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| Order | Limit Order |
An order specifying the issue, quantity, and price * FAS(Fill And Save) is an order that must be executed immediately, and any portion of the order that cannot be immediately filled is remained (saved). |
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| Market Order |
An order specifying the issue and quantity, not the price The market order shall be deemed to have been placed at any of the following prices
** FAK(Fill And Kill) is an order that must be executed immediately, and any portion of the order that cannot be immediately filled is cancelled (killed). |
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| Order execution | Auction |
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| Single Price |
Single Price Auction (1) Each of the following prices shall be determined by single price auction
Random-End Rule Random end is a measure to prevent price manipulation by randomly extending an auction session. If the random end is activated, a single-price auction session is randomly extended up to 2 minutes. If random end is not activated, the auction session finishes at exact scheduled time. Random end is activated based on two prices, (1) reference price, and (2) estimated execution price ("estimated EP") which is being calculated during single-price auction session. During five-minute period before the end of single-price auction session, highest and lowest values of estimated EP are recorded. At the end of single-price auction session, the random end is activated if both of the following conditions are met. (1) At this moment, recorded highest and lowest estimated EP values are compared against the current estimated EP. To activate the random end, the difference between the recorded highest (or lowest) estimated EP and the current estimated EP must be bigger than 5%. (2) The current estimated EP is compared against the reference price. To activate the random end, the difference between the current estimated EP and the reference price must be bigger than 1%. For an instrument that satisfies the above conditions, single-price auction session is finishes at random time within 2 minutes from the exact scheduled time. For example, if random end is activated for stock ABC, the opening single-price auction session for this stock ABC is finishes at random time between 10:00 and 10:02 (10:00 is scheduled time). For the other instruments in which random end is not activated, the single-price auction session finishes at exact 10:00. |
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| Multiple Price |
Multiple Price Auction (1) The prices in the regular session(Continuous Trading, G1, NC), except for those stipulated in each Item of [Single Price Auction], shall be determined by multiple price auction. (2) In the cases of determining the prices pursuant to Para.(1), the market order shall be deemed to have been quoted at each of the following prices until the total quantity of order is executed:
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All markets and boards STK Main board STK NC board BND Main board FCT Main board |
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| Nego | Negotiated Price | The Exchange may execute a trade at a price or repurchase rate which is determined by the negotiation between a party who requests for a order and the other party who places a order in response to the order request during the trading hours of the regular session. |
STK Nego board BND Nego board RPO Nego board FCT Nego board |
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