Orders and Execution Instructions
An order is a conditional instruction, not simply an intention to buy or sell. Price, quantity, duration, visibility, routing, and contingency determine when it may execute.
Central questions
- What protection does a limit provide, and what fill risk remains?
- What does a market order actually guarantee?
- How do time-in-force and special instructions change eligibility?
Planned model
Submit market, limit, immediate-or-cancel, fill-or-kill, post-only, hidden, and pegged instructions into the same book and expose every accepted, rejected, rested, and executed quantity.