Execution of orders
Price for all trade operations is set by broker.
There are usually three order execution regimes:
Immediate execution
This regime implies that market order is executed for a price offered to broker. When request for its execution is sent, terminal offers current prices automatically. If broker accepts the prices, the order is considered to be executed. If he refuses from the asked price, the so-called requote takes place. It means that broker returns prices on which this order can be executed.
On demand execution
Market order execution in this regime is done on a broker's price. Before market order is sent broker is asked for his order execution prices. After getting these prices order execution on this price can be either accepted or rejected.
Market execution
This market order execution regime implies that broker decides on order execution price itself without consulting with trader. Market order sending means accepting execution price in advance.
Order execution regime for every financial instrument is chosen by dealing company.