What is Continuous
Trading
Continuous trading is a method for transacting security
orders and involves the immediate execution of orders upon
receipt by market makers and specialists
Key Features
• Limit Orders
A limit order is an order to buy or sell a stock with a
restriction on the maximum price to be paid (with a buy
limit) or the minimum price to be received (with a sell
limit).
• Time in Force Available
o Day
o Good Till Date (time within the current trading day)
o Immediate or Cancel (IOC)
o Fill or Kill (FOK)
• Price, Time Matching Priority
Price-time priority uses the submission timestamp which
prioritizes orders in the book with the same price. The
order which was entered earliest at a given price limit
gets executed first. Pro rata matching is used for
products with low intraday volatility of best bid and best
ask price.
• Order Modifiers
o Iceberg
o Post Only (PO)
o Post Only Cancel Replace (POCR)