Market and limit orders

The trade panel first asks whether you want to buy or sell. It then lets you choose how the order should work: Market or Limit.

Market orders

A market order trades against the best offers that are available now. It is useful when trading promptly matters more than choosing one exact price.

Before you confirm, the trade panel shows an estimate based on the available offers. Your order may use more than one offer, so different shares can fill at different prices. The panel therefore shows an estimated average price, not a promise that every share will cost the first price you see.

For example, suppose you want to buy 10 YES shares. Five may be available at 58 cents and another five at 60 cents. If you buy all 10, your average price is 59 cents per share, before any applicable fee.

The amount you can trade depends on how many shares other people are currently offering. If there are no suitable offers, the Market option is unavailable. If there are not enough offers for the amount you chose, reduce the amount or place a limit order instead.

Offers can change between the preview and execution. A market order entered as a number of shares can then fill only partly and leave the remainder open. Cancel that remainder if you do not want it to wait. A market buy entered as a euro amount may instead be rejected if the available offers can no longer support it.

Limit orders

A limit order lets you choose your price:

• For a buy, you set the highest price you are willing to pay per share.
• For a sell, you set the lowest price you are willing to accept per share.

A limit order can have several outcomes:

• It fills immediately if another trader is already offering an acceptable price.
• It fills later if a matching offer appears.
• It fills partly, leaving the rest open.
• It does not fill if nobody accepts your price.

You may receive a better price than your limit, but never a worse one. For example, a limit buy at 60 cents may fill at 58 cents if shares are available there.

You can cancel the unfilled part of an open order. Any shares that already traded remain yours, and completed trades cannot be reversed.

Rest only

Rest only is an optional setting for limit orders. It means the order may wait for another trader, but it must not trade immediately.

If your chosen price could fill straight away, Juhus does not place the rest-only order. Adjust the price if you still want the order to wait. Use this option when you want to add an offer to the market instead of accepting an offer that is already there. A rest-only order does not pay a trading fee when another trader later accepts it.

How long a limit order stays open

In the Advanced settings, you can choose when a limit order should expire:

• Good till cancelled: has no chosen expiry time. It can stay open until it fills or is cancelled. Juhus may cancel it after settlement, self-exclusion, or when the cash or shares needed to complete it are no longer available.
• At event start: expires when the linked event begins. This option appears only for markets linked to an event.
• Custom: expires at the date and time you choose.

When an order expires, only its unfilled part is cancelled. Any completed trades remain in place.

Orders during a live event

When the linked event has already started and the market is still open, Juhus may delay new orders briefly. The trade panel shows the delay before you confirm and displays a countdown after you place the order.

While the order is waiting:

• It has not traded yet.
• It does not appear as an available offer to other traders.
• Prices and available shares can change.
• You can abort it before the countdown ends.

At the end of the delay, Juhus checks the offers available at that moment. A market order may receive a different average price, fill only partly, or no longer be possible. A limit order may fill, fill partly, or remain open according to the price you chose.