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What is an at-auction order (AO)?

April 26, 2017AO at-auction

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What is an at-auction order (AO)?

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An at-auction order is an order with no specified price and is entered into the AMS/3 for execution at the final Indicative Equilibrium Price (IEP). It enjoys a higher order matching priority than an at-auction limit order and will be matched in time priority at the final IEP. Any outstanding at-auction orders after the end of the Pre-opening Session will be cancelled before the commencement of the Continuous Trading Session.