Market Maker

Market Maker displays bid and/or ask quotations (Quotes) regarding whatever security traded on Hi-Mtf, for which an appropriate application for admission has been presented. The Market Maker may also send proprietaryorders, trading proposal in buy or sell on any financial instruments traded on the Market.

Order Flow Provider

Order Flow Provider send orders from theis customers (client orders) that participate in the composition of the trading book.

Order Flow Provider “Gold” is  authorized t send proprietary orders on a limited number of financial instrumentswhose maximum number is defined by the Market.

Orders can be insert from 9.00 to 17.30 in the following ways:

- limited price: equal or better than their limit price;

- best price: it means executable at any price. Entering orders without price limit can only be done if there is at least one proposal (quote or order) of an opposite sign with a price limit.

Orders may specify the following methods of execution:

- immediate or cancel: the Order is executed, even partially, for the available quantities and at the price stated or at the best price on the other side of the market if the Order has no price limit; any balance remaining is cancelled automatically;

- good till day: the Order is executed, even partially, for the available quantities and at the price stated; any balance remaining stays on the book until it has been executed fully, until the end of the trading session and/or until the subjects referred to this article cancels it. If a residual balance of an Order entered without a price limit remains on the book, it takes the price of the last trade executed.

- all or nothing (“fill or kill”): the Order is executed only for the entire quantity and at the price stated when it is entered; if this is not possible, it is cancelled automatically.

The Market model provides the possibility of made a trade through:

- the match between client orders with client orders

- the march between proprietary orders or quote with client orders

- the march between proprietary orders or quotes with proprietary orders or quotes