| Order Type | Description |
|---|---|
| Market Order | An order to buy or sell that is to be executed immediately upon entry at the best available quoted price. |
| Limit Order | An order to buy or sell at a specified price ("limit price") or better. Limit Orders are displayed at the limit price. |
| Cross Order | A cross order is a two-sided order with both a buy and sell component combined that displays and trades at a stated price for a stated size specified by the user. Cross orders must satisfy any better priced orders on Global OTC or displayed by any away market participant before matching the remaining shares as a cross. |
| Market Pegged Order | An order with a price that will track, display, and peg off the best available bid or offer. Orders to buy are pegged to the offer and orders to sell are pegged to the bid. The price of the order must peg to an offset from the bid or the offer. |
| Primary Pegged Order | An order with a price that will track, display, and peg off the best available bid or offer. Orders to buy are pegged to the bid and orders to sell are pegged to the offer. An offset price is optional on a primary peg. |
| Q Order | An unpriced order that displays as a "name only" quotation attributed to the MPID of the Subscriber. |
| Order Type Attributes | Description |
| Minimum Quantity (Min Qty) | Instruction that applies a minimum executable size. Orders with this attribute execute immediately or cancel. |
| Proactive If Locked | Instruction on Limit Order to route outbound if Global OTC is locked by an away market center. |
| Inside Limit | Instruction to display and match on Global OTC at the best obtainable price (up to the limit order price) or route to the away market participants quoting the best available price (up to the limit order price). Any residual size will not be routed to the next price level until all quotes at the current best available price are exhausted. |
| Post No Preference (PNP) | An instruction on a limit order that allow the order to temporarily slide (adjust) and display at one minimum price variation (MPV) below the current prevailing inside offer for bids or at one MPV above the current prevailing inside bid for offers if the order's limit price would lock or cross the prevailing inside bid or offer in the OTC equities marketplace. An order with a PNP attribute will not route away from Global OTC and may trade at an inferior price to a displayed bid or offer on an away market. Note: Firms should be aware that if they choose to add the ISO tag to a PNP order, the PNP+ISO order may execute at a price through the prevailing inside bid or offer in the OTC equities marketplace up to the order's limit price. Subscribers shall remain responsible for their best execution obligations. |
| Inside IOC Cross | An Inside IOC Cross instruction specifies that a Cross Order is to be executed in its entirety immediately upon entry and will not rest on the book. The order will cancel at the time of order entry if: the cross price locks or crosses the best available bid or offer; or does not improve the best available bid or offer by the minimum price increment. |
| Unsolicited Customer Interest | Indicates whether the order represents unsolicited customer interest and that such order is not from, or on behalf of, a company insider or affiliate of the issuer. By virtue of using the Tag Value, such Global OTC Subscriber will be deemed to be giving a written representation to Global OTC that such order is not an order from, or on behalf of, a company insider or affiliate of the issuer. |
| Adding Liquidity Only (ALO) | The ALO instruction specifies that a Limit Order is to be displayed and posted on Global OTC only when the order adds liquidity. A Limit Order with an ALO instruction will not route to away market centers. Orders with the ALO instruction will be cancelled if marketable upon acceptance. |
| Self-Trade Prevention New (STP -N) | STP Cancel Newest ("STPN"). An incoming order marked with the STPN instruction will not execute against opposite side resting interest marked with any of the STP modifiers from the same MPID. The incoming order marked with the STPN modifier will cancel back to the originating MPID. |
| Self-Trade Prevention Old (STP -O) | STP Cancel Oldest ("STPO"). An incoming order marked with the STPO instruction will not execute against opposite side resting interest marked with any of the STP modifiers from the same MPID. The resting order marked with the STP modifier will be cancelled back to the originating MPID. The incoming order marked with the STPO modifier will remain on the Book. |
| Self-Trade Prevention Decrement and Cancel (STP-D) | STP Decrement and Cancel ("STPD"). An incoming order marked with the STPD instruction will not execute against opposite side resting interest marked with any of the STP modifiers from the same MPID. If both orders are equivalent in size, both orders will be cancelled back to the originating MPIDs. If the orders are not equivalent in size, the equivalent size will cancel and the larger order will be decremented by the size of the smaller order with the balance remaining on the Book. |
| Self-Trade Prevention Cancel Both (STP -C) | An incoming order marked with the STPC instruction will not execute against opposite side resting interest marked with any of the STP modifiers from the same MPID. The entire size of both orders will cancel back to the originating MPID. |
| ISO | An attribute that when added to an order will cause it to ignore away market participants quotes. Subscribers shall remain responsible for their compliance with all aspects of the Regulation NMS-Principled Rules as set forth in FINRA Regulatory Notice 10-42, including routing to away market participants quotes, as necessary. |
| Reserve | An instruction on a Limit Order to replenish the displayed quantity upon execution. |
| Time in Force Index | Description |
| Day | An instruction to cancel an order if it is not executed by the end of the day on which it is entered. |
| Fill or Kill (FOK) | An instruction added to a Limit Order that specifies if the order cannot be executed in its entirety on Global OTC, then the order will be immediately cancelled. |
| ISO Immediate-Or-Cancel (IOC) | Applying a time in force of IOC to an order type will override the routing or posting functionality and the order will only be available for execution on Global OTC. Any remaining unexecuted quantity will be canceled back. |
| Inside (IOC) SM | A market or limit order that is to be executed in whole or in part on Global OTC as soon as the order is received. Any residual balance is cancelled. Inside IOC orders may not trade through better priced away market participants quotes. |
| NOW Order (NOW) | Instruction on a Limit Order to route with a time in force of ISO IOC to one or more NOW recipients if the order cannot executed on Global OTC. Applying a NOW designation will override any other instructions, and the order will function as stated above. |
On- Open On- Close | Instruction applied to a Market or Limit Order that such order is to be executed only during the opening or closing auction. |
For Global OTC Trading Support:
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Phone: 1-212-896-2830 Option 4
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