This topic describes the order types supported by CME Globex for futures and options markets including:

For message-level details for the following order types, see iLink Order Types.

Limit Order

Limit orders allow the buyer to define the maximum purchase price for buying an instrument and the seller to define the minimum sale price for selling an instrument.

Any portion of the order that can be matched is immediately executed. Limit orders submitted for buying an instrument are executed at or below the limit price. Limit orders submitted for selling an instrument are executed at or above the limit price. A limit order remains on the book until the order is either executed, cancelled, or expires.

Market-Limit Order

Market-limit orders are executed at the best price available in the market. If the market-limit order can only be partially filled, the order becomes a limit order and the remaining quantity remains on the order book at the specified limit price.

Market Order with Protection

Market orders with protection prevent market orders from being filled at extreme prices. Market orders with protection are filled within a pre-defined range of prices referred to as the protected range. For bid orders, protection points are added to the current best offer price to calculate the protection price limit. For offer orders, protection points are subtracted from the current best bid price.

CME Globex matches the order at the best available price level without exceeding the protection price limit. If the entire order cannot be filled within the protected range immediately, the unfilled quantity remains in the order book as a limit order at the limit of the protected range. Refer to the GCC Product Reference Sheet for a list of the "no cancel" ranges for products.

Example: Offer

The following example illustrates how the client interacts with CME Globex to process a market order with protection offer.

1. The client sends a Market Order to CME Globex.
   
   

   • Offer, ESZ8, Market Order.

   • Best Bid = 90000 and Protection Points = 600

   • Protection Price Limit = 90000 - 600 = 89400

2. CME Globex sends an Execution Report - Partial Fill.
   
   

   • 2-Lot @ 90000

3. CME sends an Execution Report - Partial Fill.
   
   

   • 3-Lot @ 89900

4. CME Globex sends an Execution Report - Partial Fill.
   
   

   • 3-Lot @ 89650

5. Next Best Bid = 89300. This value is below the protection price limit. CME Globex places the remaining quantity on the order book at a protection price limit of 89400.