Order types - London Stock Exchange

Two types of orders can be entered onto the Baikal Order Book: Resident and Immediate Or Cancel (IOC). Both order types can be entered with an optional limit price (which determines an order’s eligibility to match at the execution price) and a Minimum Execution Size (MES).

Resident orders
Resident orders are valid until they are executed, expire, cancelled by the participant or cancelled at the end of the trading day by Baikal. By default, Resident orders participate both in random periodic Mid-point Matches (executing against other Resident orders) and in Continuous Trading (executing against incoming IOC orders).

Additionally, Resident orders can be constrained to execute in Continuous Trading only or in random periodic Mid-point Matching only.

Immediate Or Cancel (IOC) orders
IOC orders only participate in Continuous Trading. They can be executed against one or more queued Resident orders, and any unexecuted residual is immediately cancelled. An IOC order cannot participate in Mid-point Matching or interact with other IOC orders.