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Orders
All orders would be entered into an online Order Book. The different types of orders are:
Limit Orders
These are orders for buying or selling a certain quantity of a particular scrip at a specified price or
better, if possible. In case the required quantity or part of the required quantity is not available at the
price specified, the balance‐unexecuted quantity would be stored as a standing limit orders at the
specified price. Standing limit orders would be killed by the system, either at the end of the day or at
the end of the settlement, depending upon the choice exercised by the broker when the order was
entered.
Pending orders could, however, be cancelled or modified at anytime. There is an option to save the
pending orders in a file with extension.
Market Orders
Market orders, unlike limit orders, are orders to buy or sell a certain quantity of particular scrip at the
best price or prices prevailing in the market at that time. The prevailing prices are called the Touchline
Prices.
Market Protection:
Market Protection is to be entered in %. It could be an integer or a decimal number (up to 2 decimals).
The “protection price would be a fixed percentage of the touchline price, depending upon the
categorization of that scrip, at the time the market order was placed. Presently, the default value for
market protection is 1%, but the user can change this for every order to suit his convenience till 0.0 1
%. Members are also permitted to enter 0% market protection.
Example
Broker N places a market order for buying 1000 shares of scrip XY2 @ Market Protection of 1 %. The touch‐line
on his TWS while placing the order is Rs.88 (bid) and Rs.90 (offer).In this case, the protection price would be Rs.
90.90 i.e. Rs. 90 (being the touchline offer price) + %.
Broker N market order would thus get executed as under:
‐200 shares at Rs.90 against Broker Y
‐500 shares at Rs. 90.90, against Broker Z
Since there are no more offers, the remaining 300 quantity will be stored as Limit order at the buy rate of
Rs.90.90, which is the Last Traded Price.
Disclosed Quantity
Whenever a member to trade for a very large quantity, he may not wish to reveal the entire quantity. A
mechanism, called drip‐feeding, has been devised by which he reveals a fraction of the total quantity (not less
than 10% of total). The system then feeds this revealed quantity as order quantity and when his gets exhausted
another fraction is revealed automatically till the total quantity is exhausted.
The priority for standing orders en the order book will be‐
1. Price
2. Timestamp
3.
Different Types of Orders
Limit To be executed at a specified price or better
Market To be executed at prevailing market price
Basket To be executed at prevailing market price
Stop loss Stop loss Orders (Refer to stop loss section for more details)
Stop loss Orders
To minimize the loss of the investor, the BOLT system provides mechanism, which is called as Stop Loss orders.
Suppose an investor has bought some shares at some price and now the prices suddenly starts going down, that
means that he is suffering losses. With this system the investor can square up his position in the market by
putting an opposite sell order. This enables him to square off easily without having to execute his orders
manually while keeping a close watch on market movements.
This facility reduces risk and stops further loss. Trader can square up their position in the market by putting an
opposite order, when there is a fluctuation in the scrip prices. This enables trader to square off easily without
having to execute their orders manually while keeping a close watch on market movements.
The un‐triggered stop‐loss orders can be removed / changed. After getting triggered, these orders are converted
into normal orders and are displayed in the pending order window. These can be changed or removed in the
same way as normal pending orders. The traders executed against stop‐loss orders,can be viewed from the
saudas screen.
While entering Stoploss orders, you wil have to enter 2 prices‐ the Tigger price and the Limit price. In case of a
buy stoploss order, Trigger price must be less than or equal to the Limit price. In case of a sell stoploss order,
Trigger price must be greater than or equal to the Limit prices.
The buy stop loss orders will be activated when the “Last Traded Price” of the scrip becomes equal to or greater
than the “Trigger Price” of the stop Loss Order.
The Sell stop loss orders will be be activated when the “Last Traded Price “ of the scrip becomes equal to or less
than the Trigger Price” of the stop loss order.
Basket Trading
The Exchange has initiated trading in Equities,enabling the market participants to create Sensex linked portfolios
and also to establish a linkage between Cash and Future market prices by launching futures trading on Index
(BSE Sensex),where futures trading is done in three monthly series at any point of time. The BSE Sensex reflects
current price movement of 30 underlying shares based on which the pricing of Sensex Futures contracts is done.
Basket Trading will facilitate members to enter orders in a set of scrips ( restricted to Sensex scrips) in a single
order. Once an order is placed in the basket entry screen. Once an order is placed in the basket entry screen, the
order will follow the path of Market Orders.
Minimum Value of a Basket has been fixed at Rs.50000/‐
The Formula for calculating the basket Quantity and value:
Basket Qty = Basket Value (Entered by the user)
(Current Sensex*Multiplier)
(Total weightage of the basket / 100)
Different Groups listed in bse
Category
A
B1
B2
F
Z
G
All the listed scrips are grouped into above‐specified groups depending upon their trading volume and liquidity.
Normally, the scrips are shifted from one group to another from time to time considering their liquidity and
trading volume.
In the A group , all the heavily traded scrips are available .
B1 group contains the scrips which are not so heavily traded.
B2 group contains the scrips which are normally traded and those which have complied with the regulatory and
exchange rules.
Z Group scrips are those which have not complied with any one or more conditions of Listing as per bye‐laws of
the Exchange. Further, companies which have not tied up with CDSL / NDSL to facilitate trading in electronic
mode have also been classified as “Z” group. A Trader is warned by the system when a order in “Z” group scrip
is added.