Orders and Execution


The value of your investments can go down as well as up.
Losses can exceed deposits on margin products. Please ensure you understand the risks.



Market Orders

A Market order is a traditional ‘at best’ instruction to trade as much of the order as possible on the best available terms in the market.

Market IOC (Immediate-or-Cancel) order - An instruction to buy or sell as much of the order as possible, immediately. Immediately means the order is placed with a 3 second Time-to-Live (TTL). A Market IOC order can result in a partial fills. If the order cannot be filled in full, any remaining amount will be cancelled. Price Tolerance cannot be added to a Market IOC order, meaning that the client cannot control the execution price range.

Market order - A Market order with Day duration to buy or sell as much of the order as possible on the best available terms in the market. A Market order can result in a partial fills.  If the order cannot be filled in full, any remaining amount will continue working for the set duration.

Limit Orders

A Limit order is an order to trade at a specified price or better if it is possible to do so within a specified time.

  • Limit orders to buy can only be placed below the current market price
  • Limit orders to sell can only be placed above the current market price

Limit IOC (Immediate-or-Cancel) order – An instruction to buy or sell as much of the order as possible at the client's specified price or better immediately. Immediately means the order is placed with a 3 second Time-to-Live (TTL). A Limit IOC order can result in a partial fills. If the order cannot be filled in full, any remaining amount will be cancelled.

Resting Limit order – A Limit order with variable duration (Day, Good-Til Cancelled etc) that rests at Saxo at a specific price until triggered, cancelled or expired. A Resting Limit order can result in partial fills. If the order cannot be filled in full, any remaining amount will revert to a 'resting order'.

Stop Orders

A Stop order is usually used to close a position when the market is going against it with a view to prevent further losses. It may also be used to open a position when the market moves through a chosen level. All Stop orders are triggered on the opposite side of the spread. These orders are typically filled at the stop level adjusted for the spread at the time.

A Stop order placed to Buy is treated as a Stop if Bid. A Stop order placed to Sell is treated as a Stop if Offer. This is to prevent orders from being triggered just because of a temporary large spread (maybe for a split of a second) as opposed to actual buyers and sellers being present in the market.

  • A Stop order to buy will be triggered when the bid price at which the client could undertake a transaction of equivalent size reaches the specified price level. Once triggered, the order will be treated as a Market order.
  • A Stop order to sell will be triggered when the offer price at which the client could undertake a transaction of equivalent size reaches the specified price level. Once triggered, the order will be treated as a Market order.

Saxo's order management system has certain client protection mechanisms in place that ensures that the vast majority of orders are filled on transparent prices without any slippage. Please see our Historical Stop Order fill statistics below.

Stop Limit order – A Stop Limit order with variable duration (Day, Good Til-Cancelled etc) that rests at Saxo at a specific price until triggered, cancelled or expired. Once the price is triggered, the Stop Limit order is converted into a Resting Limit order at the Stop price. A Resting Limit order can result in partial fills. If the order cannot be filled in full, any remaining amount will revert to a 'resting order'. Trailing Stop Limit orders are not available.

Order Driven Execution Statistics

As a way to demonstrate its commitment to increased transparency and delivery of fair outcomes to clients, Saxo has taken the initiative to publish it's FX order execution statistics to help clients evaluate execution quality when considering their best choice of trading provider. 

We are proud that these statistics illustrate that Saxo's interests are aligned with our clients in providing quality execution with significant price improvement and no asymmetric slippage.

The tables below show the following execution statistics published on a monthly basis, for Saxo most traded FX spot currency pairs:

  • Limit IOC Order Statistics
  • Limit IOC Order Average Improvement, by price tolerance setting
  • Limit IOC Order Fill Rate, by price tolerance setting
  • Limit IOC Order Execution Speed
  • Resting Stop Order Statistics
  • Resting Limit Order Statistics
July 2017

Limit IOC Order Statistics

Currency Pair Price Improvement* Zero Slippage* Negative Slippage* Average Net Slippage (pips)* Average Improvement (pips)** Average Tolerance (pips) Fill Rate***
AUDUSD 16.0% 68.4% 15.7% 0.0 1.1 1.1 99.1%
EURGBP 17.7% 63.6% 18.7% 0.0 1.0 1.0 98.9%
EURJPY 27.2% 44.5% 28.3% 0.0 26.6 26.6 98.7%
EURUSD 21.6% 56.8% 21.6% 0.0 3.1 3.1 99.1%
GBPJPY 27.0% 46.0% 27.0% 0.0 2.6 2.6 99.1%
GBPUSD 19.1% 61.4% 19.5% 0.0 1.5 1.5 99.7%
NZDUSD 16.7% 67.6% 15.7% 0.0 0.9 0.9 98.1%
USDCAD 19.5% 61.1% 19.4% 0.0 4.3 4.3 99.2%
USDCHF 18.9% 63.9% 17.3% 0.0 1.0 1.0 99.6%
USDJPY 20.9% 58.2% 20.9% 0.0 3.3 3.3 99.6%
XAGUSD 16.1% 70.6% 13.4% 1.3 18.5 17.2 95.7%
XAUUSD 25.5% 50.1% 24.4% 0.2 27.7 27.5 99.1%

* Calculated from the indicative market price available in the client Quick Trade window at the time of order placement.
**Calculated from the Limit IOC order level.
*** On Limit IOC orders with default price tolerance of 0.01% and above.

 

Limit IOC Order Average Improvement*, by price tolerance setting

Currency Pair 0.0 pips* 0.1 – 0.2 pips* 0.3 – 0.6 pips* 0.7 – 1.0 pips* > 1.1 pips*
AUDUSD 0.0 0.2 0.4 0.8 19.4
EURGBP 0.0 - - 0.9 7.2
EURJPY 0.1 0.2 0.5 1.1 26.6
EURUSD 0.1 0.2 0.6 1.0 3.2
GBPJPY 0.0 - 0.5 1.1 2.6
GBPUSD 0.1 0.2 0.3 0.9 1.5
NZDUSD 0.0 - - 0.7 21.3
USDCAD 0.1 0.2 0.4 1.0 4.4
USDCHF 0.1 0.2 - 1.0 2.9
USDJPY 0.1 0.2 0.6 1.0 3.4
  0.0 pips* 1 - 10 pips* 11 - 25 pips* 25- 50 pips* > 51 pips*
XAGUSD 0.0 8.3 17.4 37.8 209.5
  0.0 pips* 1 - 10 pips* 11 - 20 pips* 21- 30 pips* > 31 pips*
XAUUSD 0.6 7.7 12.4 24.4 1064.0

* Calculated from the Limit IOC order level.
Note: A hyphen (-) indicates that there were no trade attempts from clients using a Limit IOC order in this currency pair with this price tolerance.

 

Limit IOC Order Fill Rate, by price tolerance setting

Currency Pair 0.0 pips =< 0.2 pips =< 0.6 pips =< 1.0 pips All
AUDUSD 72.2% 86.8% 89.4% 98.8% 98.8%
EURGBP 79.6% 79.6% 79.6% 98.6% 98.6%
EURJPY 69.1% 70.9% 72.4% 72.2% 98.3%
EURUSD 73.1% 77.8% 81.4% 83.8% 98.6%
GBPJPY 75.0% 75.0% 83.3% 92.9% 99.1%
GBPUSD 62.8% 82.5% 84.9% 86.9% 99.1%
NZDUSD 60.0% 60.0% 60.0% 97.7% 97.7%
USDCAD 65.7% 67.7% 70.7% 82.4% 98.9%
USDCHF 57.1% 85.2% 85.2% 99.5% 99.5%
USDJPY 71.2% 81.3% 82.4% 86.7% 99.1%
0.0 pips =< 10 pips =< 25 pips =< 50 pips All
XAGUSD 100.0% 85.0% 95.7% 95.7% 95.7%
0.0 pips =< 10 pips =< 20 pips =< 30 pips All
XAUUSD 89.0% 91.0% 98.9% 98.9% 98.9%

 

Limit IOC Order Execution Speed

Time in Milliseconds Fill Rate
< 50 90.6%
< 100 96.5%
< 250 99.5%
< 500 99.9%
< 1000 99.9%
Average execution speed 29 milliseconds

 

Resting Stop Order Statistics

Currency Pair Zero Slippage Negative Slippage Average Negative Slippage (pips)* Average Net Slippage (pips)**
AUDUSD 74.7% 25.2% 0.4 0.1
EURGBP 73.7% 26.3% 0.4 0.1
EURJPY 76.2% 23.8% 0.5 0.1
EURUSD 78.7% 21.2% 0.7 0.1
GBPJPY 58.5% 41.5% 0.3 0.1
GBPUSD 60.8% 39.2% 1.0 0.4
NZDUSD 71.6% 28.4% 0.5 0.1
USDCAD 70.0% 30.0% 0.7 0.2
USDCHF 72.9% 27.1% 0.4 0.1
USDJPY 78.9% 21.1% 0.7 0.1
XAGUSD 30.6% 69.4% 40.7 28.3
XAUUSD 50.4% 49.6% 12.0 6.0

* Average slippage based on stop orders that were slipped. Calculated from the stop order level, adjusted for the bid/ask spread at the time of triggering.
** Average slippage based on all stop orders. Calculated from the stop order level, adjusted for the bid/ask spread at the time of triggering.

 

Resting Limit Order Statistics

Currency Pair Price Improvement Zero Slippage Average Price Improvement (pips)* Average Net Price Improvement (pips)**
AUDUSD 24.6% 75.4% 0.3 0.1
EURGBP 22.8% 77.2% 0.3 0.1
EURJPY 23.2% 76.8% 0.4 0.1
EURUSD 22.4% 77.6% 0.8 0.2
GBPJPY 37.8% 62.2% 0.3 0.1
GBPUSD 38.2% 61.8% 0.6 0.2
NZDUSD 26.9% 73.1% 1.8 0.5
USDCAD 29.6% 70.4% 0.3 0.1
USDCHF 22.7% 77.3% 0.9 0.2
USDJPY 23.8% 76.2% 0.7 0.2
XAGUSD 61.6% 38.4% 77.4 47.6
XAUUSD 48.6% 51.4% 14.8 7.2

* Average improvement based on limit orders that were improved. Calculated from the limit order level.
** Average improvement based on all limit orders.

June 2017

Limit IOC Order Statistics

Currency Pair Price Improvement* Zero Slippage* Negative Slippage* Average Net Slippage (pips)* Average Improvement (pips)** Average Tolerance (pips) Fill Rate***
AUDUSD 15.4% 69.8% 14.8% 0.0 0.9 0.9 99.6%
EURGBP 19.3% 60.6% 20.1% 0.0 2.8 2.8 98.8%
EURJPY 26.1% 48.1% 25.8% 0.0 30.3 30.3 99.3%
EURUSD 20.8% 59.1% 20.1% 0.0 3.5 3.5 99.3%
GBPJPY 28.3% 44.0% 27.7% 0.0 3.2 3.2 98.7%
GBPUSD 22.3% 56.1% 21.6% 0.0 1.6 1.6 98.7%
NZDUSD 13.4% 73.3% 13.3% 0.0 0.8 0.8 99.1%
USDCAD 17.1% 66.4% 16.4% 0.0 1.7 1.7 99.6%
USDCHF 16.0% 68.0% 16.0% 0.0 1.0 1.0 99.5%
USDJPY 20.6% 58.1% 21.4% 0.0 3.5 3.5 99.5%
XAGUSD 16.9% 70.1% 13.0% 1.4 23.5 22.1 96.1%
XAUUSD 25.9% 49.3% 24.8% 0.3 19.8 19.5 98.8%

* Calculated from the indicative market price available in the client Quick Trade window at the time of order placement
** Calculated from the Limit IOC order level
*** On Limit IOC orders with default price tolerance of 0.01% and above

 

Limit IOC Order Average Improvement*, by price tolerance setting

Currency Pair 0.0 pips* 0.1 – 0.2 pips* 0.3 – 0.6 pips* 0.7 – 1.0 pips* > 1.1 pips*
AUDUSD 0.1 0.2 0.5 0.8 6.4
EURGBP 0.1 - - 0.9 56.0
EURJPY 0.1 0.3 0.5 0.9 30.8
EURUSD 0.1 0.2 0.6 1.0 3.6
GBPJPY 0.1 - 0.7 1.0 3.3
GBPUSD 0.1 0.4 0.4 1.0 1.7
NZDUSD 0.0 - - 0.7 44.3
USDCAD 0.1 - - 0.9 1.7
USDCHF 0.0 0.2 - 1.0 2.6
USDJPY 0.1 0.2 0.6 1.0 3.6
  0.0 pips* 1 - 10 pips* 11 - 25 pips* 25- 50 pips* > 51 pips*
XAGUSD 1.9 10.9 18.5 - 552.6
  0.0 pips* 1 - 10 pips* 11 - 20 pips* 21- 30 pips* > 31 pips*
XAUUSD 1.3 6.2 13.1 25.5 748.6

* Calculated from the Limit IOC order level
Note: A hyphen (-) indicates that there were no trade attempts from clients using a Limit IOC order in this currency pair with this price tolerance

 

Limit IOC Order Fill Rate, by price tolerance setting

Currency Pair 0.0 pips =< 0.2 pips =< 0.6 pips =< 1.0 pips All
AUDUSD 67.9% 79.2% 80.8% 98.9% 98.9%
EURGBP 79.3% 79.3% 79.3% 98.6% 98.6%
EURJPY 75.9% 77.7% 78.0% 80.9% 98.9%
EURUSD 71.4% 77.2% 80.3% 82.9% 98.6%
GBPJPY 100.0% 100.0% 100.0% 98.8% 98.7%
GBPUSD 66.7% 81.1% 83.7% 85.4% 97.8%
NZDUSD 79.3% 79.3% 79.3% 99.0% 99.0%
USDCAD 85.7% 85.7% 85.7% 97.7% 99.6%
USDCHF 84.6% 92.5% 92.5% 99.4% 99.2%
USDJPY 72.4% 81.9% 83.6% 87.7% 99.0%
  0.0 pips =< 10 pips =< 25 pips =< 50 pips All
XAGUSD 82.4% 83.1% 95.6% 95.6% 95.7%
  0.0 pips =< 10 pips =< 20 pips =< 30 pips All
XAUUSD 71.8% 87.1% 98.6% 98.6% 98.6%

 

Limit IOC Order Execution Speed

Time in Milliseconds Fill Rate
< 50 92.2%
< 100 97.3%
< 250 99.6%
< 500 99.9%
< 1000 100.0%
Average execution speed 27 milliseconds

 

Resting Stop Order Statistics

Currency Pair Zero Slippage Negative Slippage Average Negative Slippage (pips)* Average Net Slippage (pips)**
AUDUSD 80.1% 19.9% 0.4 0.1
EURGBP 66.6% 33.4% 13.7 4.6
EURJPY 79.7% 20.3% 0.3 0.1
EURUSD 78.5% 21.5% 0.4 0.1
GBPJPY 63.1% 36.9% 7.0 2.6
GBPUSD 59.4% 40.6% 10.9 4.4
NZDUSD 75.6% 24.4% 2.2 0.5
USDCAD 71.1% 28.9% 0.4 0.1
USDCHF 78.5% 21.5% 0.2 0.0
USDJPY 82.9% 17.1% 0.5 0.1
XAGUSD 18.3% 81.5% 23.7 19.1
XAUUSD 49.3% 50.7% 12.0 6.1

* Average slippage based on stop orders that were slipped. Calculated from the stop order level, adjusted for the bid/ask spread at the time of triggering
** Average slippage based on all stop orders. Calculated from the stop order level, adjusted for the bid/ask spread at the time of triggering

 

Resting Limit Order Statistics

Currency Pair Price Improvement Zero Slippage Average Price Improvement (pips)* Average Net Price Improvement (pips)**
AUDUSD 28.1% 71.9% 1.0 0.3
EURGBP 31.7% 68.3% 9.0 2.9
EURJPY 21.3% 78.7% 1.3 0.3
EURUSD 23.3% 76.7% 0.8 0.2
GBPJPY 40.0% 60.0% 12.2 4.9
GBPUSD 41.8% 58.2% 9.2 3.8
NZDUSD 25.1% 74.9% 1.5 0.4
USDCAD 28.6% 71.4% 0.9 0.2
USDCHF 25.1% 74.9% 0.5 0.1
USDJPY 20.3% 79.7% 1.1 0.2
XAGUSD 70.2% 29.8% 41.5 29.1
XAUUSD 49.4% 50.6% 12.0 5.9

* Average improvement based on limit orders that were improved. Calculated from the limit order level
** Average improvement based on all limit orders. Calculated from the limit order level

May 2017

Limit IOC Order Statistics

Currency Pair Price Improvement* Zero Slippage* Negative Slippage* Average Net Slippage (pips)* Average Improvement (pips)** Average Tolerance (pips) Fill Rate***
AUDUSD 14.9% 71.4% 13.7% 0.0 1.0 1.0 99.4%
EURGBP 18.4% 62.9% 18.7% 0.0 0.9 0.9 99.5%
EURJPY 24.0% 51.1% 24.9% 0.0 46.5 46.5 99.6%
EURUSD 18.4% 63.4% 18.2% 0.0 5.4 5.4 99.7%
GBPJPY 24.6% 50.3% 25.1% 0.0 3.3 3.3 99.0%
GBPUSD 19.9% 60.1% 20.1% 0.0 1.4 1.4 99.3%
NZDUSD 12.2% 75.0% 12.8% 0.0 1.0 1.0 99.3%
USDCAD 17.7% 64.5% 17.8% 0.0 1.5 1.5 99.7%
USDCHF 13.5% 72.4% 14.2% 0.0 1.1 1.1 99.7%
USDJPY 20.1% 58.7% 21.2% 0.0 4.7 4.7 99.6%
XAGUSD 15.5% 72.5% 12.1% 1.5 22.0 20.5 95.2%
XAUUSD 26.2% 47.8% 26.0% 0.2 19.9 19.7 98.9%

* Calculated from the indicative market price available in the client Quick Trade window at the time of order placement
** Calculated from the Limit IOC order level
*** On Limit IOC orders with default price tolerance of 0.01% and above

Limit IOC Order Average Improvement*, by price tolerance setting

Currency Pair 0.0 pips* 0.1 – 0.2 pips* 0.3 – 0.6 pips* 0.7 – 1.0 pips* > 1.1 pips*
AUDUSD 0.0 0.1 0.5 0.7 18.5
EURGBP 0.0 - 0.4 0.9 3.2
EURJPY 0.1 0.1 0.4 0.9 47.0
EURUSD 0.1 0.2 0.6 1.0 5.5
GBPJPY 0.0 - 0.4 1.1 3.4
GBPUSD 0.1 0.2 0.5 0.9 1.5
NZDUSD 0.1 - - 0.7 48.6
USDCAD 0.0 - 0.7 1.0 1.5
USDCHF 0.0 0.2 - 1.0 5.9
USDJPY 0.1 0.2 0.6 0.9 4.9
  0.0 pips* 1 - 10 pips* 11 - 25 pips* 25- 50 pips* > 51 pips*
XAGUSD 2.4 5.8 18.1 52.0 350.5
  0.0 pips* 1 - 10 pips* 11 - 20 pips* 21- 30 pips* > 31 pips*
XAUUSD 0.5 4.6 12.7 24.9 833.8

* Calculated from the Limit IOC order level
Note: A hyphen (-) indicates that there were no trade attempts from clients using a Limit IOC order in this currency pair with this price tolerance

Limit IOC Order Fill Rate, by price tolerance setting

Currency Pair 0.0 pips =< 0.2 pips =< 0.6 pips =< 1.0 pips All
AUDUSD 83.5% 86.8% 88.7% 99.1% 99.2%
EURGBP 76.9% 76.9% 77.8% 99.3% 99.5%
EURJPY 78.5% 82.4% 89.4% 90.1% 99.6%
EURUSD 71.8% 77.1% 83.4% 85.7% 99.6%
GBPJPY 91.7% 91.7% 97.8% 98.5% 99.1%
GBPUSD 77.3% 86.9% 91.4% 92.1% 99.2%
NZDUSD 81.0% 81.0% 81.0% 99.2% 99.3%
USDCAD 77.8% 77.8% 78.9% 95.3% 99.7%
USDCHF 72.0% 73.1% 73.1% 99.6% 99.7%
USDJPY 66.8% 74.5% 78.0% 83.5% 99.4%
  0.0 pips =< 10 pips =< 25 pips =< 50 pips All
XAGUSD 97.1% 88.5% 95.8% 95.9% 96.0%
  0.0 pips =< 10 pips =< 20 pips =< 30 pips All
XAUUSD 82.9% 93.0% 98.8% 98.8% 98.9%

Limit IOC Order Execution Speed

Time in Milliseconds Fill Rate
< 50 90.3%
< 100 96.7%
< 250 99.7%
< 500 99.9%
< 1000 100.0%
Average execution speed 29 milliseconds

Resting Stop Order Statistics

Currency Pair Zero Slippage Negative Slippage Average Negative Slippage (pips)* Average Net Slippage (pips)**
AUDUSD 75.7% 24.3% 0.4 0.1
EURGBP 79.3% 20.7% 0.3 0.1
EURJPY 80.5% 19.5% 0.3 0.1
EURUSD 83.1% 16.9% 0.7 0.1
GBPJPY 58.1% 41.9% 0.4 0.1
GBPUSD 71.3% 28.7% 0.4 0.1
NZDUSD 70.4% 29.6% 2.4 0.7
USDCAD 76.8% 23.2% 0.2 0.1
USDCHF 81.8% 18.2% 0.2 0.0
USDJPY 85.2% 14.8% 0.4 0.1
XAGUSD 29.1% 70.3% 23.1 16.1
XAUUSD 46.3% 53.6% 11.3 6.1

* Average slippage based on stop orders that were slipped. Calculated from the stop order level, adjusted for the bid/ask spread at the time of triggering
** Average slippage based on all stop orders. Calculated from the stop order level, adjusted for the bid/ask spread at the time of triggering

Resting Limit Order Statistics

Currency Pair Price Improvement Zero Slippage Average Price Improvement (pips)* Average Net Price Improvement (pips)**
AUDUSD 24.1% 75.9% 0.2 0.1
EURGBP 17.8% 82.2% 0.2 0.0
EURJPY 18.7% 81.3% 0.2 0.0
EURUSD 18.8% 81.2% 0.2 0.0
GBPJPY 35.6% 64.4% 0.4 0.1
GBPUSD 34.6% 65.4% 0.4 0.1
NZDUSD 25.7% 74.3% 0.3 0.1
USDCAD 21.5% 78.5% 0.2 0.0
USDCHF 21.4% 78.6% 0.2 0.1
USDJPY 17.3% 82.7% 0.3 0.1
XAGUSD 61.0% 39.0% 33.0 20.1
XAUUSD 48.3% 51.7% 12.1 5.8

* Average improvement based on limit orders that were improved. Calculated from the limit order level
** Average improvement based on all limit orders. Calculated from the limit order level

April 2017

Limit IOC Order Statistics

Currency Pair Price Improvement* Zero Slippage* Negative Slippage* Average Net Slippage (pips)* Average Improvement (pips)** Average Tolerance (pips) Fill Rate***
AUDUSD 14.3% 72.4% 13.3% 0.0 1.0 1.0 99.5%
EURGBP 19.5% 61.4% 19.1% 0.0 0.9 0.9 99.3%
EURJPY 24.9% 50.3% 24.8% 0.0 1.4 1.4 99.1%
EURUSD 18.2% 64.0% 17.9% 0.0 1.4 1.3 99.3%
GBPJPY 26.5% 47.3% 26.2% 0.0 2.1 2.1 99.1%
GBPUSD 20.2% 59.8% 20.0% 0.0 1.3 1.3 99.0%
NZDUSD 13.3% 75.8% 10.8% 0.0 0.7 0.7 99.8%
USDCAD 17.1% 65.7% 17.2% 0.0 1.5 1.5 99.5%
USDCHF 13.8% 69.7% 16.5% 0.0 1.1 1.1 99.6%
USDJPY 21.5% 56.2% 22.3% 0.0 2.3 2.3 99.4%
XAGUSD 16.7% 70.8% 12.5% 1.7 19.3 17.6 95.8%
XAUUSD 28.9% 44.3% 26.8% 0.4 27.4 27.0 98.5%

* Calculated from the indicative market price available in the client Quick Trade window at the time of order placement 
** Calculated from the Limit IOC order level
*** On Limit IOC orders with default price tolerance of 0.01% and above



Limit IOC Order Average Improvement *, by price tolerance setting

Currency Pair 0.0 pips* 0.1 – 0.2 pips* 0.3 – 0.6 pips* 0.7 – 1.0 pips* > 1.1 pips*
AUDUSD 0.0 0.2 0.5 0.8 4.1
EURGBP 0.0 0.1 0.5 0.9 1.4
EURJPY 0.1 0.1 0.6 0.9 1.5
EURUSD 0.1 0.2 0.6 0.9 1.5
GBPJPY 0.1 0.0 0.4 1.0 2.2
GBPUSD 0.2 0.2 0.6 1.0 1.4
NZDUSD 0.0 0.2 0.5 0.8 1.2
USDCAD 0.0 0.4 0.6 1.0 1.5
USDCHF - 0.2 0.5 1.0 1.7
USDJPY 0.0 0.2 0.6 0.9 2.5
0.0 pips* 1 - 10 pips* 11 - 25 pips* 25- 50 pips* > 51 pips*
XAGUSD 5.9 10.2 19.5 - 142.0
0.0 pips* 1 - 10 pips* 11 - 20 pips* 21- 30 pips* > 31 pips*
XAUUSD 1.2 6.0 13.3 25.0 912.0

* Calculated from the Limit IOC order level
Note: A hyphen (-) indicates that there were no trade attempts from clients using a Limit IOC order in this currency pair with this price tolerance



Limit IOC Order Fill Rate, by price tolerance setting

Currency Pair 0.0 pips =< 0.2 pips =< 0.6 pips =< 1.0 pips All
AUDUSD 86.2% 79.4% 93.3% 98.6% 98.8%
EURGBP 66.7% 75.8% 91.9% 98.3% 98.6%
EURJPY 68.6% 71.3% 72.0% 96.1% 99.0%
EURUSD 73.3% 70.0% 82.3% 92.5% 98.5%
GBPJPY 68.2% 69.6% 78.4% 94.4% 99.0%
GBPUSD 72.7% 79.8% 85.6% 94.5% 98.6%
NZDUSD 91.7% 92.9% 97.5% 99.3% 99.5%
USDCAD 70.4% 72.4% 81.4% 98.0% 99.5%
USDCHF 0.0% 75.0% 95.6% 99.1% 99.3%
USDJPY 69.1% 70.5% 78.1% 91.6% 99.1%
  0.0 pips =< 10 pips =< 25 pips =< 50 pips All
XAGUSD 70.8% 76.1% 94.9% 94.9% 95.2%
0.0 pips =< 10 pips =< 20 pips =< 30 pips All
XAUUSD 85.7% 88.2% 98.4% 98.4% 98.5%



Limit IOC Order Execution Speed

Time in Milliseconds Fill Rate
< 50 88.5%
< 100 95.3%
< 250 99.6%
< 500 99.9%
< 1000 100.0%
Average execution speed 32



Resting Stop Order Statistics

Currency Pair Zero Slippage Negative Slippage Average Negative Slippage (pips)* Average Net Slippage (pips)**
AUDUSD 78.7% 21.3% 0.5 0.1
EURGBP 77.9% 22.1% 0.3 0.1
EURJPY 78.5% 21.5% 0.2 0.0
EURUSD 79.9% 20.1% 0.3 0.1
GBPJPY 65.1% 34.9% 0.3 0.1
GBPUSD 65.5% 34.5% 0.3 0.1
NZDUSD 77.5% 22.5% 0.3 0.1
USDCAD 69.4% 30.6% 0.4 0.1
USDCHF 77.4% 22.6% 0.7 0.2
USDJPY 83.3% 16.7% 0.6 0.1
XAGUSD 47.0% 53.0% 52.8 28.0
XAUUSD 49.1% 50.9% 34.4 17.5

* Average slippage based on stop orders that were slipped. Calculated from the stop order level, adjusted for the bid/ask spread at the time of triggering
** Average slippage based on all stop orders. Calculated from the stop order level, adjusted for the bid/ask spread at the time of triggering



Resting Limit Order Statistics

Currency Pair Price Improvement Zero Slippage Average Price Improvement (pips)* Average Net Price Improvement (pips)**
AUDUSD 29.4% 70.6% 0.7 0.2
EURGBP 26.0% 74.0% 1.0 0.2
EURJPY 25.0% 75.0% 4.9 1.2
EURUSD 22.5% 77.5% 1.8 0.4
GBPJPY 34.3% 65.7% 2.8 1.0
GBPUSD 34.6% 65.4% 0.6 0.2
NZDUSD 28.7% 71.3% 0.4 0.1
USDCAD 27.2% 72.8% 0.9 0.3
USDCHF 21.6% 78.4% 1.9 0.4
USDJPY 21.5% 78.5% 1.3 0.3
XAGUSD 67.0% 33.0% 43.3 29.0
XAUUSD 53.8% 46.2% 17.3 9.3

* Average improvement based on limit orders that were improved. Calculated from the limit order level
** Average improvement based on all limit orders. Calculated from the limit order level

March 2017

Limit IOC Order Statistics

Currency Pair Price Improvement* Zero Slippage* Negative Slippage* Average Net Slippage (pips)* Average Improvement (pips)** Average Tolerance (pips) Fill Rate***
AUDUSD 18.1% 64.9% 17.0% 0.0 1.1 1.1 99.1%
EURGBP 20.4% 58.9% 20.7% 0.0 0.9 0.9 99.3%
EURJPY 24.3% 51.0% 24.7% 0.0 1.5 1.5 99.5%
EURUSD 19.6% 61.5% 18.9% 0.0 1.3 1.3 99.4%
GBPJPY 27.1% 47.1% 25.8% 0.0 1.7 1.7 98.8%
GBPUSD 23.1% 55.7% 21.2% 0.0 1.6 1.6 99.0%
NZDUSD 15.9% 68.6% 15.6% 0.0 0.7 0.7 98.8%
USDCAD 17.7% 64.6% 17.7% 0.0 1.4 1.4 99.6%
USDCHF 15.7% 69.8% 14.5% 0.0 1.2 1.2 99.7%
USDJPY 23.0% 54.5% 22.4% 0.0 1.6 1.6 99.3%
XAGUSD 18.6% 67.5% 13.8% 1.8 21.8 20.0 95.7%
XAUUSD 29.0% 43.5% 27.6% 0.3 16.3 16.0 98.5%

* Calculated from the indicative market price available in the client Quick Trade window at the time of order placement 
** Calculated from the Limit IOC order level
*** On Limit IOC orders with default price tolerance of 0.01% and above



Limit IOC Order Average Improvement *, by price tolerance setting

Currency Pair 0.0 pips* 0.1 – 0.2 pips* 0.3 – 0.6 pips* 0.7 – 1.0 pips* > 1.1 pips*
AUDUSD 0.1 0.2 0.5 0.8 22.9
EURGBP 0.1 0.1 - 0.9 6.1
EURJPY 0.0 0.4 - 1.0 1.5
EURUSD 0.1 0.2 0.6 1.0 1.3
GBPJPY 0.1 - 0.6 0.8 1.7
GBPUSD 0.1 0.2 0.7 1.1 1.7
NZDUSD 0.0 0.1 - 0.7 2.1
USDCAD 0.1 - - 1.0 1.4
USDCHF 0.0 0.2 - 1.0 3.1
USDJPY 0.1 0.2 0.6 1.0 1.7
  0.0 pips* 1 - 10 pips* 11 - 25 pips* 25- 50 pips* > 51 pips*
XAGUSD 4.5 9.3 19.4 - 1135.4
  0.0 pips* 1 - 10 pips* 11 - 20 pips* 21- 30 pips* > 31 pips*
XAUUSD 1.2 5.5 12.6 22.8 374.4

* Calculated from the Limit IOC order level
Note: A hyphen (-) indicates that there were no trade attempts from clients using a Limit IOC order in this currency pair with this price tolerance



Limit IOC Order Fill Rate, by price tolerance setting

Currency Pair 0.0 pips =< 0.2 pips =< 0.6 pips =< 1.0 pips All
AUDUSD 73.5% 76.5% 78.0% 98.1% 99.0%
EURGBP 72.6% 73.0% 73.0% 98.7% 99.3%
EURJPY 84.6% 81.3% 81.3% 92.5% 99.5%
EURUSD 75.3% 77.7% 79.7% 85.1% 99.2%
GBPJPY 92.3% 92.3% 96.6% 96.9% 98.8%
GBPUSD 68.9% 77.4% 82.2% 83.3% 98.5%
NZDUSD 70.7% 73.5% 73.5% 98.5% 98.8%
USDCAD 71.2% 71.2% 71.2% 75.8% 99.6%
USDCHF 85.7% 93.8% 93.8% 99.6% 99.7%
USDJPY 62.3% 67.2% 73.1% 78.8% 99.0%
  0.0 pips =< 10 pips =< 25 pips =< 50 pips All
XAGUSD 79.5% 81.4% 95.5% 95.5% 95.7%
  0.0 pips =< 10 pips =< 20 pips =< 30 pips All
XAUUSD 79.2% 82.1% 98.3% 98.3% 98.5%



Resting Stop Order Statistics

Currency Pair Zero Slippage Negative Slippage Average Negative Slippage (pips)* Average Net Slippage (pips)**
AUDUSD 78.2% 21.8% 0.6 0.1
EURGBP 74.0% 26.0% 0.6 0.2
EURJPY 76.8% 23.2% 2.5 0.6
EURUSD 79.1% 20.9% 0.5 0.1
GBPJPY 63.7% 36.3% 0.6 0.2
GBPUSD 64.2% 35.8% 0.4 0.1
NZDUSD 72.3% 27.7% 1.3 0.4
USDCAD 74.5% 25.5% 0.5 0.1
USDCHF 77.9% 22.1% 0.3 0.1
USDJPY 83.1% 16.9% 0.6 0.1
XAGUSD 53.9% 45.9% 45.3 20.3
XAUUSD 47.8% 52.2% 14.6 7.6

* Average slippage based on stop orders that were slipped. Calculated from the stop order level, adjusted for the bid/ask spread at the time of triggering
** Average slippage based on all stop orders. Calculated from the stop order level, adjusted for the bid/ask spread at the time of triggering



Resting Limit Order Statistics

Currency Pair Price Improvement Zero Slippage Average Price Improvement (pips)* Average Net Price Improvement (pips)**
AUDUSD 23.5% 76.5% 0.3 0.1
EURGBP 22.2% 77.8% 0.3 0.1
EURJPY 18.4% 81.6% 0.3 0.1
EURUSD 19.6% 80.4% 0.3 0.1
GBPJPY 33.3% 66.7% 0.3 0.1
GBPUSD 34.2% 65.8% 0.3 0.1
NZDUSD 24.9% 75.1% 0.2 0.1
USDCAD 20.0% 80.0% 0.3 0.1
USDCHF 20.0% 80.0% 0.4 0.1
USDJPY 16.8% 83.2% 0.5 0.1
XAGUSD 60.0% 40.0% 31.4 18.8
XAUUSD 50.5% 49.5% 10.5 5.3

* Average improvement based on limit orders that were improved. Calculated from the limit order level
** Average improvement based on all limit orders. Calculated from the limit order level

February 2017

Limit IOC Order Statistics

Currency Pair Price Improvement* Zero Slippage* Negative Slippage* Average Net Slippage (pips)* Average Improvement (pips)** Average Tolerance (pips) Fill Rate***
AUDUSD 18.5% 63.1% 18.4% 0.0 0.8 0.8 99.3%
EURGBP 22.6% 56.1% 21.3% 0.0 0.9 0.9 98.7%
EURJPY 25.0% 49.0% 26.0% 0.0 1.3 1.3 99.7%
EURUSD 19.8% 60.3% 19.8% 0.0 1.2 1.2 99.5%
GBPJPY 29.7% 39.9% 30.4% 0.0 1.8 1.8 98.6%
GBPUSD 23.7% 52.8% 23.5% 0.0 1.4 1.4 98.6%
NZDUSD 16.5% 66.7% 16.8% 0.0 0.7 0.7 98.7%
USDCAD 18.5% 62.5% 19.0% 0.0 1.4 1.4 99.7%
USDCHF 16.9% 66.3% 16.8% 0.0 1.0 1.0 99.5%
USDJPY 23.1% 53.0% 23.9% 0.0 1.5 1.5 99.1%
XAGUSD 16.4% 70.7% 12.9% 0.7 25.5 24.8 96.8%
XAUUSD 28.7% 43.1% 28.2% 0.1 12.6 12.6 98.3%

* Calculated from the indicative market price available in the client Quick Trade window at the time of order placement 
** Calculated from the Limit IOC order level
*** On Limit IOC orders with default price tolerance of 0.01% and above



Limit IOC Order Average Improvement *, by price tolerance setting

Currency Pair 0.0 pips* 0.1 – 0.2 pips* 0.3 – 0.6 pips* 0.7 – 1.0 pips* > 1.1 pips*
AUDUSD 0.1 0.1 0.4 0.8 42.2
EURGBP 0.1 - - 0.9 5.7
EURJPY 0.1 - - 1.1 1.3
EURUSD 0.1 0.2 0.5 1.0 1.3
GBPJPY 0.0 0.4 0.7 1.0 1.8
GBPUSD 0.1 0.2 0.7 1.0 1.4
NZDUSD 0.1 - - 0.7 2.9
USDCAD 0.0 - - 1.0 1.4
USDCHF 0.1 0.2 - 1.0 3.9
USDJPY 0.1 0.2 0.5 1.0 1.6
  0.0 pips* 1 - 10 pips* 11 - 25 pips* 25- 50 pips* > 51 pips*
XAGUSD 1.7 3.4 18.5 35.0 5451.8
  0.0 pips* 1 - 10 pips* 11 - 20 pips* 21- 30 pips* > 31 pips*
XAUUSD 0.7 4.3 12.3 23.8 60.3

* Calculated from the Limit IOC order level
Note: A hyphen (-) indicates that there were no trade attempts from clients using a Limit IOC order in this currency pair with this price tolerance



Limit IOC Order Fill Rate, by price tolerance setting

Currency Pair 0.0 pips =< 0.2 pips =< 0.6 pips =< 1.0 pips All
AUDUSD 77.5% 80.5% 81.1% 98.6% 99.1%
EURGBP 84.3% 84.3% 84.3% 98.6% 98.8%
EURJPY 38.5% 38.5% 38.5% 52.9% 99.7%
EURUSD 67.6% 73.2% 75.9% 90.2% 99.3%
GBPJPY 81.8% 83.8% 84.6% 93.4% 98.6%
GBPUSD 68.6% 76.9% 77.2% 78.8% 98.3%
NZDUSD 90.0% 90.0% 90.0% 98.6% 98.7%
USDCAD 85.7% 85.7% 85.7% 98.9% 99.7%
USDCHF 85.7% 90.9% 90.9% 99.5% 99.5%
USDJPY 75.6% 77.0% 79.4% 87.3% 98.9%
  0.0 pips =< 10 pips =< 25 pips =< 50 pips All
XAGUSD 82.8% 83.8% 96.6% 96.6% 96.9%
  0.0 pips =< 10 pips =< 20 pips =< 30 pips All
XAUUSD 78.6% 82.8% 98.1% 98.1% 98.2%


Resting Stop Order Statistics

Currency Pair Zero Slippage Negative Slippage Average Negative Slippage (pips)* Average Net Slippage (pips)**
AUDUSD 79.2% 20.8% 0.3 0.1
EURGBP 72.9% 27.1% 0.2 0.1
EURJPY 79.7% 20.3% 0.2 0.0
EURUSD 79.9% 20.1% 0.6 0.1
GBPJPY 62.1% 37.9% 0.3 0.1
GBPUSD 66.4% 33.6% 0.3 0.1
NZDUSD 74.2% 25.8% 0.3 0.1
USDCAD 69.6% 30.4% 1.8 0.5
USDCHF 73.6% 26.4% 0.5 0.1
USDJPY 80.1% 19.9% 0.5 0.1
XAGUSD 62.8% 37.2% 37.7 14.1
XAUUSD 47.7% 52.3% 34.0 17.8

* Average slippage based on stop orders that were slipped. Calculated from the stop order level, adjusted for the bid/ask spread at the time of triggering
** Average slippage based on all stop orders. Calculated from the stop order level, adjusted for the bid/ask spread at the time of triggering



Resting Limit Order Statistics

Currency Pair Price Improvement Zero Slippage Average Price Improvement (pips)* Average Net Price Improvement (pips)**
AUDUSD 24.3% 75.7% 0.3 0.1
EURGBP 27.3% 72.7% 0.4 0.1
EURJPY 22.9% 77.1% 0.4 0.1
EURUSD 24.3% 75.7% 0.4 0.1
GBPJPY 39.8% 60.2% 0.4 0.2
GBPUSD 34.6% 65.4% 0.4 0.1
NZDUSD 24.2% 75.8% 0.4 0.1
USDCAD 34.1% 65.9% 1.3 0.4
USDCHF 37.5% 62.5% 0.3 0.1
USDJPY 20.7% 79.3% 0.4 0.1
XAGUSD 61.2% 38.8% 25.5 15.6
XAUUSD 51.3% 48.7% 20.7 10.7

* Average improvement based on limit orders that were improved. Calculated from the limit order level
** Average improvement based on all limit orders. Calculated from the limit order level

January 2017

Limit IOC Order Statistics

Currency Pair Price Improvement* Zero Slippage* Negative Slippage* Average Net Slippage (pips)* Average Improvement (pips)** Average Tolerance (pips) Fill Rate***
AUDUSD 25.7% 51.0% 23.3% 0.0 1.4 1.4 99.2%
EURGBP 27.7% 46.9% 25.5% 0.0 0.9 0.9 97.6%
EURJPY 28.5% 41.1% 30.4% 0.0 1.3 1.3 99.1%
EURUSD 26.7% 48.0% 25.3% 0.0 1.3 1.2 98.7%
GBPJPY 31.7% 33.4% 34.9% 0.0 1.5 1.6 97.8%
GBPUSD 25.6% 47.3% 27.2% 0.0 1.2 1.2 97.8%
NZDUSD 21.5% 57.3% 21.2% 0.0 0.7 0.7 98.4%
USDCAD 25.1% 50.9% 24.0% 0.0 1.3 1.3 98.9%
USDCHF 23.3% 52.3% 24.4% 0.0 1.0 1.0 98.7%
USDJPY 28.3% 41.8% 29.9% 0.0 1.5 1.5 97.7%
XAGUSD 23.7% 59.4% 16.9% 1.2 18.3 17.1 93.5%
XAUUSD 30.3% 37.8% 31.9% 0.0 12.1 12.2 98.0%

* Calculated from the indicative market price available in the client Quick Trade window at the time of order placement 
** Calculated from the Limit IOC order level
*** On Limit IOC orders with default price tolerance of 0.01% and above



Limit IOC Order Average Improvement *, by price tolerance setting

Currency Pair 0.0 pips* 0.1 – 0.2 pips* 0.3 – 0.6 pips* 0.7 – 1.0 pips* > 1.1 pips*
AUDUSD 0.0 0.1 - 0.8 145.1
EURGBP 0.0 - - 0.9 6.5
EURJPY - - 0.5 - 1.3
EURUSD 0.0 0.1 0.5 1.0 1.3
GBPJPY - 0.1 0.5 - 1.6
GBPUSD 0.0 0.1 0.5 1.0 1.2
NZDUSD 0.0 - - 0.7 3.0
USDCAD 0.0 - - 1.0 1.3
USDCHF 0.0 - - 1.0 2.0
USDJPY 0.0 0.1 0.6 1.0 1.5
  0.0 pips* 1 - 10 pips* 11 - 25 pips* 25- 50 pips* > 51 pips*
XAGUSD - - 17.0 - 85.9
  0.0 pips* 1 - 10 pips* 11 - 20 pips* 21- 30 pips* > 31 pips*
XAUUSD 0.0 4.8 12.0 24.0 59.0

* Calculated from the Limit IOC order level
Note: A hyphen (-) indicates that there were no trade attempts from clients using a Limit IOC order in this currency pair with this price tolerance



Limit IOC Order Fill Rate, by price tolerance setting

Currency Pair 0.0 pips =< 0.2 pips =< 0.6 pips =< 1.0 pips All
AUDUSD 65.6% 68.1% 68.1% 97.7% 98.5%
EURGBP 63.0% 63.0% 63.0% 97.0% 97.7%
EURJPY - - 100.0% 100.0% 99.1%
EURUSD 67.0% 70.5% 75.4% 83.9% 98.5%
GBPJPY - 100.0% 83.3% 83.3% 97.8%
GBPUSD 66.7% 79.7% 79.2% 80.3% 97.2%
NZDUSD 63.6% 63.6% 63.6% 98.2% 98.5%
USDCAD 50.0% 50.0% 50.0% 92.6% 98.9%
USDCHF 58.3% 58.3% 58.3% 98.3% 98.7%
USDJPY 59.1% 71.4% 75.9% 84.1% 97.2%
  0.0 pips =< 10 pips =< 25 pips =< 50 pips All
XAGUSD - - 93.5% 93.5% 93.5%
  0.0 pips =< 10 pips =< 20 pips =< 30 pips All
XAUUSD 64.1% 75.2% 97.6% 97.7% 97.9%

Note: A hyphen (-) indicates that there were no trade attempts from clients using a Limit IOC order in this currency pair with this price tolerance



Resting Stop Order Statistics

Currency Pair Zero Slippage Negative Slippage Average Negative Slippage (pips)* Average Net Slippage (pips)**
AUDUSD 78.9% 21.1% 0.3 0.1
EURGBP 76.0% 24.0% 0.3 0.1
EURJPY 72.3% 27.7% 0.3 0.1
EURUSD 80.7% 19.3% 0.4 0.1
GBPJPY 57.8% 42.2% 0.4 0.2
GBPUSD 60.0% 40.0% 0.4 0.2
NZDUSD 70.0% 30.0% 0.3 0.1
USDCAD 69.2% 30.8% 0.3 0.1
USDCHF 75.5% 24.5% 0.7 0.2
USDJPY 78.7% 21.3% 0.5 0.1
XAGUSD 14.0% 86.0% 100.5 86.4
XAUUSD 52.5% 47.5% 8.2 3.9

* Average slippage based on stop orders that were slipped. Calculated from the stop order level, adjusted for the bid/ask spread at the time of triggering
** Average slippage based on all stop orders. Calculated from the stop order level, adjusted for the bid/ask spread at the time of triggering



Resting Limit Order Statistics

Currency Pair Price Improvement Zero Slippage Average Price Improvement (pips)* Average Net Price Improvement (pips)**
AUDUSD 21.7% 78.3% 0.3 0.1
EURGBP 27.0% 73.0% 0.4 0.1
EURJPY 26.5% 73.5% 0.4 0.1
EURUSD 24.8% 75.2% 0.5 0.1
GBPJPY 38.3% 61.7% 0.5 0.2
GBPUSD 39.7% 60.3% 0.4 0.2
NZDUSD 31.7% 68.3% 0.3 0.1
USDCAD 30.8% 69.2% 0.5 0.1
USDCHF 24.6% 75.4% 0.5 0.1
USDJPY 23.5% 76.5% 0.3 0.1
XAGUSD 68.6% 31.4% 77.0 52.8
XAUUSD 47.0% 53.0% 7.7 3.6

* Average improvement based on limit orders that were improved. Calculated from the limit order level
** Average improvement based on all limit orders. Calculated from the limit order level

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