Market-to-Limit Orders
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A Market-to-Limit (MTL) order is submitted as a market order to execute at the current best market price. If the order is only partially filled, the remainder of the order is canceled and re-submitted as a limit order with the limit price equal to the price at which the filled portion of the order executed. |
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Symbol XYZ shows a bid price of $13.88. You want to buy 500 shares of XYZ at the current best market price. You create a BUY order, then select MTL in the Type field to specify a market-to-limit order. The word MARKET appears in the Lmt Price field to show that you are willing to buy at the current market price. Submit the order. Immediately, 250 shares are filled at $14.00, which is the best market price. The remainder of your order (250 shares) is canceled and immediately re-submitted as a limit order with the value in the Lmt Price field automatically set to $14.00. If the order cannot fill at the limit price or better, the remainder of your order will not execute.
Any stock or option symbols displayed are for illustrative purposes only and are not intended to portray a recommendation.
The Reference Table at the top of the page provides a general summary of the order type characteristics. The checked features are applicable in some combination, but do not necessarily work in conjunction with all other checked features. For example, if Options and Stocks, US and Non-US, and Smart and Directed are all checked, it does not follow that all US and Non-US Smart and direct-routed stocks support the order type. It may be the case that only Smart-routed US Stocks, direct-routed Non-US stocks and Smart-routed US Options are supported.