Orders and Execution

Supported Order Types

The following order types are available:

Immediate or Cancel (IOC) orders to trade immediately on the best available terms, with or without a defined tolerance.

Resting Limit, Market, Stop and Stop Limit orders for longer duration's i.e Day Order, Good till Cancelled etc

Trailing Stops, where a Stop order can be specified to trail the market are supported.

All Resting Limit and Stop orders can be placed as either:

  • Day Order (DO): Valid until the official close of trading on the day the order is placed (or on the subsequent business day for orders accepted during the weekend)
  • Good till Date (GTD): Valid until the official close of trading on a date of your choice
  • Good till Cancelled (GTC): Valid indefinitely unless or until specifically cancelled by you

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 Bank 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 Bank'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 Bank 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.

Manual Order fill

Typically, only a very small proportion of orders placed with Saxo Bank require manual intervention.

Manual intervention may occur when the order is:

  • Large in size and cannot be automatically traded
  • There are highly volatile and/or illiquid market conditions
  • In an illiquid currency pair

During illiquid market conditions there are fewer market participants and thus dealers will need to check the price and also that the desired trade amount is actually available in the market.

Partial Order fill

A partial fill may occur in the event that there is not enough liquidity available at the price and/or at the size that the client wishes to trade. 

An Immediate of Cancel (IOC) order will continue working until the full amount is filled as long as it is within the 3 second Time to Live (TTL), after which time the order will expire. If an IOC order is only partially filled any remaining amount will be cancelled.

A Resting order will continue working until the full amount is filled as long as it is within the set duration (i.e. Day, Good-Til-Cancelled etc). If a Resting order is only partially filled, any remaining amount will revert to a 'resting order'.


Order Driven Execution Statistics

In order to demonstrate commitment to increased transparency within the financial industry, Saxo Bank has taken the initiative to publicise on a monthly basis it’s FX order execution statistics so that clients can make the best choice when choosing a trading provider. 

We are proud that these statistics illustrate that Saxo Bank’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 for Saxo Bank’s most trading FX spot instruments:

  • Limit IOC Order Statistics
  • Limit IOC Average Net Slippage (negative) / Improvement (positive), by price tolerance setting
  • Limit IOC Average Fill Rate, but price tolerance setting
  • Resting Stop Order Statistics
  • Resting Limit Order Statistics

March 2017

Limit IOC Order Statistics 

Currency Pair Price Improvement Zero Slippage Negative Slippage Average Net Slippage (pips)* Average Improvement (pips)** Fill Rate***
AUDUSD 18.1% 64.9% 17.0% 0.0 1.1 99.1%
EURGBP 20.4% 58.9% 20.7% 0.0 0.9 99.3%
EURJPY 24.3% 51.0% 24.7% 0.0 1.5 99.5%
EURUSD 19.6% 61.5% 18.9% 0.0 1.3 99.4%
GBPJPY 27.1% 47.1% 25.8% 0.0 1.7 98.8%
GBPUSD 23.1% 55.7% 21.2% 0.0 1.6 99.0%
NZDUSD 15.9% 68.6% 15.6% 0.0 0.7 98.8%
USDCAD 17.7% 64.6% 17.7% 0.0 1.4 99.6%
USDCHF 15.7% 69.8% 14.5% 0.0 1.2 99.7%
USDJPY 23.0% 54.5% 22.4% 0.0 1.6 99.3%
XAGUSD 18.6% 67.5% 13.8% 1.8 21.8 95.7%
XAUUSD 29.0% 43.5% 27.6% 0.3 16.3 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 Average Net Slippage (negative) / Improvement (positive)*, 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 0.0 0.0 0.0
EURGBP 0.1 0.0 - 0.0 0.0
EURJPY 0.0 0.3 - 0.0 0.0
EURUSD 0.1 0.1 0.1 0.0 0.0
GBPJPY 0.1 - 0.1 -0.2 0.0
GBPUSD 0.1 0.1 0.1 0.1 0.0
NZDUSD 0.0 0.0 - 0.0 0.0
USDCAD 0.1 - - 0.0 0.0
USDCHF 0.0 0.0 - 0.0 0.0
USDJPY 0.1 0.1 0.0 0.0 0.0
XAGUSD 4.5 - - 0.0 1.8
XAUUSD 1.2 - - 0.1 0.3

* Calculated from the indicative market price available in the client Quick Trade window at the time of order placement
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 Average Fill Rate, 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 73.5% 84.8% 97.7% 99.1% 100.0%
EURGBP 72.6% 80.0% - 99.3% 100.0%
EURJPY 84.6% 66.7% - 100.0% 99.5%
EURUSD 75.3% 86.6% 86.9% 99.6% 99.4%
GBPJPY 92.3% - 100.0% 100.0% 98.8%
GBPUSD 68.9% 85.8% 92.7% 99.1% 99.0%
NZDUSD 70.7% 87.5% - 98.8% 100.0%
USDCAD 71.2% - - 100.0% 99.6%
USDCHF 85.7% 100.0% - 99.6% 100.0%
USDJPY 62.3% 80.9% 96.5% 98.9% 99.3%
XAGUSD 79.5% - - 100.0% 95.7%
XAUUSD 79.2% - - 72.7% 98.5%

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 Price Improvement Zero Slippage Negative Slippage Average Price Improvement (pips)* Average Negative Slippage (pips)*
AUDUSD - 92.1% 7.9% - 0.7
EURGBP - 96.6% 3.4% - 0.1
EURJPY - 93.6% 6.4% - 1.7
EURUSD - 86.5% 13.5% - 0.4
GBPJPY - 82.6% 17.4% - 0.8
GBPUSD - 80.1% 19.9% - 0.6
NZDUSD - 100.0% 0.0% - -
USDCAD - 100.0% 0.0% - -
USDCHF - 96.5% 3.5% - 0.3
USDJPY - 90.5% 9.4% - 0.4
XAGUSD - 92.1% 7.9% - 113.2
XAUUSD - 63.6% 36.4% - 13.5

* Calculated from the stop order level, adjusted for the bid/ask spread at the time of triggering

February 2017

Limit IOC Order Statistics

Currency Pair Price Improvement Zero Slippage Negative Slippage Average Net Slippage (pips)* Average Improvement (pips)** Fill Rate***
AUDUSD 18.5% 63.1% 18.4% 0.0 0.8 99.3%
EURGBP 22.6% 56.1% 21.3% 0.0 0.9 98.7%
EURJPY 25.0% 49.0% 26.0% 0.0 1.3 99.7%
EURUSD 19.8% 60.3% 19.8% 0.0 1.2 99.5%
GBPJPY 29.7% 39.9% 30.4% 0.0 1.8 98.6%
GBPUSD 23.7% 52.8% 23.5% 0.0 1.4 98.6%
NZDUSD 16.5% 66.7% 16.8% 0.0 0.7 98.7%
USDCAD 18.5% 62.5% 19.0% 0.0 1.4 99.7%
USDCHF 16.9% 66.3% 16.8% 0.0 1.0 99.5%
USDJPY 23.1% 53.0% 23.9% 0.0 1.5 99.1%
XAGUSD 16.4% 70.7% 12.9% 0.7 25.5 96.8%
XAUUSD 28.7% 43.1% 28.2% 0.1 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 Average Net Slippage (negative) / Improvement (positive)*, 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 0.0 0,0 0.0 0.0
EURGBP 0.1 - - 0.0 0.0
EURJPY 0.1 - - 0.1 0.0
EURUSD 0.1 0.0 0.0 0.0 0.0
GBPJPY 0.0 0.3 0.2 0.0 0.0
GBPUSD 0.1 0.1 0.1 0.0 0.0
NZDUSD 0.1 - - 0.0 -0.1/td>
USDCAD 0.0 - - 0.0 0.0
USDCHF 0.1 0.0 - 0.0 0.0
USDJPY 0.1 0.1 0.0 0.0 0.0
XAGUSD 1.7 - - 0.0 0.7
XAUUSD 0.7 - - 0.6 0.0

* Calculated from the indicative market price available in the client Quick Trade window at the time of order placement
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 Average Fill Rate, 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 77.5% 87.3% 93.8% 99.3% 100.0%
EURGBP 84.3% - - 98.8% 100.0%
EURJPY 38.5% - - 100.0% 99.7%
EURUSD 67.6% 84.2% 93.9% 99.8% 99.5%
GBPJPY 81.8% 100.0% 86.7% 100.0% 98.6%
GBPUSD 68.6% 84.8% 91.3% 96.3% 98.6%
NZDUSD 90.0% - - 98.7% 100.0%
USDCAD 85.7% - - 100.0% 99.7%
USDCHF 85.7% 100.0% - 99.5% 100.0%
USDJPY 75.6% 81.9% 94.5% 98.9% 99.1%
XAGUSD 82.8% - - 100.0% 96.8%
XAUUSD 78.6% 0.0% - 80.6% 98.2%

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

* 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 Negative Slippage Average Improvement (pips)* Average Slippage (pips)*
AUDUSD 83.0% 17.0% - 0.9 -
EURGBP 85.4% 14.6% - 0.9 -
EURJPY 85.1% 14.9% - 1.7 -
EURUSD 85.6% 14.4% - 1.3 -
GBPJPY 88.9% 11.1% - 1.9 -
GBPUSD 87.7% 12.3% - 1.4 -
NZDUSD 84.1% 15.9% - 0.8 -
USDCAD 88.7% 11.3% - 1.4 -
USDCHF 87.8% 12.2% - 1.0 -
USDJPY 84.6% 15.4% - 1.4 -
XAGUSD 95.2% 4.8% - 26.4 -
XAUUSD 89.0% 11.0% - 19.0 -

* 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)** Fill Rate***
AUDUSD 25.7% 51.0% 23.3% 0.0 1.4 99.2%
EURGBP 27.7% 46.9% 25.5% 0.0 0.9 97.6%
EURJPY 28.5% 41.1% 30.4% 0.0 1.3 99.1%
EURUSD 26.7% 48.0% 25.3% 0.0 1.2 98.7%
GBPJPY 31.7% 33.4% 34.9% 0.0 1.6 97.8%
GBPUSD 25.6% 47.3% 27.2% 0.0
1.2 97.8%
NZDUSD 21.5% 57.3% 21.2% 0.0 0.7 98.4%
USDCAD 25.1% 50.9% 24.0% 0.0 1.3 98.9%
USDCHF 23.3% 52.3% 24.4% 0.0 1.0 98.7%
USDJPY 28.3% 41.8% 29.9% 0.0 1.5 97.7%
XAGUSD 23.7% 59.4% 16.9% 2.5 20.2 93.5%
XAUUSD 30.3% 37.8% 31.9% 0.3 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 Average Net Slippage (negative) / Improvement (positive)*, 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 0.0 - 0.0 0.0
EURGBP 0.1 - - 0.0 0.0
EURJPY - - 0.0 - 0.0
EURUSD 0.1 0.1 0.0 0.0 0.0
GBPJPY - 0.0 -0.1 - 0.0
GBPUSD 0.1 0.1 0.2 0.0 0.0
NZDUSD 0.0 - - 0.0 0.0
USDCAD 0.1 - - 0.0 0.0
USDCHF 0.0 - - 0.0 0.0
USDJPY 0.1 0.1 0.0 0.0 0.0
XAGUSD - - - - 2.5
XAUUSD 1.2 - - - 0.3

* Calculated from the indicative market price available in the client Quick Trade window at the time of order placement
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 Average Fill Rate, 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 65.6% 76.3% - 98.7% 100.0%
EURGBP 63.0% - - 97.7% 100.0%
EURJPY - - 100.0% - 99.1%
EURUSD 67.0% 82.2% 94.2% 96.3% 98.8%
GBPJPY - 100.0% 75.0% - 97.9%
GBPUSD 66.7% 81.9% 55.6% 96.8% 97.8%
NZDUSD 73.3% - - 98.7% 100.0%
USDCAD 50.0% - - 100.0% 98.9%
USDCHF 61.5% - - 98.7% 100.0%
USDJPY 59.1% 73.6% 94.0% 96.6% 97.7%
XAGUSD - - - - 93.8%
XAUUSD 64.6% - - - 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 Price Improvement Zero Slippage Negative Slippage Average Price Improvement (pips)* Average Negative Slippage (pips)*
AUDUSD - 78.9% 21.1% - 0.3
EURGBP - 76.0% 24.0% - 0.3
EURJPY - 72.3% 27.7% - 0.3
EURUSD - 80.7% 19.3% - 0.4
GBPJPY - 57.8% 42.2% - 0.4
GBPUSD - 60.0% 40.0% - 0.4
NZDUSD - 70.0% 30.0% - 0.3
USDCAD - 69.2% 30.8% - 0.3
USDCHF - 75.5% 24.5% - 0.7
USDJPY - 78.7% 21.3% - 0.5
XAGUSD - 14.0% 86.0% - 100.5
XAUUSD - 52.5% 47.5% - 8.2

* 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 Negative Slippage Average Improvement (pips)* Average Slippage (pips)*
AUDUSD 80.8% 19.2% - 1.1 -
EURGBP 84.4% 15.6% - 1.3 -
EURJPY 84.7% 15.3% - 1.2 -
EURUSD 84.9% 15.1% - 1.2 -
GBPJPY 88.0% 12.0% - 1.9 -
GBPUSD 88.6% 11.4% - 1.6 -
NZDUSD 87.4% 12.6% - 0.9 -
USDCAD 88.7% 11.3% - 1.4 -
USDCHF 85.8% 14.2% - 1.4 -
USDJPY 86.0% 14.0% - 1.4 -
XAGUSD 91.6% 8.4% - 30.9 -
XAUUSD 88.1% 12.9% - 15.7 -

* Calculated from the limit order level

Предупреждение о риске при работе на рынке Форекс

Торговля на рынке Форекс относится к красной категории продуктов, так как считается сложным инвестиционным продуктом, торговля которым сопряжена с высокой степенью риска.


Законодательство обязывает датские банки классифицировать инвестиционные продукты, предлагаемые частным клиентам, в зависимости от сложности и сопряженных с ними рисков; таким образом, существуют три категории продуктов: зеленая, желтая и красная.

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