This section, which should be read in conjunction with the rest of this document,
outlines the basis upon which the Platform will execute different types of Orders.
2.1 Market Order - The Platform will execute a Market Order to sell at the first
available Sell Price, and a Market Order to buy at the first available Buy Price,
and will do so as soon as possible after the Order is accepted. The Price at which
the Order will be executed may be less favourable to you than the Price you see
on the Platform when you place the Order (for instance, due to market movements
between the time you submit your Order and the timethe Platform executes your Order).
2.2 Limit Order - A Limit Order to buy at a Target Price will be executed at the
first available Buy Price which is equal to or lower than the Target Price.
2.3 Stop Entry Order - A Stop Entry Order to buy at a Target Price will be executed
at the first available Buy Price which is equal to or higher than the Target Price.The
Platform will automatically cancel (and not execute) a Stop Entry Order if the first
available Sell Price or Buy Price (as relevant) that otherwise meets the criteria
above is outside of any Boundary (if applicable) that you have set.
2.4 Stop Loss - The Platform will execute a Stop Loss to sell at the first available
Sell Price, and a Stop Loss to buy at the first available Buy Price as soon as possible
after the Target Price is breached. The Price at which the Order will be executed
may be less favorable to you than the Target Price.
2.5 Trailing Stop - The Platform will execute a Trailing Stop Loss to sell at the
first available Sell Price, and a Trailing Stop Loss to buy at the first available
Buy Price as soon as possible after the Target Price is reached or crossed following
acceptance of your Order.
The Target Price of a Trailing Stop Loss is adjusted in the direction of your Transaction
by the Platform and is calculated as the mostfavorable Price in respect of that
Transaction since that Order was last modified plus/minus (as relevant) the Stop
Distance, as set by you. The Price at which the Order will be executed may be less
favorable to you than the Target Price.
2.6 Take Profit Order - The Platform will execute a Take Profit Order to sell at
the first available Sell Price which is equal to or higher than the Target Price,
and a Take Profit Order to buy at the first available Buy Price equal to or lower
than the Target Price as soon as possible after the Target Price is reached or crossed
following acceptance of your Order. The Price at which the Order will be executed
will be no less favorable to you than the Target Price.
2.7 Non-Guaranteed Stops& Limits - When a non-Guaranteed Stop and Limit is triggered
it has the effect of issuing an order by you to execute your trade at market. It
is therefore not executed immediately when the stop or limit is triggered. We aim
to deal with such orders fairly and promptly but the time taken to fill the order
and level at which the order is filled depends upon the underlying market. In fast-moving
markets a price for the level of your order might not be available, or the market
might move quickly and significantly away from the execution trigger level before
we fill it.
NOTE: All pending orders Stop-limit orders, however, pose certain risks to you.
Once the "Trigger price" has been reached or exceeded, the order becomes a Market
order; however, this does not mean your order will be executed at the set price.
The market could skip your trigger price, leaving the order unexecuted.
2.8 Risk of Lower Liquidity - Liquidity refers to the ability of market participants
to buy and sell securities, generally, the more orders that are available in a market,
the greater the liquidity. Liquidity is important because with greater liquidity
it is easier for investors to buy or sell securities, and as a result, investors
are more likely to pay or receive a competitive price for securities purchased or
sold. There may be lower liquidity in extended hours trading as compared to regular
trading hours. As a result, your order may only be partially executed, or not at
all.
2.9 Risk of Higher Volatility - Volatility refers to the changes in price that securities
undergo when trading. Generally, the higher the volatility of a security, the greater
its price swings. There may be greater volatility in extended hours trading than
in regular trading hours. As a result, your order may only be partially executed,
or not at all, or you may receive an inferior price when engaging in extended hours
trading than you would during regular trading hours.
2.10 Risk of Changing Prices - The prices of securities traded in extended hours
trading may not reflect the prices either at the end of regular trading hours, or
upon the opening the next morning. As a result, you may receive an inferior price
when engaging in extended hours trading than you would during regular trading hours.
2.11 Risk of Wider Spreads - The spread refers to the difference in price between
what you can buy a security for and what you can sell it for. Lower liquidity and
higher volatility in extended hours trading may result in wider than normal spreads
for a particular security.
2.12 Fast Markets - A fast market is a high-volume trading session marked by extreme
price fluctuations and order imbalances resulting from numerous investors entering
buy or sell orders for the same security simultaneously. Because of these imbalances,
wide price variances in short periods of time are common. On any given day, fast
markets can affect a particular security, groups of securities or the market as
a whole. Fast markets can be caused by material news announcements, market developments
and even trading halts taking place in less volatile securities. The ability to
execute orders in fast market conditions may be severely limited, and order execution
may be delayed significantly. Furthermore, market orders entered in fast market
conditions may be executed at prices that are significantly different from the prices
quoted at the time the orders were entered. Please bear these factors in mind when
routing market orders through Striker.
2.13 Price Gapping - 'gapping,' is a sudden shift in the price of an underlying
from one level to another. Various factors can lead to gapping (for example, economic
events or market announcements) and gapping can occur both when the underlying market
is open and when it is closed. When these factors occur when the underlying market
is closed, the price of the underlying market when it reopens (and therefore our
derived price) can be markedly different from the closing price, with no opportunity
to close your trade in-between. 'Gapping' can result in a significant loss (or profit).
A non-Guaranteed Stop will not protect you against this risk whereas a Guaranteed
Stop will protect you against the market gapping.