Securities market

Securities Market
 The securities market is the market for
equity, debt, and derivatives.
 The debt market, in turn, may be
divided into three parts, viz., the
government securities market, the
corporate debt market, and the money
market.
 The derivatives market may divided into
two parts, viz., the option market and the
futures market.

Financial Market
 The transfer of funds between primary
lenders and ultimate borrowers takes place
through the creation of securities or
financial assets.
 If the investor deposits the money in the
fixed deposit of a commercial bank, the
bank issues him a fixed deposit receipt
which is a financial asset.
 Issue of share certificate by the company
is also the example of financial asset.

Financial Market
 The commodity being exchanged is a
financial asset instead of a physical asset.
 The lender of funds (or investor) is the buyer
of the asset and the borrower of funds is the
seller of the asset (or issuer of the security).
 The mechanism or system through which
financial assets are created and transferred is
known as the financial market.
 When the financial assets transferred are
corporate securities and government
securities, the mechanism of transfer is known
as securities market.

Segments of Financial
Market
 Different types of securities are traded in
the securities market.
 These may include ownership securities,
debt securities, short-term securities, long-
term securities, government securities,
non-government or corporate securities.
 On the basis of the maturity period of
securities traded in the market, the
securities market is segmented into money
market and capital market.

Money Market
 Money market is the market for short-
term financial assets with maturities of
one year or less.
 Treasury bills, commercial papers,
certificate of deposits, etc. are the short-
term securities traded in the money
market.
 Money market is the main source of
working capital funds for business and
industry.

Money Market
 The short-term requirements of
borrowers can be met by the creation of
money market securities, which can be
purchased by lenders with short-term
surpluses.
 In India, the money market has a
narrow base with limited number of
participants who are mostly financial
institutions.

Capital Market
 Capital market is the market segment
where securities with maturities of more
than one year are bought and sold.
 Equity shares, preference shares,
debentures and bonds are the long-term
securities traded in the capital market.
 The capital market is the source of
long-term funds for business and
industry.

Types of Financial Market
 The financial market may be classified
as primary market or secondary market.
 Primary Market: The market
mechanism for the buying and selling of
new issues of securities is known as
primary market. This market is also
termed as new issues market because it
deals in new issues of securities.

Types of Financial Market
 Secondary Market: It deals with securities
which have already been issued and are
owned by investors, both individual and
institutional.
 These may be traded between investors.
 The buying and selling of securities
already issued and outstanding take place
in stock exchanges.
 Stock exchanges constitute the secondary
market in securities.

Participants in the Financial
Market
 The major participants are the buyers and
sellers of securities or the investors and the
issuers.
 Financial intermediaries are the second major
class of participants in the financial system.
 There are two types of financial intermediaries
in the financial system, namely banking
financial intermediaries and non-banking
financial intermediaries such as insurance
companies, housing finance companies, unit
trusts and investment companies.

Market
 Another group of participants in the
financial system comprises the
individuals and institutions who facilitate
the trading or exchange process in the
system.

Market
 Stock Exchanges: A stock exchange is an
institution where securities that have
already been issued are bought and sold.
Presently there are 23 stock exchanges in
India, the most important ones being the
NSE and BSE.
 Listed Securities: Securities that are listed
on various stock exchanges and hence
eligible for being traded there are called
listed securities. Presently about 10000
securities are listed on all the stock
exchanges in India put together.

Market
 Depositories: A depository is an
institution which dematerializes physical
certificates and effects transfer of
ownership be electronic book entries.
Presently there are two depositories in
India, viz., the National Securities
Depository Limited (NSDL) and the
Central Securities Depository Limited
(CSDL).

Market
 Brokers: Brokers are registered
members of the stock exchanges
through whom investors transact. There
are about 10000 brokers in India.
 Foreign Institutional Investor (FII):
Institutional investors from abroad who
are registered with SEBI to operate in
the Indian capital market are called
foreign institutional investors.

Market
 Merchant Bankers: Firms that specialize
in managing the issue of securities are
called merchant bankers. They have to
be registered with SEBI.
 Primary Dealers: Appointed by the RBI,
primary dealers serve as underwriters in
the primary market and as market
makers in the secondary market for
government securities.

Market
 Mutual funds: A mutual fund is a
vehicle for collective investment. It
pools and manages the funds of
investors.
 Custodians: A custodian looks after the
investment back office of a mutual fund.
It receives and delivers securities,
collects income, distributes dividends,
and segregates the assets between
schemes.

Market
 Registrars: Also known as a transfer
agent, a registrar is employed by a
company or a mutual fund to handle all
investor-related services.
 Underwriters: An underwriter agrees to
subscribe to a given number of shares in
the event the public subscription is
inadequate.
 Bankers to an Issue: The bankers to an
issue collect money on behalf of the
company from the applicants.

Market
 Debenture Trustees: When debentures
are issued by a company, a debenture
trustee has to be appointed to ensure
that the borrowing firm fulfills its
contractual obligations.
 Credit Rating Agencies: A credit rating
agency assigns ratings primarily to debt
securities.

Regulatory Environment
 The financial system in a country is subject
to a set of regulations in the form of various
Acts passed by the legislative bodies.
 The regulatory environment may differ
from one country to another.
 In India, the Ministry of Finance, the RBI,
The SEBI, etc. are the major regulatory
bodies exercising regulatory control and
supervision over the functioning of the
financial system in the country.

Regulatory Environment
 The securities issued may be traded or
exchanged between investors in
securities markets with the help of
intermediaries, within the regulatory
framework approved by the Government
and other regulatory bodies.

Primary Market / New Issue
Market
 New securities are directly issued by
the issuing companies to the investors.
 All the participants in this process of
issuing new shares to investors together
constitute the primary market or new
issue market.
 When a new company is floated, its
shares are issued to the public in the
primary market as an Initial Public Offer
(IPO).

Primary Market / New Issue
Market
 The NIM does not have a physical
structure or form.
 All the agencies which provide the
facilities and participate in the process of
selling new issues to the investors
constitute the NIM.

Functions of NIM
 Origination
 Underwriting
 Distribution

Origination
 Origination is the preliminary work in
connection with floatation of a new issue by
a company.
 It deals with assessing the feasibility of the
project, technical, economic and financial,
as also making all arrangements for the
actual floatation of the issue.
 As a part of the origination work, decisions
may have to be taken on the following
issues:

Origination
 Time of floating the issue
 Type of issue: The type of issue whether
equity, preference, debentures has to be
properly analyzed at the time of the
origination work.
 Price of the issue: The price of the
security is determined by the issuer and
not by the market. New issues are made
either at par or at premium.
 The origination function in the NIM is now
being carried out by merchant bankers.

Underwriting
 Underwriting is the activity of providing
a guarantee to the issuer to ensure
successful marketing of the issue.
 An underwriter is an individual or
institution which gives an undertaking to
the stock issuing company to purchase
a specified number of shares of the
company in the event of a shortfall in the
subscription to the new issue.

Underwriting
 Underwriting activity in the NIM is
performed by large financial institutions
such as LIC, UTI, IDBI, general
insurance companies, commercial
banks and also by brokers.

Distribution
 The distribution function is carried out by
brokers, sub-brokers and agents.
 New issues have to be publicised by using
different mass media, such as newspapers,
magazines, television, radio, internet, etc.
 New issues are also publicised by mass
mailing.
 It has become a general practice to
distribute prospectus, application forms
and other literature regarding new issues
among the investing public.

Methods of Floating New
Issues
 Public Issue
 Rights Issue
 Private Placement

Public Issue
 It involves sale of securities to members
of the public.
 The issuing company makes an offer for
sale to the public directly of a fixed
number of shares at a specific price.
 The offer is made through a legal
document called prospectus.
 Public issues are mostly underwritten
by strong public financial institutions.

Public Issue
 This is the most popular method for
floating securities in the new issue
market.
 The company has to incur expenses on
various activities such as
advertisements, printing of prospectus,
bank’s commission, underwriting
commission, agent’s fees, legal charges,
etc.

Rights Issue
 The rights issue involves selling of
securities to the existing shareholders in
proportion to their current holding.
 As per Sec.81 of the Companies Act,
1956, when a company issues additional
equity capital it has offered first to the
existing shareholders on pro rata basis.
 It is an inexpensive method of floatation of
shares as the offer is made through a
formal letter to the existing shareholders.

Private Placement
 A private placement is a sale of securities
privately by a company to a selected group of
investors.
 The securities are normally placed, in a
private placement, with the institutional
investors, mutual funds or other financial
institutions.
 A formal prospectus is not necessary in the
case of private placement.
 Underwriting arrangements are also not
required in private placement.
 This method is useful to small companies.

Principal Steps in Floating a
Public Issue
 Pre-issue tasks
 Opening and closing of the issue
 Post-issue tasks.

Pre-issue Tasks
 Drafting and finalisation of the prospectus:
Prospectus is an essential document in a public issue.
The prospectus contains detailed information about the
company, its activities, promoters, directors, group
companies, capital structure, terms of the present issue,
details of the proposed project, details regarding
underwriting arrangements, etc.
The draft prospectus has to approved by the Board of
Directors of the company.
The draft prospectus has also to be filed with SEBI and
the Registrar of companies.
The final prospectus has to be prepared as per the
suggestions of SEBI and filed with SEBI and the Registrar
of companies.

Pre-issue Tasks
 Selecting the intermediaries and
entering into agreements with them:
 Merchant Banker
 Registrar to an issue
 Share transfer agent
 Banker to an issue

Pre-issue Tasks
 Attending to other formalities:
The prospectus and application forms
have to be printed and despatched to all
intermediaries and brokers for wide
circulation among the investing public.
An initial listing application has to be
filed with the stock exchange where the
issue is proposed to be listed.

Opening and closing of the
issue
 The public issue is open for
subscription by the public on the pre-
announced opening date.
 The application forms and application
money are received at the branches of
the bankers to the issue and forwarded
by these bankers to the Registrar to the
issue.
 Two closing dates are prescribed for the
closing of the public issue.

Opening and closing of the
issue
 The first of these is the ‘earliest closing
date’ which should not be less than
three days from the opening date.
 If sufficient applications are received by
the company, the company may choose
to close the issue on the earliest closing
date itself.
 The other closing date is the final or
latest closing date which shall not
exceed ten days from the opening date.

Post – issue Tasks
 All the application forms received have
to be scrutinised, processed and
tabulated.
 When the issue is not fully subscribed
to, it becomes the liability of the
underwriters to subscribe to the shortfall.
 When the issue is oversubscribed, the
basis of allotment has to be decided in
consultation with the stock exchange.

Post – issue Tasks
 Allotment letters and share certificates
have to be despatched to the allottees.
Refund orders have to be despatched to
the applicants whose applications are
rejected.
 Shares have to be listed in the stock
exchange for trading.

Book Building
 The usual procedure of a public issue is
through the fixed price method where
securities are offered for subscription to
the public at a fixed price.
 An alternative method is now available
which is known as the book building
process.
 SEBI announced guidelines for the
book building process, for the first time,
in October 1995.

Book Building
 Under the book building process, the issue
price is not fixed in advance.
 It is determined by the offer of potential
investors about the price which they are
willing to pay for the issue.
 The price of the security is determined as
the weighted average at which the majority
of investors are willing to buy the security.
 Under the book building process, the issue
price of a security is determined by the
demand and supply forces in the capital
market.

Role of Primary Market
 Primary market is the medium for raising
fresh capital in the form of equity and debt.
 It mops up resources from the public and
makes them available for meeting the long-
term capital requirements of corporate
business and industry.
 The primary market brings together the
two principal constituents of the market,
namely the investors and the seekers of
the capital.

Role of Primary Market
 Capital formation takes place in the
primary market.
 The economic growth of country is
possible only through the primary
market.

Regulation of Primary
Market
 The issuer has to engage the services of a number
of intermediaries and comply with complex legal and
other formalities.
 Investors faces much risk while operating in the
primary market.
 Investors in the primary market need protection from
fraudulent operators.
 Up to 1992, the primary market was controlled by
the Controller of Capital Issues (CCI) appointed
under the Capital Issues Control Act, 1947.
 During the period, the pricing of capital issues was
regulated by CCI.

Market
 The Securities and Exchange Board of
India (SEBI) was formed under the SEBI
Act, 1992, with the prime objective of
protecting the interests of investors in
securities as well as for promoting and
regulating the securities market.
 All public issues since January 1992 are
governed by the rules, regulations and
guidelines issued by SEBI.

Market
 SEBI has been instrumental in bringing
greater transparency in capital issues.
 It has issued detailed guidelines to
standardise disclosure obligations of
companies issuing securities.
 Companies floating public issues are now
required to disclose all relevant information
affecting investor’s interests.
 SEBI constantly reviews its guidelines to
make them more market friendly and
investor friendly.

Stock Exchange
 Secondary market is the market in which
securities already issued by companies are
subsequently traded among investors.
 The secondary market where continuous
trading in securities takes place is the stock
exchange.
 The stock exchange were once physical
market places where the agents of buyers
and sellers operated through the auction
process.

Stock Exchange
 These are being replaced with electronic
exchanges where buyers and sellers are
connected only by computers over a
telecommunications network.
 Auction trading is giving way to “screen-
based” trading where bid prices and offer
prices (or ask prices) are displayed on the
computer screen.
 Bid price refers to the price at which an
investor is willing to buy the security.
 Offer price refers to the price at which an
investor is willing to sell the security.

Stock Exchange
 The bid-offer spread, the difference
between the bid price and the offer price
constitutes his margin or profit.
 “ Stock exchange is a centralized market
for buying and selling stocks where the
price is determined through supply-demand
mechanisms”.
 “ Stock exchange means any body of
individuals, whether incorporated or not,
constituted for the purpose of assisting,
regulating or controlling the business of
buying, selling or dealing in securities”.

Functions of Stock
Exchanges
 Maintains active trading: Shares are traded on the
stock exchanges, enabling the investors to buy and
sell securities. A continuous trading increases the
liquidity or marketability of the shares traded on the
stock exchanges.
 Fixation of prices: Price is determined by the
transactions that flow from investors demand and
suppliers preferences.
 Ensures safe and fair dealing: The rules,
regulations and by-laws of the stock exchanges
provide a measure of safety to the investors.
Transactions are conducted under competitive
conditions enabling the investors to get a fair deal.

Functions of Stock
Exchanges
 Aids in financing the industry: A continuous
market for shares provides a favourable
climate for raising capital.
 Dissemination of information: Stock
exchanges provide information through their
various publications.
 Performance inducer: The prices of stocks
reflect the performance of the traded
companies.
 Self-regulating organisation: The stock
exchanges monitor the integrity of the
members, brokers, listed companies and
clients.

Stock Exchanges in India
 The origin of the stock exchanges in
India can be traced back to the later half
of 19th century.
 An important early event in the
development of the stock market in India
was the formation of the Native Share
and Stock broker’s Association at
Bombay in 1875, the precursor of the
present day Bombay Stock Exchange.

 This was followed by the formation of
associations/exchanges in Ahmedabad
(1894), Calcutta (1908), and Madras
(1937).
 In order to check development of the stock
market, the central government introduced
a legislation called the Securities Contracts
(Regulation) Act, 1956.
 Under this legislation, it is mandatory on
the part of a stock exchange to seek
governmental recognition.

 At present there were 23 stock exchanges
recognised by the central government.
 They are located at Ahmedabad,
Bangalore, Baroda, Bhubaneshwar,
Calcutta, Chennai (the Madras Stock
Exchange), Cochin, Coimbatore, Delhi,
Guwahati, Hyderabad, Indore, Jaipur,
Kanpur, Ludhiana, Mangalore, Mumbai
(The Bombay Stock Exchange), Mumbai
(the National Stock Exchange), Mumbai
(OTC Exchanges of India), Patna, Pune,
and Rajkot.

The Bombay Stock Exchange
(BSE)
 The BSE is established in 1875.
 It is one of the oldest organised
exchanges in the world.
 The BSE switched from the open outcry
system to the screen-based system in
1995 which is called BOLT (BSE On Line
Trading)
 To begin with, BOLT was a ‘quote-driven’
as well as an ‘order-driven’ system, with
jobbers (specialists) feeding two-way
quotes and brokers feeding buy or sell
orders.

The Bombay Stock Exchange
(BSE)
 In October 1996 SEBI permitted BSE to
extend its BOLT network outside
Mumbai.
 The capacity of the Tandem hardware
of BOLT is 5, 00,000 trades per day.
 In 2002, subsidiary companies of 13
regional exchanges became members
of BSE .

The National Stock Exchange
(NSE)
 The NSE is inaugurated in 1994.
 It seeks to (a) establish a nation-wide
trading facility for equities, debt and
hybrids,
(b) facilitate equal access to investors
across the country,
© impart fairness, efficiency, and
transparency to transactions in securities,
(d) shorten settlement cycle, and
(e) meet international securities market
standards.

(NSE)
 The NSE is a national, computerised
exchange.
 The NSE has two segments: the Capital
Market segment and the Wholesale Debt
Market segment.
 The capital market segment covers equities,
convertible debentures, and retail trade in non-
convertible debentures.
 The Wholesale debt market segment is a
market for a high value transactions in
government securities, PSU bonds,
commercial papers, and other debt
instruments.

(NSE)
 The trading members in the capital market
segment are connected to the central
computer in Mumbai through a satellite link-up,
using VSATs (Very Small Aperture Terminals).
 NSE is the first exchange in the world to
employ the satellite technology.
 The NSE has opted for an order-driven
system.
 When a trade takes place, a trade
confirmation slip is printed at the trading
member’s work station. It gives details like
quantity, price, code number of counterparty,
and so on.

(NSE)
 Members are required to deliver
securities and cash by a certain day.
The payout day is the following day.
 All trades on NSE are guaranteed by
the National Securities Clearing
Corporation (NSCC).

Inter-connected Stock
Exchange of India (ISE)
 For the purpose of compete with the NSE
and BSE, the 14 regional stock exchanges
( excluding Calcutta, Delhi, Ahmedabad,
Ludhiana and Pune stock exchanges)
joined together and promoted a new
organisation called Inter-connected Stock
Exchange of India Ltd., (ISE) in 1998.
 The ISE was recognised as a stock
exchange by SEBI and it commenced
trading in February, 1999.

Inter-connected Stock
Exchange of India (ISE)
 The objective of setting up ISE was to
optimally utilize the existing infrastructure and
other resources of participating stock
exchanges.
 The ISE aims to provide cost-effective
trading/connectivity to all the members of the
participating exchanges on a national level.
 The trading settlement and funds transfer
operations of the ISE are completely
automated.
 However, ISE has not succeeded in becoming
a competitive market force to BSE and NSE.

Over the Counter Exchange of
India (OTCEI)
 Over the Counter Exchange of India was
started in 1992 after the role models of
NASDAQ ( National Association of
Securities Dealers Automated Quotation)
and JASDAQ (Japanese Association of
Securities Dealers Automated Quotation).
 The OTCEI was started with the objective
of providing a market for the smaller
companies that could not afford the listing
fees of the of the large exchanges and did
not fulfill the minimum capital requirement
for listing.

India (OTCEI)
 It was sponsored by the country’s premier
financial institutions such as UTI,
ICICI,IDBI, SBI Capital Markets , IFCI, GIC
and its subsidiaries and canbank Financial
services.
 The exchange was set up to aid
enterprising promoters in raising finance for
new projects in a cost effective manner.
 It introduced screen based trading for the
first time in the Indian stock market.

India (OTCEI)
 Trading takes place through a network
of computers of over the counter (OTC)
dealers located at several places, linked
to a central OTC computer using
telecommunication links.
 It was the first exchange in the country
to introduce the practice of market
making, that is , dealers in securities
providing two-way quotes (bid prices
and offer prices of securities)

Regulations of Stock
Exchanges
 There are Acts, rules, regulations, by-
laws and guidelines governing the
functioning of secondary markets or
stock exchanges in the country.
 There is also a regulator in the form of
the Securities and Exchange Board of
India (SEBI) to oversee and monitor the
functioning of both the primary and
secondary securities market in India.

Exchanges
 The Securities Contracts (Regulation) Act,
1956, and the rules made under the Act,
namely the Securities Contracts (Regulation)
Rules, 1957, constitute the main laws
governing stock exchanges in India.
 This Act provides for the direct and indirect
control of virtually all aspects of securities
trading and the functioning of stock
exchanges.
 The provisions of the Securities contracts
(Regulation) Act, 1956, were administered by
the Central Government.

Exchanges
 The Securities and Exchange Board of
India was constituted as an interim
administrative body in 1988.
 SEBI was given a statutory status on 30th
January 1992.
 In April 1992, the SEBI Act was passed.
 In this Act it is stipulated that it shall be the
duty of the Board to protect the interests of
investors in the securities market and to
promote the development of and to
regulate the securities market.

Exchanges
 The Board plays a dual role, namely a
regulatory role and a developmental role.
 The SEBI is constituted with six members,
including the chairman of the Board.
 Two members are officials of the central
government ministries of finance and law.
 One member is an official of the RBI
 Two members are professionals having
experience or special knowledge relating to
securities market and are appointed by the
central government.

Exchanges
 The Board is empowered to regulate the
business in stock exchanges, to register
and regulate the working of stock market
intermediaries.
 The Board is also authorised to prevent
and prohibit fraudulent and unfair trade
practices in the market.
 Transparency and equal opportunity to all
market participants have been the goals of
all developmental and regulatory activities
of SEBI.

Exchanges
 A stock exchange has the power to make
by-laws for the regulation and control of
contracts entered into by members.
 The Depositories Act, 1996 is another
important legislation affecting the
functioning of stock exchanges.
 The Depositories Act, 1996, was passed to
change over to the electronic mode of
security transfer through security
depositories.

Trading System in Stock
Exchanges
 Trading System: The system of trading prevailing in
stock exchanges for many years was known as floor
trading.
In this system, trading took place through an open
outcry system on the trading floor or ring of the
exchange during official trading hours.
 Floor Trading: In floor trading, buyers and sellers
transact business face to face using a variety of
signals.
Under this system, an investor desirous of buying a
security gets in touch with a broker and places a buy
order along with the money to buy the security.
Similarly the investor sells his shares.

Exchanges
 Screen based trading: In the new electronic
stock exchanges, which have a fully
automated computerised mode of trading, floor
trading is replaced with a new system of
trading known as screen-based trading.
In this system the distant participants can
trade with each other through the computer
network.
The screen-based trading systems are of two
types.
1. Quote driven system
2. Order driven system

Exchanges
 Quote driven system: Under this system, the
market-maker, who is the dealer in a particular
security, inputs two-way quotes into the system, that
is, his bid price (buying price) and offer price (selling
price).
The market participants then place their orders
based on the bid-offer quotes.
These are then automatically matched by the
system according to certain rules.
 Order driven system: Under this system, clients
place their buy and sell orders with the brokers.
These are then fed into the system. The buy and
sell orders are automatically matched by the system
according to predetermined rules.

Types of orders
 Market Orders
 Limit Orders
 Stop Orders
 Stop Limit Orders
 Day Orders
 Week Orders
 Month Orders
 Open Orders
 Fill or Kill Orders

Market Orders
 In a market order, the broker is
instructed by the investor to buy or sell a
stated number of shares immediately at
the best prevailing price in the market.
 In the case of a buy order, the best
price is the lowest price obtainable.
 In the case of a sell order, it is the
highest price obtainable.

Limit Orders
 While placing a limit order, the investor
specifies in advance the limit price at which he
wants the transaction to be carried out.
 In the case of a limit order to buy, the investor
specifies the maximum price that he will pay
for the share; the order has to be executed
only at the limit price or a lower price.
 In the case of a limit order to sell shares, the
investor specifies the minimum price he will
accept for the share; the order has to be
executed only at the limit price or price higher
to it.

Stop Orders
 A stop order may be used by an
investor to protect a profit or limit a loss.
 For a stop order, the investor must
specify what is known as a stop price.
 If it is a sell order, the stop price must
be below the market price prevailing at
the time the order is placed.
 If it is a buy order, the stop price must
be above the market price prevailing at
the time of placing order.

Stop Limit Orders
 The stop limit order is a special type of
order designed to overcome the
uncertainty of the execution price
associated with a stop order.
 The stop limit order gives the investor
the opportunity of specifying a limit price
for executing the stop orders; the
maximum price for a stop buy order and
minimum price for a stop sell order.

Stop Limit Orders
 With a stop limit order, the investor
specifies two prices, a stop price and a
limit price.

Day Orders
 A day order is an order that is valid only
for the trading day on which the order is
placed.
 If the order is not executed by the end
of the day, it is treated as cancelled.

Week order
 These are orders that are valid till the
end of the week during which the orders
are placed.
 The expire at the close of the trading
session on Friday of the week.

Month orders
 These are orders that are valid till the
end of the month during which the
orders are placed.
 Month orders expire at the close of the
trading session on the last working day
of the month.

Open Orders
 Open orders are orders that remain
valid till they are executed by the
brokers or specifically cancelled by the
investor

Fill or Kill Orders
 These orders are also known as FoK
orders.
 These orders are meant to be executed
immediately. If not executed
immediately, they are to be treated as
cancelled.

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