• Conditional Orders
  • Validity
  • Stop order
  • Stop loss
  • Stop all
  • Hidden
  • OCO
  • Trailing Stop
  • Terms and conditions
• Dynamic margin
• Operating On The Futures

Validity

Aggiornato al 29 ottobre 2024

The following table summarizes the various types of conditional orders, on which markets they are available, and their relevant features.

MARKETS	STOP ORDER STOP LOSS	STOP ALL HIDDEN	OCO-OSO	TRAILING ORDER
MTA (1) Euronext Milan, Euronext Growth Milan (ex AIM), Euronext MIV Milan, Euronext STAR Milan	- Managed by Borsa italiana - Valid for the next 364 days - Multiday (2) - Limit price mandatory	- Managed by Directa - Good til canceled - Multiday (2) - Limit price mandatory	OCO orders only on FTSEMIB40-EGM-MIV-STAR - Jointly managed by the market and Directa (3) - Multiday (2) - a Minimum spread of 10 ticks between the two prices	- Managed by Directa - Good til canceled - Multiday (2) - Limit price mandatory
ETFplus	- Managed by Borsa italiana - Valid for the next 364 days - Multiday (2) - Limit price mandatory	- Managed by Directa - Good til canceled - Multiday (2) - Limit price optional	N/A	- Managed by Directa - Good til canceled - Multiday (2) - Limit price mandatory
GEM ex MTA International	- Managed by the Stock Exchange - Intraday only - Limit price mandatory	- Managed by Directa - Good til canceled - Limit price mandatory	N/A	- Managed by Directa - Good til canceled - Limit price mandatory
MOT - EXTRAMOT - EUROMOT	- Managed by the Stock Exchange - Good til canceled - Multiday (2) - Limit price not mandatory	- Managed by Directa - Good til canceled - Multiday (2) - Limit price mandatory	N/A	- Managed by Directa - Good til canceled - Multiday (2) - Limit price mandatory
IDEM	- Managed by the Stock Exchange - Intraday only - Limit price mandatory	N/A	- Jointly managed by the market and Directa (3) - Intraday only - a Minimum spread of 10 ticks between the two prices	N/A
SEDEX Cert-X EuroTLX	- Managed by the Stock Exchange - Intraday only - Limit price not mandatory	N/A	N/A	N/A
EUREX	- Managed by the EUREX market - Valid until instrument's expiration - "At market" only	N/A	- Joint management between the market and Directa (3) - Intraday only - a Minimum spread of 10 ticks between the two prices	N/A
CME	- Managed by CME - Valid until instrument's expiration - Limit price mandatory	N/A	- Joint management between the CME market and Directa (3) - OSO orders: valid until instrument's expiration if the "master" order is a conditional one, valid intraday in other cases - OCO orders: Multiday - a Minimum spread of 10 ticks between the two prices	N/A
NYSE NASDAQ AMEX	- Managed by Market Maker - Condition Good 'til canceled - Multiday - Limit price not mandatory	N/A	N/A	N/A
XETRA	- Managed by XETRA - Condition good for 30 days - Multiday - Limit price not mandatory	N/A	N/A	N/A
Cboe - ex BATS Europe	- Managed by Cboe - Condition good for 30 days - Multiday (2) - Limit price mandatory	N/A	N/A	N/A
Spectrum Markets	- Managed by Spectrum Markets - Valid until instrument's expiration - Multiday until instrument's expiration - Limit price optional	N/A	N/A	N/A
LMAX (Forex, CFD, Commodities)	- Managed by LMAX Exchange - Good 'til cancelled - Multiday - Pricing optional	N/A	- Jointly managed by Directa and LMAX(3) - OSO orders: valid until cancelled if the "master" order is a conditional one, valid intraday in other cases - OCO orders: Multiday - a minimum 10 tick spread between the two prices	N/A
OTC	N/A	N/A	N/A	N/A

(1) valid only in the continuous trading phase, not in After Hours
(2) from the entry date orders are valid for:

• 364 days for Borsa Italiana markets (MTA, Star, EGM, MOT, ExtraMOT, EuroMOT, MIV, convertible bonds, warrants, closed-end real estate funds) and ETF Plus
• 30 days for all other markets that provide multiday trading unless they are cancelled by the markets (such event often occurs on the 3rd Friday of the month by the Italian Stock Exchange)

(3) both orders are forwarded immediately to the market and the cancellation of unfilled order is managed by Directa

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Note: In case of partial execution conditional orders (making exception for OCO-OSO orders which are fill or kill) are processed differently depending on the market, consistent with the different ways of acceptance and management summarized in the above table: they are transformed into multiday orders for the remaining unexecuted quantity on markets that support this trading mode, but are still canceled at the end of the day on all other markets that do not support it.

On IDEM market, Stop Limit Orders are IOC (Immediate or Cancel). Once the trigger price is reached, they enter into trading status, and if not executed, they are canceled. The same applies in case of partial execution. The unexecuted portion is canceled.

As already reported in the table above, on OTC markets conditional order are not available.