A limit order that the broker (or exchange) can execute immediately when it is submitted by a trader (buyer or seller). In other words, it refers to a purchase or sale order which places a restriction on the maximum price to be paid- i.e., it must be equal to or higher than the current offer price in the market (the limit price of a marketable buy order is at or above the best offer). Alternatively, it could place a restriction on the minimum price to be received- i.e., it must be equal to or lower than the current bid price (the limit price of a marketable sell order is at or below the best bid). For a buy order, the broker can arrange to buy immediately from the seller with the best offer quote. For a sell order, the broker can arrange to sell immediately to the buyer with the best bid quote.