Orders

Placing Orders

Users can place orders into the protocol through the Ithaca App. An SDK is available for advanced users.

All valid orders placed during an auction's Order Submission Period get included in that upcoming auction.

Order Types

All orders are required to be limit orders given the auction format. The protocol does not allow for market orders to be submitted.

Basic or multi-leg conditional orders may be submitted.

An order stays live in the order book until it is canceled or expiry.

Conditional Orders

The Ithaca protocol allows for the submission of conditional orders of two or more legs. Each leg of a conditional order enters the matching engine as a separate order. Legs of a conditional order can either be BUY or SELL orders. The order legs can be for any product tradable on the Ithaca platform.

A conditional order can either be fully executed with all the legs fully executed; or it can be partially executed with all its legs executed at the same pro-rata volume fraction.

A conditional order has one net limit price / premium across all legs. A leg with a buy order is counted positively while a leg with a sell order is to be counted negatively towards the net limit price. Therefore, the net limit price of a conditional order represents the price of a normalized quantity of 1 unit.

Reduced Execution Risk and Collateral Optimization

Conditional orders eliminate the execution risk between different legs of a trading strategy. There is a further collateral optimization benefit for conditional orders compared to what would be required for the corresponding orders if submitted as independent orders.

The Ithaca Protocol runs collateral optimization on a conditional order as a package and only the optimized collateral is needed at order entry.

For examples of potential conditional orders, please refer to Ithaca App Stories.