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NCFM Course in Hyderabad : Capital Market - Modification-Cancellation
During market hours, any order placed in the system can be modified unless the order is fully executed. When the order is modified, the branch order value limit for the branch gets adjusted automatically.
The corporate hierarchy for performing order modification:
1) A corporate manager can modify his own orders or orders of all dealers and branch managers of the trading member firm. 2) A branch manager can modify his own orders or orders of any dealer under his branch. 3) A dealer can modify only the orders placed by him.
The corporate manager/branch manager can modify order details only up to the branch order value limit set for the day. The Order modification cannot be performed by/for a trading member who is suspended or dismissed by the Exchange for any reason.
During market hours and in pre-open period, the orders can be cancelled, which haven’t been traded partially or fully untraded.
Single Order Cancellation
The Order cancellation functionality is available for all book types except the auction initiation and competitor orders in auction market. The Single order cancellation can be done during market hours either by selecting the order from the outstanding order screen or from the function key provided.
Quick Order Cancellation
It’s an extension of Single Order Cancellation enabling a user to cancel multiple outstanding orders in various trading books according to corporate hierarchy.
The symbol, series, book type, branch, user, PRO/CLI, client account number and buy/sell these are the filters available for cancelling orders by using quick order cancellation facility.
Quick order cancellation can be done by invoking the function key provided and cannot be done from the outstanding orders screen.
An error message is displayed and the incorrect field is highlighted, in case of the criterion given by a trade member is not tallied with the system. If the selection criterion is correct then the screen pops up asking the number of buy and sell orders to be cancelled. Quick order cancellation can be done during market hours only.
Order Cancellation for Disabled Member
A member from trading can be suspended by the Exchange due to various reasons. In this case a member is suspended from trading; all pending orders in all books of the member are immediately cancelled by the system. A window pops up at the trader workstation stating: “Order Number .........cancelled due to suspension”.
Inquiry screens such as MBP, Market Watch and trader specific screens like Outstanding Orders, Activity Log etc. get updated accordingly.
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