Live Order Book Trading

Equity-style trading (recommended)

• Limit Order — submit with price and quantity; update or cancel at any time; receive execution reports for acknowledgments, fills, and cancels.
• Market Order — submit with quantity only; matched against the order book from best level down until filled or liquidity is exhausted. Only Limit Orders and Quotes rest on the OpenYield order book; Market Orders never rest.

Equity-style orders also let you use different order types and time in force: Immediate or Cancel (IoC), Fill or Kill (FoK), All or None (AoN), and Single Fill or Cancel (SFC). These are not available on fixed income-style Quotes. See Time in Force.

Fixed income-style trading

We recommend implementing equity-style and adapting your system where needed, but firm fixed income flows are also supported:

• Resting Quote — place a firm Quote at a price level; update or cancel (set prices and sizes to zero) at any time; receive fills and execution reports. Indicative and subject Quotes are not supported.
• Aggressive Order — place an Order and receive fills and execution reports until filled or liquidity is exhausted.