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Auction Orders

Description

An auction order is entered into the electronic trading system during the pre-market opening period for execution at the Calculated Opening Price (COP). If your order is not filled on the open, the order is re-submitted as a limit order with the limit price set to the COP or the best bid/ask after the market opens.
 
Exchanges
Native: Simulated (by IB):
HKFE, IBIS, LSE  
     
TWS Links
For information on how to create auction orders, please refer to the
     

Example

You want to buy 10 XYZ futures contracts as an auction order at the calculated opening price, which you think will be the best price of the day. When you click the Ask price, the TWS Order Ticket window opens. Enter MTL as the order type and AUC as the time in force. This defines your order as an auction order that will be converted to a limit order at the COP if it is not filled at the pre-market opening period.

    
     

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