trading Crowd. A stop order to sell which becomes a market order when the security trades at - or below - the stop price after the order is represented in the Trading Crowd. OrdType <40>
Stop Limit A stop order to buy which becomes a limit order at the limit price when the security trades at - or above - the stop price after the order is represented in the Trading Crowd. A stop order to sell which becomes a limit order at the limit price when the security trades at - or below - the stop price after the order is represented in the Trading Crowd. OrdType <40>