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Validity

The following table summarizes the various types of conditional orders, on which markets they are available, and their relevant features.

MARKETS
STOP ORDER
STOP LOSS

STOP ALL
HIDDEN

OCO-OSO
TRAILING ORDER
MTA (1)
- Managed by Borsa italiana
- Valid for 30 days
- Multiday (2)
- Limit price mandatory
- Managed by Directa
- Good til canceled
- Multiday (2)
- Limit price mandatory
N/A
- Managed by Directa
- Good til canceled
- Multiday (2)
- Limit price mandatory
GEM
ex MTA International
- Managed by the Stock Exchange
- Intraday only
- Limit price mandatory
- Managed by Directa
- Good til canceled
- Limit price mandatory
N/A
- Managed by Directa
- Good til canceled
- Limit price mandatory
MOT - EXTRAMOT - EUROMOT
- Managed by Directa
- Good til canceled
- Multiday (2)
- Limit price mandatory
- Managed by Directa
- Good til canceled
- Multiday (2)
- Limit price mandatory
N/A
- Managed by Directa
- Good til canceled
- Multiday (2)
- Limit price mandatory
IDEM
- Managed by the Stock Exchange
- Intraday only
- Limit price mandatory
N/A
- Jointly managed by the market and Directa (3)
- Intraday only
- a Minimum spread of 5 ticks between the two prices
N/A
EUREX
- Managed by the EUREX market
- Intraday only
- "At market" only
N/A
- Joint management between the market and Directa (3)
- Intraday only
- a Minimum spread of 5 ticks between the two prices
N/A
CME
- Managed by CME
- Valid until instrument's expiration
- Limit price mandatory
N/A
- Joint management between the CME market and Directa (3)
- good 'til the instrument's expiration
- a Minimum spread of 5 ticks between the two prices
N/A
NYSE
NASDAQ
AMEX
- Managed by Market Maker
- Condition Good 'til canceled
- Good 'til canceled order
- Limit price not mandatory
N/A
N/A
N/A
XETRA
- Managed by XETRA
- Condition good 'til day or good for 30 days
- Limit price not mandatory
N/A
N/A
N/A
BATS
Europe
- Managed by Directa
- Condition Good 'til canceled
- Limit price mandatory
STOP ALL
- Managed by Directa
- Condition Good 'til canceled
- Limit price mandatory
HIDDEN OPTION
N/A
N/A
N/A
LMAX (Forex, CFD, Commodities)
- Managed by LMAX Exchange
- Good 'til cancelled
- Multiday
- Pricing optional
N/A
- Jointly managed by Directa
and LMAX(3)
- Good 'til cancelled
- a minimum 5 tick spread between the two prices
N/A
SEDEX
EuroTLX
OTC
N/A
N/A
N/A
N/A

(1) valid only in the continuous trading phase, not in After Hours
(2) In the MTA and MOT multiday orders are valid for 30 days, from the entry date, unless they are cancelled by the markets (such event often occurs on the 3rd Friday of the month by the Italian Stock Exchange)
(3) both orders are forwarded immediately to the market and the cancellation of unfilled order is managed by Directa

Note: In case of partial execution conditional orders are processed differently depending on the market, consistent with the different ways of acceptance and management summarized in the above table:

  • on MTA, MOT, XETRA and on U.S. stock markets (NYSE, NASDAQ, AMEX) the unfilled quantity becomes a multiday order, with 30 days validity (except in particular events of short sales or leverage)
  • on IDEM, EUREX, CME which allow only intraday validity, orders are deleted at the end of the day
  • on Cboe the orders remain valid only for the unfilled quantity until the end of the day in which the trigger condition is satisfied'. We remind you on Cboe multiday orders are not accepted, thus, Directa manages their forwarding when the trigger condition is reached.

As already reported in the table above, on SEDEX, EuroTLX and OTC markets conditional order are not available.