Types of Orders
The main type of SET trading order is the limit-price order (or limit order), which is an order to buy or sell at a specified price. However, to accommodate the needs of all investors, SET has introduced a variety of order types as listed below.
 Non-limit-price orders
Market Order: A market order is an order to buy or sell a stock at the best available price. A market order can be matched at more than one price level. Unmatched quantity (if any) will be automatically cancelled. Market orders are allowed only during open trading sessions.
Special Market Order: A special market order is an order to buy or sell a stock at the best available price. Such an order can be matched at more than one price level. Unmatched quantity (if any) will be converted to a limit order at a price of one tick better than the last executed price. Special market orders are allowed only during open trading sessions.
Market-to-Limit Order : A market-to-limit order is submitted as a market order to execute at the current best market price only. Unmatched quantity (if any) will be converted to a limit order at price equal to the last executed price. Market-to-limit orders are allowed only during open trading sessions.
At-The-Open Order (ATO): An order to buy or sell a stock at the session’s opening price. ATO orders are allowed during pre-open sessions (morning and afternoon).
At the Close Order (ATC): An order to buy or sell a stock at the closing price. ATC orders are allowed only during pre-close sessions.
Note: ATO and ATC orders contain first-matching priority over limit-price orders. Unmatched portions of ATO and ATC orders will be automatically cancelled by the system.
Conditional orders
- Immediate-Or-Cancel Order (IOC):
An order to buy or sell a stock immediately at a specific price (limit order) on the condition that any remaining portion of the trade which is unmatched will be cancelled. IOC orders are allowed only during open trading sessions and are not allowed to be used with an Iceberg order or any market order type.
- Fill-Or-Kill Order (FOK): An order to place a trade immediately and completely at a specified price (limit order); if the specified conditions cannot be met immediately, the order is cancelled. FOK orders are allowed only during open trading sessions, and are not allowed to be used with an Iceberg order or any market order type.
Iceberg orders
Iceberg Order: An iceberg order is a high volume order that has been equally subdivided into smaller lots so that only the portion of the total order which is currently being executed is visible. The broker specifies the subdivided portion of the order to be published in the order book. When the published portion of the order is executed, the next remaining suborder is made available for trade until the entire high-volume order has been executed.
An Iceberg order is allowed only during open trading sessions, must be a limit-price order, and must be divided into no more than 100 suborders.
Any unmatched portions of an Iceberg order in each trading session will be automatically cancelled by the system. In addition, when the trading of a particular stock is halted, all unmatched volume of Iceberg orders will be automatically cancelled.
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