On 28.10.2002 the Management Board of Tallinn Stock Exchange (TSE) approved the amendments to chapters “Trading Rules” and “Implementing Provisions of Chapter Trading Rules” of the TSE Rules. The aforementioned amendments were approved by the Estonian Financial Supervisory Authority on 13.11.2002, and will take effect as of implementation of the relevant functionality in TSE trading system (presumably as of 16.12.2002).
According to the amendments, four new types of transaction orders will be added to the trading system to allow the traders to better fulfill the requests of investors. The members of the stock exchange have a possibility, but not obligation, to offer the new order types to their clients.
The new types of transaction orders are as follows:
1. Market order;
2. Hidden order;
3. “Fill or Kill” order;
4. “Fill and Kill” order.
Market order is a transaction order, which is fulfilled at the best price on the market at that moment. In case the market order cannot be fully matched in the order book of the trading system, then the unmatched amount of the transaction order will be cancelled without being published in the order book.
Hidden order is a transaction order with fixed price, the amount of which is published only partly in the order book of the trading system. The new hidden amount of the respective order will be published in the order book after full matching of the initially published amount of the hidden order.
“Fill or kill” transaction order is a transaction order with fixed or non-fixed price, which will be matched in the order book of the trading system only in case the respective transaction order can be matched in the order book immediately and in full amount.
“Fill and kill” transaction order is a transaction order with fixed or non-fixed price, which will be matched in the order book of the trading system only in case the respective transaction order can be matched in the order book immediately, partly or in full amount.
The amendments to the TSE Rules are available on HEX Tallinn Internet homepage, under section “Amendments to the Rules and Regulations” of “TSE Rules and Legislative Acts”.
Additional information:
Eva Palu
Head of Marketing and PR Department
Tallinn Stock Exchange / Estonian CSD
HEX Tallinn
Tel: +372 640 8800
e-mail:
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