Order Types by Exchange/Destination

The table below lists order types and modifiers Variables, that when applied, modify a basic order type. For example, you can modify a basic Market order by applying the Reserve modifier if your order is large and you do not want others to see the full number of shares involved, or designate it as Non Attributable (SIZE) if you want your order to be displayed to “the street” anonymously., and indicates the exchanges/destinations for which they are valid (i.e., through which they can be routed).

Order Types with an asterisk (*) are available exclusively through the Smart Order Router (SIGMATM). Additional X’s in these rows indicates the exchanges/destinations that can accept the Order Type if SIGMA routes it to them.

Click an order type or modifier to view a general description.

Click an exchange/destination to navigate to its corresponding web site; once there, you can familiarize yourself with their corresponding order types (order type names may differ by exchange/destination) and their specific order processing logic.

 

Exchange/Destination

Order Types

ARCA

INCA

INET

BRUT

BTRD

SM

SIGMA

GSAT

GSAT-FUT

Europe

Market

X

X

 

X

X

X

 

 

 

 

Limit

X

X

 

X

X

X

 

 

 

 

Limit Sweep

X

 

X

X

X

 

 

 

 

 

Limit EX

X

 

 

 

 

 

 

 

 

 

Pegged

X

X

X

X

 

 

X

 

 

X

Reserve

X

X

X

X

 

X

 

 

 

 

Random Reserve

X

 

 

 

 

 

 

 

 

 

Sweep Reserve

X

 

 

 

 

 

 

 

 

 

Discretion

X

X

 

X

X

 

 

 

 

 

Primary Only

X

 

 

 

 

 

 

 

 

 

Preferenced

 

 

 

 

 

X

 

 

 

 

Directed

 

 

 

 

 

X

 

 

 

 

Close Imbalance Only

 

 

 

 

 

X

 

 

 

 

Non Attributable (SIZE)

 

 

 

 

 

X

 

 

 

 

Auction

 

 

 

 

 

 

X

 

 

X

Auction Offset

 

 

 

 

 

 

X

 

 

X

Chunk*

 

 

 

 

 

 

 

 

 

 

Iceberg*

 

 

 

 

 

 

X

 

 

X

Midas*

 

 

 

 

 

 

X

 

 

X

Random Iceberg*

 

 

 

 

 

 

X

 

 

X

Seeker*

 

 

 

 

 

 

 

 

 

 

Smart MKT*

X

X

X

X

 

X

X

 

 

 

Smart LMT*

X

X

X

X

 

X

X

 

 

 

Stealth*

 

 

 

 

 

 

 

 

 

 

Stop

X

X

 

X

 

 

X

 

 

X

Stop Limit

X

X

X

X

 

X

X

 

 

X

Trailing Stop*

 

 

 

 

 

 

X

 

 

X

Trailing Stop Limit*

 

 

 

 

 

 

X

 

 

X

4CAST

 

 

 

 

 

 

 

X

 

 

Auto Cancel

 

 

 

 

 

 

 

 

X

 

Navigator

 

 

 

 

 

 

 

X

 

 

Participate

 

 

 

 

 

 

 

X

 

X

Piccolo

 

 

 

 

 

 

 

X

 

 

Pulse

 

 

 

 

 

 

 

 

X

 

Time Activation

 

 

 

 

 

 

 

 

X

 

TWAP

 

 

 

 

 

 

 

X

 

X

VWAP

 

 

 

 

 

 

 

X

 

X