Effective with the start of trading on Friday, January 4, 2008, ICE Futures U.S. will enable the placement of Stop Limit orders for all exchange futures products on the ICE electronic trading platform.
Stop Limit orders may be entered beginning at the start of pre-open for these products on the evening of Thursday, January 3 for the trade date January 4. Adding Stop Limits in advance of the transition to fully electronic trading of these futures contract offers new functionality to ICE customers.
Stop Limit orders will rest in the market above (for bids) and below (for offers) the current market. Each Stop Limit order has two components: the stop price, and the limit price. When a trade has occurred on the ICE platform at or through the stop price, the order becomes executable and enters the market as a limit order at the limit price; it can then be executed at all price levels from the stop price up or down to the limit price (including the limit price). The allowable price range between the stop price and the limit price on a stop limit order will be restricted to the no cancellation range (NCR) for each product, as contained in ICE Futures U.S. Electronic Trading Rule Appendix 1 - Error Trade Policy which can be found on the ICE website.