Order Types
Orders can be created as nominal or unit orders (often referred to as share orders).
Order can be placed by specifying the cash amount or instrument quantity of the order. Our fractions engine handles the conversion of the order amount into shares and placing the order in the background.
The instrument quantities can be specified as a decimal number with up to 10 decimal places.
The Investment API is designed to support the following order types:
| Order Type | Description |
|---|---|
MARKET | Buy or sell an instrument at the market’s current best available price. |
LIMIT | A MARKET order with a restriction on the maximum price to be paid or the minimum price to be received. |
STOP | A MARKET order once the instrument has traded at or through a specified price. |
Nominal orders, and unit orders with a fractional instrument quantity, can only have an order type of MARKET.
The Investment API is designed to support LIMIT and STOP orders only if the instrument quantity is specified as an integer.