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The broker simulates certain order types (for example, stop or conditional orders). Simulated order types may be used in cases where an exchange does not offer an order type, to provide clients with a uniform trading experience or in cases where the broker does not offer a certain order type offered natively by an exchange. While simulated orders offer substantial control opportunities, they may be subject to performance issue of third parties outside of our control, such as market data providers and exchanges.
Although the broker attempts to filter external data to ensure the best possible execution quality, they cannot anticipate all of the reasons that a simulated order may not receive an execution, or may receive an erroneous execution. Unsatisfactory (non)executions may result from events, including [i] erroneous, missing or inconsistent market data; [ii] data filters (example: the broker may ignore last sale data that is reported outside the prevailing bid-ask as it often represents untimely or erroneous transactions; this may impact triggering of simulated orders); [iii] transactions subsequently deemed erroneous by an exchange; [iv] market halts and interruptions.
Clients should understand the sensitivity of simulated orders and consider this in their trading decisions.
Please note that exchanges and regulators require brokers to impose various pre-trade filters and other checks to make sure that orders are not disruptive to the market and do not violate exchange rules. Exchanges also apply their own filters and limits to orders they receive.
These filters or order limiters may cause client orders to be delayed in submission or execution, either by the broker or by the exchange. Filters may also result in any order being canceled or rejected. The broker may also cap the price or size of a customer's order before the order is submitted to an exchange.
The broker reserves the sole right to impose filters and order limiters on any client order and will not be liable for any effect of filters or order limiters implemented by us or an exchange.