An instruction to buy, sell, or short an investment (e.g., a share of stock, a bond, an option, etc.) defining the symbol, quantity, type and execution specifics such as date and timing, among others.

An order is usually placed through a broker (brokerage firm), whether it is assigned to a representative on the floor or electronically (e.g., over the internet).

Orders come in many forms and types, depending on the preferences of the investor/ trader and market structure and conditions. For example, a market order requires immediate execution at prevailing market price, irrespective of the level. Market orders are: buy market orders (BMOs) and sell market orders (SMOs).

In addition to market orders, the basic types of orders also include:

• limit order.
• stop-loss order.