18.12 Trading orders & market timings
As in the case of stocks, most of the exchanges, the best five buy and sell orders for every contract available for trading are visible to the market and orders are matched based on price time priority logic. Orders can be placed with time conditions and/or price conditions.
Time related Conditions
A Day order is valid for the day on which it is entered. If the order is not matched during the day, the order gets cancelled automatically at the end of the trading day.
GTC - A Good Till Cancelled (GTC) order is an order that remains in the system until the expiry of the respective contract in which it is entered or until when the same is cancelled by the member.
GTD - A Good Till Date (GTD) order is valid till the date specified by the member. After the specified date the unexecuted orders get automatically cancelled by the system.
IOC - An Immediate or Cancel (IOC) order allows a member to execute the orders as soon as the same is placed in the market, failing which the order will get cancelled immediately.
Limit Order – The order wherein the price is to be specified while placing the same.
Market Order –
The order at the best available price at the time of placing the same.
Trade Timings (Trade Timings in MCX)
Monday to Saturday: 9:45 a.m. to 9:59 a.m. Special Session (order cancellation session) is held to cancel the pending orders prior to opening of market.
Monday through Friday: 10:00 a.m. to 11:30 p.m.
Saturdays: 10:00 a.m. to 2:00 p.m.
Agri-commodities are available for futures trading up to 5:00 p.m. whereas non agri-commodities (bullions, metals, energy products) are available up to 11:30 p.m./11.55 p.m.