The Belgrade Stock Exchange introduces new types of orders with special execution conditions.
The Board of Directors of the Belgrade Stock Exchange has adopted a decision on introducing new types of special orders: orders with hidden total quantity (Iceberg), all-or-none (fill or kill – FOK) and immediate or cancel – IOC.
- An order with hidden total quantity (Iceberg) can be placed as an order limit whose total quantity is not visible at the main Board of BelexFix and at the same time has visible quantities that must be placed within the order. Visible quantities have to be equal to or less than the total non-visible quantities. They can be used in all trading methods and in all trading phases.
- An FOK order can only be used if it is possible to match it completely with the order of a counterparty and only when using the continuous trading method and only in the phase of continuous trading.
- An IOC order can be posted as a limit or as a market order that will be matched immediately with the order of a counterparty, partly or in total. It can be used only when using the continuous trading method and only in the phase of continuous trading.
The purpose of introducing Iceberg orders is to eliminate negative market effects caused by publishing orders of great quantity.
FOK and IOC introduction aims at an easier way for clients to manage orders in terms of immediate reaction to market changes. This decision is effective as of 21 October.
Dragana Stijelja
Corporate Actions and Tax Specialist
dragana.stijelja@unicreditgroup.rs