Order Execution on Local Stocks

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Written by Bode
Updated 2 years ago

We ensure that orders executed on your behalf are prompt, accurately recorded and allocated.

We try to obtain the best possible result for you, taking into account price, costs,
speed, likelihood of execution and settlement, size, nature and/or any other relevant order execution consideration.

Please note: The maximum upward and downward price movements in one day on the Nigerian Stock Exchange (NSE) is 10%.

Placing a Market Order

Market orders are routed to the floor of the NSE during the continuous trading session (between 10am to 2:20pm) and tries to execute at the best price on the exchange. A market order will try to execute as much quantity as possible up to the daily limits until it is completely filled. 

When you are placing an order, the current market price is marked up by 10%, which is the daily price limit on the exchange. The market order would try to execute up to that daily price limit to guarantee your desired quantity. The exchange doesn't allow to stipulate a preferred price beforehand for a market order.

For example, if you placed an order for 1,000 units of Zenith bank at N10/share. The price is marked up by 10% to account for the daily price limit of the exchange. 

On the exchange, your market order would try to execute up to that daily price limit to guarantee your desired quantity of 1,000 units. 

So, the final amount deducted from your wallet is calculated based on the price the stock was executed on the exchange. 

You can check your Statement in the Accounts section to see the price the stock was executed on the exchange and the amount deducted from your wallet.

Local market orders expire at the end of the day.

Placing a Limit Order

Limit orders stipulate a maximum purchase price or minimum selling price. Limit orders entered during the continuous trading session are executed either fully or partially, as market conditions permit.

To learn more about order execution and the NSE market structure, please check here.

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