Financial Markets Book Financial Markets For The Rest Of Us
An Easy Guide To Money, Bonds, Futures, Stocks, Options, And Mutual Funds
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by Robert Hashemian

Page 109

    be filled at that time, the order is cancelled. Market orders are generally executed immediately, making FOK unnecessary.
  • CXL - This is an order to cancel a previous order. Obviously a previous order can only be cancelled if it has not been filled by the time the CXL order arrives, otherwise the CXL order is ignored.
  • CFO - A Cancel Former Order (CFO) is used to cancel a previous order and replace it with another order in one shot. However, if the previous order has already been filled, this order will be ignored.
  • MOC - A Market On Close (MOC) order instructs the broker to attempt to fill the order just prior the closing bell, generally about one minute before the market closes.
  • OCO - This stands for One Cancels the Other or Order Cancels Order. You would submit two orders to your broker with the OCO specification and whichever order is filled first, the other is cancelled.
  • MIT - A Market If Touched order is basically a stop order and turns into a market order if a contract price reaches (touches) your specified price. This type of order usually allows the trader to make the trade at or very near a specified price.
  • DRT - This type of order known as DisRegard Tape, not-held, or take-your-time, is a market order but the trader is requesting the broker to use best judgment to execute the order at best possible price.

Keep in mind that some futures brokers may not honor all of these specifications or they may allow other similar specifications to be used by their clients. Most brokers (especially the online ones) allow you to review your order before the order is official. Be sure to closely check the order for any errors before giving final approval. You may not get a


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