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Q. What is an order
A. An order is an instruction you give us to execute a trade if the market hits a certain level. An order can be used to open a new position or attached to an existing trade.

Opening and closing orders

Opening orders can be left on a market to buy or sell that market should a predetermined level be reached.

Closing orders can be attached to a current open trade, to close that position, should a predetermined level be reached.

Opening orders are not currently available online, so they can only be left over the telephone where telephone minimums apply.

Q. What are Stops and Limits
A. An order left "on stop" means you wish to buy or sell at a worse level to where the market now is. i.e. if the UK100 is trading at 4500 and an order was left to buy at 4600, this would be "on stop". If the price moves through your stop loss price (i.e. gap down or up, the stop loss will be dealt at the next available price and could be significantly worse than your stop loss price. For a small charge, you can set a "guaranteed stop loss" which will guarantee that your stop loss order is dealt at the price you set even if it moves through your stop loss price.

An order left "on limit" means you wish to buy or sell at a better level to where the market now is. i.e. if the UK 100 is trading at 4500 and an order was left to sell at 4600, this would be "on limit". "Guaranteed limit prices" can be set similarly to guaranteed stop loss orders as above.

Q. How do I place an order online?
A. Currently, only closing orders can be placed online. To do this you need to go to "Open Positions" and click on the order tab "Place Closing Order".
Q. What is the minimum stake to place an order?
A. Orders can be left on positions of 50p online (if you are on the Spread Betting Academy you cannot place orders on positions that are less than 50p) but telephone minimums apply to orders being left over the telephone.
Q. Can I move my order level
A. You can adjust and delete your orders either on the telephone or internet, unless the order has been flagged in our system and is pending to be fill ed. Minimums will apply if you wish to amend orders over the telephone. Orders can be amended online from the "Open Positions" or "Active Orders" tab.
Q. Why does the system prevent me from placing my orders a large distance away from the current quote
A. Our systems are designed to prevent closing orders being placed so far away that your cash balance cannot cover the loss. In this circumstance the system will inform you that you have insufficient funds to amend your order.

Please note that if you have a closing order on a position you may not be able to delete it if it puts your account falls below the Margin Close Out Level.

 Q. When can closing orders be placed or amended online

A. If the market you have bet on is allowed to accept closing orders, you can place or amend a closing order online during the market's internet trading hours.
Q. What do GFD (Good for the Day) and GTC (Good 'til Cancelled) mean
A. Every closing order you place can be given an expiry time. GFD orders remain on your account until 11:59pm on the day you left them. GTC orders remain on your account until you choose to cancel them or you fully or part close the position
Q. How are orders triggered
A. An order is triggered if the price reaches your stated level. When an order is placed our system will use the current market price as a reference point to decide if the price needs to go above or below your given level. Once an order is triggered the position will be locked and you will not be able to change the order level or close the position. Our trading team will monitor the your triggered orders and will aim to fill them fairly and promptly
Q. When I close 10p of a 50p position that had a 50p order what happens to the order
A. Any order that falls below the minimum stake of 50p will be deleted, leaving you with a 40p position that does not have a closing order
Q. What happens if a market opens at a level worse than my ORDER level?
A. When a market opens for trading each day it may open at a level higher or lower than the previous nights close. This could mean an order that has not previously triggered, is triggered by the first price that day. Unless you had guaranteed the order it would mean your order could be filled beyond the level you expect.
Q. What is a guaranteed order?
A. On some markets we offer guaranteed orders for protection against any "market gaps". Market gaps occur either overnight or in very fast moving markets. For a small charge (debited from your cash balance) you can guarantee your stops to eliminate this risk.

As well as a charge, guaranteed orders have to be left a minimum distance away from opening level. Guaranteed orders can be amended free of charge.

Q. What is the minimum order distance
A. Non-guaranteed orders can be left as close as you want providing it is not within our spread.
Q. How many orders can I leave against one position
A. Our online system allows you to place up to two closing orders on either side of the current quote against your position ie a stop and a limit.
Q. What happens to closing orders when a position is closed
A. If you fully close or part close a position all orders attached to that trade will be cancelled.

If you partially close ap osition (i.e. A stake less than the bet stake) that has a fully closing order (i.e. equal to the bet stake) then the order stake will be amended so that it continues to fully cover you bet.

If you have a bet that is only partially covered by an order and you fully close the position the order will be cancelled.

You can leave partial closing orders attached to a position. e.g. if you buy £10 of Wall Street Daily Cash, you can adjust the stake on the closing order to £5 so that only half your bet will close if the order is triggered and filled.

Q. What does 'Market' and 'Our quote' mean in reference to the order level

"Our quote"

The order level specified will be triggered when our quote reaches your specified level. As with all orders the order will then be filled at our quote. These orders can be filled at any time when Interactive Investor Spread Betting are quoting that market, even if the underlying market is closed.

e.g. Order to sell £5 of June UK 100 at 5200 "our quote".

The UK 100 futures market reaches 5204 and the Interactive Investor Spread Betting quote is 5200 - 5208.

The order is filled at 5200.

"Market"

This indicates that the level you want to trigger at is basis where the underlying market trades. When the underlying market trades at this level the order will be filled at our current quote. The order level specified will be filled if the underlying exchange trades at or through that level. These orders can only be filled when the underlying market is open.

e.g. Order to sell £5 of June UK 100 at 5200 "market".

The UK 100 futures market trades at 5200 and the Interactive Investor Spread Betting quote is 5196 - 5204.

The order is filled at 5196.

Order Key
OOGFD opening order good for the day (telephone only)
OOGTC opening order good till cancelled (telephone only)
COGFD closing order good for the day
COGTC closing order good till cancelled
GOCFD guaranteed order good for the day
GOCTC guaranteed order good till cancelled
Q. What happens if a market opens at a level worse than my level
A. When a market opens for trading each day it may open at a level higher or lower than the previous nights close. This could mean an order that has not previously triggered, is triggered by the first price that day. Unless you had "guaranteed" the order it would mean your order could be filled beyond the level you expect.
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