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Reserve Order

A trading order (a type of limit order) that is only partly displayed to the market. In this sense, it consists of a...

Trading Order

An instruction to buy, sell, or short an investment (e.g., a share of stock, a bond, an option, etc.) defining...

Iceberg Order

A trading order (a type of limit order) that is only partly displayed to the market. In this sense, it consists of a...

Contra Profit

The positive difference between the selling price and initial purchase price of a stock (stocks) in a contra transaction (contra trading). Stocks...

Best Bid

The highest price at which market makers, in a given market, offer to buy an investment (e.g., a security: a...

Best Ask

The lowest price at which market makers, in a given market, offer to sell an investment (e.g., a security: a...

Basket Trade

One trade that involves a basket of securities (or derivative instruments). In other words, it initiates based on instructions for...

Basket Order

One order that involves a basket of securities (or derivative instruments). In other words, it initiates based on instructions for...

Price Improvement

The process of filling (or executing) an order at a better price than the best market bid and offer (e.g.,...

Fill Rate

The rate at which orders are filled or executed by a given exchange/ venue at a specific time or within...