Round
Lot
. An order to buy or sell in multiples of 100 shares.
Odd Lot. An order to buy or sell that involves less than 100 shares.
Market Order. An order to buy or sell at the best price currently
available.
Limit Order. An order to buy or sell when and if a security reaches a
specific price.
Good Til Cancelled (GTC) Order. An order to buy or sell at a specific
price until the investor cancels the order.
Scale Order. An order to buy or sell a security that specifies the total amount to be bought or sold at specified price variations.
Stop Order. An order to buy at a price above or sell at a price below the
current market. Stop buy orders are generally used to limit or protect
unrealized profits on a short sale. Stop sell orders are generally used to
protect unrealized profits or limit loss on a holding. A stop order becomes
a market order when the stock sells at or beyond the specified price and, thus, may not necessarily be executed at that price.
Immediate or Cancel Order (IOC)
A market or limit order that trades immediately and
automatically cancels any unfilled portion. IOC orders are
eligible for auto execution and residual sweeping of the
book in the Hybrid Market. There are two types of IOC
orders: those that route to ITS away markets and those
that do not.
Technology is the single most important asset and the core enabler in our market.
The following are NYSE facts specific to the NYSE Trading Platform:
1.6 billion plus
Average daily volume of shares with peak of 2.5 billion shares.
10,000
Voice/data circuits connected to the trading floor.
5,000
Flat display screens for specialists and brokers.
1,600 plus
Broker booth positions on the trading floor.
3,000
Number of discreet systems in the data center.
99.9999
Percentage of NYSE trading systems uptime
100%
Percentage of electronically delivered orders to the
trading floor.
7 seconds
The time to fully execute a typical market order in the
auction market, often with a better price than the quote.
300-400
The time to automatically
milliseconds
execute an order on the NYSE
10 miles
Amount of cabling required to
match the capacity of the trading floor wireless network.
2
Two fully redundant data centers.
Frank Kneipher
FKPRINTS1@YAHOO.COM