O R D E R    T Y P E S



EXCHANGE

MARKET

LIMIT

MIT

STOP
STOP
LIMIT
STOP
CLOSE
MOO
MOC
FILL
OR
KILL
OCO
SPREAD
CBOT
YES
YES
YES
YES
YES
CME
YES
YES
YES
YES
YES
YES
YES
YES
YES
YES
YES
IOM
YES
YES
YES
YES
YES
YES
YES
YES
YES
YES
YES
IMM
YES
YES
YES
YES
YES
YES
YES
YES
YES
YES
YES
COMEX
YES
YES
YES
* YES
YES
YES
** YES
NYCE
YES
YES
YES
YES
YES
*** YES
CSC
YES
YES
YES
YES
YES
YES
YES
YES
YES
YES
YES
NYM
YES
YES
YES
YES
YES
YES
YES
YES
YES
YES
YES
NYFE
YES
YES
YES
YES
YES
YES
YES
YES
YES
YES
YES
KCBT
YES
YES
YES
YES
YES
YES
YES
YES
YES
YES
YES
MGE
YES
YES
YES
YES
YES
YES
YES
YES
YES
YES
YES

* Gold, Silver
 Stop Limits are accepted only on a not-held basis
** Copper
 OCO orders are acceptable only if the second half of the order is a MOC
*** Cotton, OJ, Dollar Index
 OCO orders are acceptable only if the second half of the order is a MOC

ORDER TYPE
DESCRIPTION

MARKET

Most frequently used order type.  Executed at the best possible price obtainable at the time the order reaches the trading pit.

LIMIT

Buy or sell at a designated price.  In most instances, a market needs to trade at least tick better than the designated price to be filled.  If the market trades at the designated limit price, a fill is not guaranteed.

MIT

Similar to a limit order, except that once the designated price is touched, this order becomes a market order.

STOP

Similar to a MIT order, except that the designated price is normally higher than the current market price for a buy stop and lower than the current market price for a sell stop.

STOP LIMIT

Similar to a Stop order, but also specifies a limit price indicating a price for which you do not want to be filled beyond.

STOP CLOSE ONLY

Similar to a Stop order, but can only be triggered during the close of trading.

MOO
( Market on Opening)

Executed during the opening range at te best possible price obtainable within the opening range.

MOC
(Market on Close)

Executed during the final seconds of trading at whatever price is available.

FILL OR KILL

This order instructs the floor broker to execute an order at a designated price, and immediately return a filled or un-filled order.

OCO
(One Cancels Other)

A combination of two orders written on one ticket.  Once one side of the order is filled, the remaining side of the order should be cancelled.

SPREAD

Instructs the simultaneous purchase and sell of two different contracts or related commodities.  

This information is not to be construed as an offer to sell or a solicitation or an offer to buy the commodities herein named. The factual information of this report has been obtained from sources believed to be reliable, but is not necessarily all-inclusive and is not guaranteed as to the accuracy, and is not to be construed as representation by our firm. The risk of trading futures and options can be substantial. Each investor must consider whether this is a suitable investment. Past performance is not indicative of future results.