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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...

Partial Fill

An order that is not completely filled, i.e., it is partially executed. This means that only a part of the...

Order Ticket

A form that is filled out by an account representative in which the instructions associated with a transaction (order). For...

Open Position

A position that is taken in the market and still active (not closed). This involves an investment (e.g., a share...

Or Better

An instruction that is attached to an order that will be placed in the market, provided that the price is...

Order

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

Minimum Acceptable Quantity Order

A designation on an order that means at least a minimum amount of securities as compared to a full order size must be...

MAQ Order

An abbreviated form for minimum acceptable quantity order; a designation on an order that means at least a minimum amount of securities as compared to...

Open Order

A trading order that has not been executed. This order remains in the system (books of a broker) until it is...