The DGCX electronic trading system is a state-of-the-art, new generation trading platform that permits cost effective operations. The Exchange Central System, which maintains the Central Order Book is located in Dubai. Exchange Members located across the globe can be connected to the central system through various means of communication. Controls are system driven, requiring minimum human intervention. Exchange Members place orders through the Trader Work Station (TWS) which is linked to the Exchange and which matches orders on the Central System and remits a confirmation back to the Member.
Order Conditions
A Trading Member can enter various types of orders depending upon his/her requirements. These conditions are broadly classified into 2 categories:
Price Conditions
Market order: An order to buy or sell a commodity at the best available price at the time the order is received in the marketplace.
Limit order: An order to buy (or sell) a commodity that specifies not to pay more than (or when selling to accept no less than) the specified amount.
Stop Loss order: An order that becomes a market order if and when a commodity sells at or below the specified Trigger Price/Stop Price. It is used to protect oneself against a potential downward slide in a product.
A sell order in the Stop Loss book is triggered when the last traded price in the normal market reaches or falls below the trigger price of the order. A buy order in the Stop Loss book is triggered when the last traded price in the normal market reaches or exceeds the trigger price of the order.
Time Conditions
Day order: An order recorded in the trading system that will only last until the close of trading on the day in which they were given entrance into the exchange trading system. If the stated period of time has passed and the order has not been executed, the order is canceled.
End of the session order (EOS):
An order recorded in the trading system that will only last until the close of trading of the specific session on the day in which they were entered into exchange trading system. If the stated period of time has passed and the order has not been executed, the order is cancelled. At this point in time EOS & Day order implication are the same in DGCX.
Good Till date (GTD): An order type to buy or sell commodity as a Market or Limit order, which stays active for a stated period of time unless executed or cancelled. If the stated period of time has passed and the order has not been executed, the order is cancelled. On any day if the order is beyond DPR in the stated period, the order will be cancelled at market opening.
Good till cancelled (GTC): An order type to buy or sell a commodity that remains good until it is executed or the investor decides to cancel it or the contract expires. On any day if the order is beyond DPR in the stated period, the order gets cancelled at market opening.
Immediate or cancel order (IOC): An order type to buy or sell as a Market or Limit order, that is to be executed fully or in part as soon as it is represented in the market, after which any portion not executed is cancelled. Currently IOC order type is available only for TWS users.