Minimum Fill Quantity

This is from ATS 7 rules. It appears that minimum fill quantity option is available in ATS7. However, some broker trading systems have disabled (I don't know the reason). Once the minimum quantity filled the remaining order will be treated as a normal order.

From ATS 7 rules....

Minimum fill quantity

The system allows a minimum fill quantity to be entered for orders. A minimum fill order seeks to execute a stated minimum quantity of securities on entry, failing which the order will be expired. If the minimum quantity is executed, then the remainder will be treated as a regular order (i.e. minimum quantity will no longer apply).

All order types (i.e. Market, Limit, Stop, Stop Limit) can be submitted with a minimum fill quantity specified. If a TIF (Time-In-Force) is submitted for a minimum fill order, the TIF will only apply on the remainder of the order, after the minimum quantity is executed.

Example: A buy limit order of 500 shares with a minimum quantity of 100 and a TIF of GTD is submitted to the order book. It executes the minimum quantity against a contra side order and the remaining quantity of 400 will be added to the order book with the GTD qualifier applied.

The exception will be an FOK min fill order. This will be treated as an FOK order and not a minimum fill order.

Refer these links to see changes in ATS 7 and Complete ATS Rules. If you have read already please just ignore.

http://www.cse.lk/270808/pdf/web_ats_rules/ATS-RULES.pdf
http://www.cse.lk/270808/pdf/web_ats_rules/Salient-Changes-of-the-ATS-Rules.pdf

Thanks for the info.

thank you. Good 2 know.

Good explanation! Thank you!

As per the rule, min fill only apply as FOK (Fill of Kill) that means we can't place min fill orders to match in future. (Ex if we put a sell order for 1000 @ 10/- with min fill of 1000, if the buy available is for 9.90, our sell order will immediately get expired as it's act as an FOK order)

No point of having a min fill option like this.

But the new system allows Stop and Stop Limit Orders. That's a good way to stop our losses

kav4 wrote:As per the rule, min fill only apply as FOK (Fill of Kill) that means we can't place min fill orders to match in future. (Ex if we put a sell order for 1000 @ 10/- with min fill of 1000, if the buy available is for 9.90, our sell order will immediately get expired as it's ack as an FOK order)

No point of having a min fill option like this.

But the new system allows Stop and Stop Limit Orders. That's a good way to stop our losses

Thanks for the explain. I used minimum fill option before and they all get expired.I thought its another error on the system.
Thanks again.

yes kav4, min fill option will be useless.

Having odd lot is not a problem if we do not want to spend more money to sell or buy them. In India people by in small quantities normally and no extra cost even for small amounts too I suppose.

greedy wrote:This is from ATS 7 rules. It appears that minimum fill quantity option is available in ATS7. However, some broker trading systems have disabled (I don't know the reason). Once the minimum quantity filled the remaining order will be treated as a normal order.

This is not disabled from brokers, they need to upgrade their trading softwares..

ATS7 supports min fill but the software we use; CDAX, DFN, ATRAD, etc... still support the previous system functions, so these software needed to be ugraded with the next release so that these might've been made compatible with new system.

Only problem is when will they release the next version

smallville wrote:

greedy wrote:This is from ATS 7 rules. It appears that minimum fill quantity option is available in ATS7. However, some broker trading systems have disabled (I don't know the reason). Once the minimum quantity filled the remaining order will be treated as a normal order.

This is not disabled from brokers, they need to upgrade their trading softwares..

ATS7 supports min fill but the software we use; CDAX, DFN, ATRAD, etc... still support the previous system functions, so these software needed to be ugraded with the next release so that these might've been made compatible with new system.

Only problem is when will they release the next version

you are correct. so blaming only ATS is not correct as broker systems are incompatible with few features of ATS. CSE was talking about this new system for like more than 18 months.

I've seen a lot of discussions about the new ATS and also about the online systems. Curious to note is that a lot of the criticism is leveled at the combination of the "old" main and odd boards and the minimum fill option or lack thereof.

I also find the inclusion of the odd board worrying and tiresome. For example I place an order to sell 100 because I want to sell 100, not 3 out of the hundred.

As for the minimum fill, i see a lot of comments that this option is not accommodated by brokers software, but I noticed that the BMS online system has minimum fill.

greedy, thanks for sharing the links to those pdf files.

Did they publish those in the CSE site or from where did u get those?

greedy wrote:This is from ATS 7 rules. It appears that minimum fill quantity option is available in ATS7. However, some broker trading systems have disabled (I don't know the reason). Once the minimum quantity filled the remaining order will be treated as a normal order.

From ATS 7 rules....

Minimum fill quantity

The system allows a minimum fill quantity to be entered for orders. A minimum fill order seeks to execute a stated minimum quantity of securities on entry, failing which the order will be expired. If the minimum quantity is executed, then the remainder will be treated as a regular order (i.e. minimum quantity will no longer apply).

All order types (i.e. Market, Limit, Stop, Stop Limit) can be submitted with a minimum fill quantity specified. If a TIF (Time-In-Force) is submitted for a minimum fill order, the TIF will only apply on the remainder of the order, after the minimum quantity is executed.

Example: A buy limit order of 500 shares with a minimum quantity of 100 and a TIF of GTD is submitted to the order book. It executes the minimum quantity against a contra side order and the remaining quantity of 400 will be added to the order book with the GTD qualifier applied.

The exception will be an FOK min fill order. This will be treated as an FOK order and not a minimum fill order.

Refer these links to see changes in ATS 7 and Complete ATS Rules. If you have read already please just ignore.

http://www.cse.lk/270808/pdf/web_ats_rules/ATS-RULES.pdf
http://www.cse.lk/270808/pdf/web_ats_rules/Salient-Changes-of-the-ATS-Rules.pdf

Thanks for the valuable post

2011_NewComer wrote:greedy, thanks for sharing the links to those pdf files.

Did they publish those in the CSE site or from where did u get those?

The links are from cse website

greedy, thanks for the valuable info.