Box Top Orders

A Box Top order executes as a market order at the current best price. If the order is only partially filled, the remainder is submitted as a limit order with the limit price equal to the price at which the filled portion of the order executed.

Notes:

The Reference Table to the upper right provides a general summary of the order type characteristics. The checked features are applicable in some combination, but do not necessarily work in conjunction with all other checked features. For example, if Options and Stocks, US and Non-US, and Smart and Directed are all checked, it does not follow that all US and Non-US Smart and direct-routed stocks support the order type. It may be the case that only Smart-routed US Stocks, direct-routed Non-US stocks and Smart-routed US Options are supported.

Products	Availability	Routing	TWS
Options	US Products	Smart	Attribute
	Non-US Products	Directed	Order Type
			Time in Force
Valid only for option orders routed to BOX.
Open Users' Guide

Example

Order Type In Depth - Box Top Buy Order

Step 1 – Enter a Box Top Order

The JAN11 130 XYZ call is currently trading at $6.00 - $6.05. You create a market order to buy three contracts, select BOX as the Destination and BOX TOP in the Type field. The word MARKET appears in the Lmt Price field to indicate that you are willing to buy at the current market price. You transmit the order.

A Box Top order executes as a market order at the current best price. If the order is only partially filled, the remainder is submitted as a Limit order with the Limit Price equal to the price at which the filled portion of the order executed.

Assumptions
Action	BUY
Qty	3
Order Type	BOX TOP
Destination	BOX
Market Price	6.00 – 6.05
Limit Price	MARKET (Current Market Price)

Step 2 – Order Transmitted and Partially Filled as a Market Order

You've transmitted your Box Top order, and the order is partially filled as a Market order; you buy two contracts at $6.05, the best market price. The remainder of the order, one contract, is canceled and immediately re-submitted as a limit order with the Limit Price automatically set to $6.05. The Limit Price is the price at which the filled portion of the order executed.

Assumptions
Action	BUY
Qty	3
Order Type	BOX TOP > LMT
Market Price	6.05
Limit Price	6.05

Step 3 – The Remainder of the Order is Submitted as a Limit Order

The canceled portion of your order, a single contract for a JAN11 130 XYZ call, has been resubmitted as a Limit order with the Limit Price set to $6.05, which is the price at which the market order portion of the order was filled. The contract becomes available at the Limit Price, and the order is filled at that price, completing your entire order for three contracts.

Assumptions
Action	BUY
Qty	1 (2 already filled)
Order Type	LMT
Market Price	6.05
Limit Price	6.05

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