These orders are placed by specifying rate and repo amount in multiples of a certain minimum order size. The non-executed part of the order remains passive in the system.
In this type of orders, a rate is not specified. The order given in multiples of a certain minimum order size is fully or partially matched by passive orders and the non-executed part of the order is cancelled.
The above order types can be given to include the specific conditions defined below:
Immediate or Cancel Order:
It is an active order type subject to the condition of execution in part. As soon as it is entered, this order matches with the outstanding counter-orders, and its non-executed part is automatically cancelled. It may be given in the form of a “Limit Order” or a “Market Order”.
Fill or Kill Order:
It is an active order type subject to the condition of execution in full. If this condition is not met as soon as the order is entered, the order is cancelled. It may be given in the form of a “Limit Order” or a “Market Order”.
Validity Periods of Orders:
Orders are valid for the day on which they are given. All orders with the same value date are cancelled at 14.00 hrs if not executed, and those with a future value date are cancelled at the market closing hour.
Orders may be transmitted with a future starting value date up to 7 days. There is no limitation for the repo ending value date.