> For the complete documentation index, see [llms.txt](https://docs.ithacaprotocol.io/docs/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.ithacaprotocol.io/docs/architecture/pre-match-processing/frequent-batch-auctions-fba/orders.md). # Orders ## Placing Orders Users can place orders into the protocol through the [Ithaca App](/docs/ithaca-app/get-started.md). 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](#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](/docs/ithaca-app/trading/stories.md). --- # Agent Instructions This documentation is published with GitBook. GitBook is the documentation platform designed so that both humans and AI agents can read, navigate, and reason over technical content effectively. Learn more at gitbook.com. ## Querying This Documentation If you need additional information that is not directly available in this page, you can query the documentation dynamically by asking a question. Perform an HTTP GET request on the current page URL with the `ask` query parameter, and the optional `goal` query parameter: ``` GET https://docs.ithacaprotocol.io/docs/architecture/pre-match-processing/frequent-batch-auctions-fba/orders.md?ask=&goal= ``` `ask` is the immediate question: it should be specific, self-contained, and written in natural language. `goal` is optional and describes the broader end goal you are ultimately trying to accomplish on behalf of the user. GitBook uses it to tailor the answer towards what is most useful for that goal. The response will contain a direct answer to the question and relevant excerpts and sources from the documentation. Use this mechanism when the answer is not explicitly present in the current page, you need clarification or additional context, or you want to retrieve related documentation sections.