One-Cancels-the-Other (OCO) Order

In order to enhance the flexibility of the Eurex trading GUI @X-ceed, Eurex Release 11.0 introduces an additional popular order type called the One-Cancels-the-Other (OCO) order. This new order type is particularly helpful for position management in volatile markets.

OCO orders will be permitted only for single leg, price-time matched futures. It is possible to enter OCO orders when using both the MISS platform and Enhanced Transaction Solution (ETS).

An OCO order is an order that stipulates that if one part of the order is executed, then the other part is automatically canceled. The OCO feature allows traders to simultaneously enter a limit order (to take profit) and a stop-loss order. However, only one order is executed. In the event that one order is executed, the other is deleted automatically.

In the Eurex @X-ceed system, an OCO order is defined as a combination of a limit order and a stop order, expressed as a single order. Traders will specify a limit price and a trigger price as part of one order.

OCO orders will be persistent orders and will have a single order number.

OCO Restrictions

• For a buy OCO order, a trader must enter a trigger price that is higher than the limit price and the prevailing best bid price, if available.
  
  
• For a sell OCO order, a trader must enter a trigger price that is lower than the limit price and the prevailing best ask price, if available.

GUI Modifications

A new restriction code, "O", has been added for the restriction field in order to designate an OCO order. In addition, a new field, Trigger, in which a trader enters the trigger price will be added to the following windows:

• Fast Order Entry
• Order Entry
• Order Maintenance
• Last Order Maintenance

The Own Order Overview window will be enhanced to additionally display orders of this new type.