An order qualifier defines additional characteristics for the order type defined in tag 40-OrdType of the iLink 2 New Order or Cancel/Replace Request (tag 35-MsgType=G) messages.
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View the video overview and demonstration of Display Quantity Order behavior.
Feature Files
Expand for logical Display Quantity scenarios.
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- 0=Day - order expires at the end of the trading day. This is the default order qualifier; New Order or Cancel/Replace Request messages sent without tag 59-TimeInForce are by default a Day order.
- 1=Good 'till Cancelled (GTC) - order remains working until cancelled.
- 6=Good 'till Date (GTD) - order remains working until the end of the trading session of the local market date specified in tag 432-ExpireDate (expire time is not supported).
- 3=Fill and Kill (FAK) and Fill or Kill (FOK) - order is immediately executed against any available quantity and any remaining quantity is eliminated (FAK) or order is filled completely or else eliminated (FOK).
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CME Group recommends the following for all FOK and FAK orders: For proper FAK order submission, tag 59-TimeInForce should be sent=3 For proper FOK order submission, the message format includes tag 110-MinQty with a value that is equal to that submitted in tag 38-Quantity. |
See the following for examples of FAK and FOK order behavior:
Fill and Kill
An FAK order is immediately executed against any available quantity and any remaining quantity is eliminated. FAK orders are accepted during the Open market state only; they will be rejected during any other market state. An FAK order can match according to the following scenarios:
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