Material name
Date
Material Type
Language
Format
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Operating efficiency
Easy inclusion of large order volumes to be traded exclusively during the closing call.
Availability of Limit-on-Close (LOC) Orders
Availability of Limit-on-Close (LOC) Orders
New limit order model prevents the creation and accumulation of manual orders
LOC (Limit-on-Close) is a limit order qualifier that can be entered at any time during the regular trading period, but which will be activated in the central order book only during the final closing call, thus preventing the creation and accumulation of manual orders.
This new type of order will be executed at the limit price pre-defined by participants and will facilitate the operations of financial institutions, which use a great deal of manual work to consolidate the orders they receive during the day as they manually enter each order from each client at the end of the trading period.
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Product benefits
Safety
Mitigates risks as LOC Orders replace the creation of manual orders that may lead to human errors by either not entering orders or entering wrong orders.
Automation
Provides the conditions to maximize the order volume by enabling posting electronic orders.
Transparency
LOC Order trades will be announced to the market once the orders are activated at the closing call.
Further details about LOC Orders
Learn more about this automation
• LOC Orders remain hidden in the central order book until the closing call starts. Once activated, the orders will be included in the book as limit orders at the limit price pre-defined by participants, respecting the chronological order (Price Time Priority) of previously entered orders at the same price
• Orders not executed in their entirety must be automatically canceled after the closing call ends.
• Trades generated with LOC orders will be treated as regular auction trades, namely, they must affect price and trade statistics and must follow the brokerage house anonymity settings on Market Data
Timeline
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07/31/2023
Start of Certification
Start of Certification
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08/28/2023
Other
Tranche 1 - MarketsegmentID 80 e MarketsegmentID 98
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09/04/2023
Other
Tranche 2 - MarketsegmentID 82, MarketsegmentID 86, MarketsegmentID 92 e MarketsegmentID 94
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11/09/2023
Other
Tranche 3 - MarketsegmentID 84, MarketsegmentID 88, MarketsegmentID 90
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In definition
Go-live
Available to the market
Technical details
Catalog changes
No catalog changes
Main systems
PUMA
Main related functions
No related functions
Certification roadmap
No impact
What is the Sinacor version?
No impact
