From order to settlement

Market and limit orders

A market order seeks execution at the best available prices but does not fix the final price. In a less liquid market, the actual result can differ materially from the last displayed price.

A limit order sets a maximum purchase price or minimum sale price. It controls price, but may fill only partly or not at all.

After the trade

An executed trade creates obligations to deliver cash and securities. Timing depends on the venue and instrument. Check available funds, settlement currency, and all applicable charges before trading.

• Verify ticker, venue, and currency.
• Set quantity and order type.
• Reconcile execution status and the broker report.