什么是限时订单？

What is a limited time order?

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A time limit order is a market order that requires rapid execution to achieve immediate execution. This is in contrast to "non-timed orders," which allow brokers some discretion over time and price to try to get a better deal for their clients.

Key Points

• Time-limited orders are placed with brokers and require rapid execution and immediate execution, such as market orders.
• The benefit of time-limited orders is that the client is guaranteed execution of the full quantity of the order, whether buying or selling, without delay.
• Non-timed orders give the broker some discretion to find a better price to execute the order.

Understanding limited time orders

In most cases, trades are expected to be executed on the best offer for a buy order or the best bid for a sell order. Market orders are a common example of a time limit order. When executing a limit order, traders have little discretion in finding the price because time is of the essence. Typically, they need to match the highest bid price or the lowest ask price in order to complete the transaction quickly. [1]

For example, if the bid-ask spread for Apple Inc. (AAPL) is

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157.00, and the trader receives a limited time order to buy 100 shares, they will

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1.50/

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0.75 / $2.25) for prompt execution. In this case, if the trader can be flexible and sit on the bid price and gradually increase the order price to attract sellers, he may get a better price. Of course, a 33.3% spread may be a reasonable choice, especially if a trader is trading a breakout or closing a position that resulted from a mistake.

Tip: Limited time orders come with an implicit "immediate fill or cancel" (IOC) condition.

The purpose of limited time orders

Most investors want to get the best price possible, but there are three situations where limited-time orders are ideal:

References

[1] Nasdaq. "Market Order."

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TheQuantHackers is a cutting-edge community composed of a group of people from the world's top universities and quantitative finance practitioners, dedicated to exploring the infinite possibilities in the fields of artificial intelligence (AI) and quantification (Quant). Our team members come from world-renowned universities such as the University of Cambridge, Oxford University, Harvard University, ETH Zurich, Peking University, and the University of Science and Technology of China. Our external consultants come from first-class companies such as Microsoft, HSBC, Citadel, Man Group, Citi, Jump Trading, and top domestic private equity companies.$156.90 /$157.00，而交易者收到了一笔购买100股的限时订单，他们会以$157.00的卖价提交买单，这在正常市场情况下会立即成交。

限时订单通常用于需要调整对特定股票持仓的投资者，希望他们的订单能够迅速执行。

在某些情况下，提交限时订单并不是明智之举。比如在处理流动性较差的股票时。有些小盘股的买卖价差可能较大，如$ 限时订单是一种市场订单，要求迅速执行以实现即时成交。这与“非限时订单”形成对比，后者允许经纪人在时间和价格上拥有一定的自由裁量权，以尽力为客户获取更好的成交价格。

关键要点

• 限时订单是交给经纪人的，要求迅速执行和即时成交，例如市场订单。
• 限时订单的好处在于客户能够确保无延迟地执行订单的全部数量，无论是买入还是卖出。
• 而非限时订单则赋予经纪人一定的裁量权，以寻找更好的价格来执行订单。

理解限时订单

在大多数情况下，交易预计将在买单的最佳报价或卖单的最佳出价上执行。市场订单是限时订单的常见示例。在执行限时订单时，交易者在找到价格时几乎没有自由裁量权，因为时间紧迫。通常，他们需要匹配最高买价或最低卖价，以便快速完成交易。[1]

例如，如果苹果公司（AAPL）的买卖价差为$2.25。使用限时订单的交易者被迫支付33.3$0.75 / $2.25）以获得及时执行。在这种情况下，如果交易者能够灵活处理，坐在买价上逐步提高订单价格以吸引卖家，可能会获得更好的价格。当然，33.3%的价差可能是合理的选择，尤其是当交易者正在进行突破交易或平仓因失误而产生的头寸时。

提示： 限时订单隐含附带有“立即成交或取消”（IOC）条件。

限时订单的用途

大多数投资者希望获得尽可能最好的价格，但在以下三种情况下，限时订单是最理想的选择：

参考文献

[1] Nasdaq. "Market Order."

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