คำเตือน: CFD เป็นตราสารที่ซับซ้อนและมีความเสี่ยงสูงที่จะสูญเสียเงินอย่างรวดเร็ว เนื่องจากการใช้เลเวอเรจ
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Fill or kill (FOK)
An order type that requires a trade to be executed immediately and completely, or else cancelled.
Fill Or Kill Order (FOK)
A fill-or-kill order means that a trade must be executed promptly and in full, or it will be canceled. There are no partial fills, no tardiness; it is all instant or none. Traders use the FOK order when getting the exact transaction quantity at a specific price is critical to their strategy.
A partial fill is an improperly sized exposure that will not meet the strategy and, in certain instances, is worse than no exposure at all. It is most prevalent in institutional traders who trade in substantial amounts and require absolute certainty of execution.
Example: 500 futures contracts are exactly what a portfolio manager wants for a particular hedge; not 300, not 450. They place a fill-or-kill order. The market can deliver all 500 at once, achieving full execution.
If only 300 were available, the order would have been canceled altogether, as a partial hedge of unknown size isn’t the hedge the strategy was looking for.
Fill Price
The fill price is the actual price at which a trade was filled (what you actually paid or received) as opposed to what you were hoping to get in the order. For small orders in liquid markets, the fill price is typically the desired price or very close to it. Slippage may cause the actual price to deviate from a trader’s expectations in thinner markets or in larger sizes.
Monitoring fill prices is important, since a strategy that appears profitable based on mid-market prices may not look the same once real execution costs are taken into account.
Example: A trader submits a market order to buy at approximately $45.50 (the trader saw this price on their screen). The order is filled in full for $45.67. It’s 17 cents on one trade, but it adds up over hundreds of trades.
A trader who has never compared the expected and actual fill prices is overestimating the profitability of their trading strategy.
Fill Ratio
The fill ratio is a percentage that shows how much of an order is filled relative to the order’s total quantity. A fill ratio of 100% indicates that the entire order was filled. A 60% fill ratio suggests that only 60% of the requested volume was executed; the remainder was unfilled.
For algorithmic traders and institutions sending big volumes of orders, it matters the most. Low fill rates often mean something in the execution method is wrong – whether that be pricing, timing, or order size in relation to liquidity.
Example: A trading business reviews monthly execution data and finds that its fill ratio for a particular stock has declined from 85% to 62%. Upon examination, it has been found that a competitor is operating a similar strategy on the same stock, depleting available liquidity first.
Now you either have to change the algorithm’s logic or accept that the edge in that stock has become much more competitive than before to improve the fill ratio.
Filled orders
A filled order is simply the execution of an order – meaning your request to buy or sell something has been matched with a counterparty and completed. The fill is the confirmation of this and includes the price at which it was executed.
In a liquid market where you are looking to trade in small sizes, fills are often instantaneous and at the desired price. However, in a thin market or where you are looking to execute large orders, slippage can occur if an order is filled at a less-than-favorable price due to insufficient liquidity at the exact level.
A fill can also be a partial fill, in which only a portion of a large order is completed while the remainder is still being executed.
Example: A trader places a market order to buy 500 shares. The immediate notification returns “filled at 34.62.” However, if the order is a market order for 50,000 shares, and there are only 10,000 available at 34.62 and 20,000 available at 34.63, the broker will instantly sweep both levels.
The trader receives a partial-fill notification for 30,000 shares, leaving the remaining 20,000 shares still seeking a match.
FIMA Repo Facility
The FIMA (Foreign and International Monetary Authorities) Repo Facility allows foreign central banks and international monetary authorities to temporarily exchange US Treasury securities for US dollars with the Federal Reserve. It was made permanent in 2021 to meet a crucial global liquidity demand.
During times of global market stress, dollar liquidity can evaporate swiftly, leaving foreign central banks desperate for cash. They can instead repo their Treasuries directly with the Fed for immediate dollar funding, rather than selling them into a weak market that would crush Treasury prices and send yields soaring.
Example: In the March 2020 pandemic, institutions hoarded cash, and global dollar funding markets froze. Foreign central banks may access the Fed’s facilities for much-needed dollar liquidity without having to offload their Treasury holdings and rock an already unstable bond market.
While not grabbing the same headlines as the Fed’s emergency measures at home, the facility had a huge, practical impact on stabilizing global dollar funding at the height of the crisis.
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