Execution conditions

Execution conditions

Immediate-or-cancel order

An immediate-or-cancel order (IOC order) is one which has to be executed immediately and fully, or as fully as possible. Non-executed parts of an IOC order are deleted without entry in the order book.

Fill-or-kill order

A fill-or-kill order (FOK order) is one which has to be executed and fully or not at all. If immediate and full execution is not possible, the FOK order is deleted without entry in the order book.

Book-or-cancel order

A book-or-cancel order (BOC order) is one that is entered in the order book if it cannot be executed immediately. If a book-or-cancel order can be executed immediately, the order is rejected.

BOC orders in the order book are deleted at the start of an auction. During the auction, incoming BOC orders are rejected.

A BOC order is intended to ensure the passive execution of the order. This makes the book-or-cancel order particularly meaningful in the case of securities for which, with regard to the explicit transaction costs, passive execution (an order is already in the order book on execution) is preferred to aggressive execution (an order is entered, can be executed immediately and thus drains liquidity from the order book).

Market Status




Parts of the trading system are currently experiencing technical issues

The trading system is currently experiencing technical issues

Xetra newsboard

The market status window is an indication regarding the current technical availability of the trading system. It indicates whether news board messages regarding current technical issues of the trading system have been published or will be published shortly.

Please find further information about incident handling in the Emergency Playbook published on the Xetra webpage under Technology --> T7 trading architecture --> Emergency procedures. Detailed information about incident communication, market re-opening procedures and best practices for order and trade reconciliation can be found in the chapters 4.2, 4.3 and 4.5, respectively. Concrete information for the respective incident will be published during the incident via newsboard message

We strongly recommend not to take any decisions based on the indications in the market status window but to always check the production news board for comprehensive information on an incident.

Emergency procedures

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