Filled Definition – What is Filled? | CFI LB

filled

 In trading terminology, the term ‘filled’ refers to when an order placed by a trader has been returned as completed. For example, if a trader submits an order to a broker to buy 100 lots of gold at 1728.50, this order would only be completed and therefore classified as filled when the broker has obtained the total 100 lots that the trader requested.

 

Typically, depending on the order type the transaction will take anything from less than a second to up to a full market session to be executed. The most common order types that can be used to carry out a transaction are:

 

  • Buy stop orders
  • Market orders
  • stop-loss orders
  • limit orders

 

It is important to understand that if an order or instruction is performed, it does not guarantee that the order will be filled as there are a specific set of criteria that must be met for an order to be filled. These are expiration, volume, trading, and targeted price.

 

Expiration

 

The financial instrument has to, first of all, be open to trading.

 

Volume

 

There has to be sufficient volume available in the market for the amount of the trade.

 

Trading

 

The instruments need to be trading currently.

 

Targeted price

 

If the trader or broker is intending to utilize a limit order, the targeted price aimed for has to be reached to execute. This can be from both a buying and selling perspective.

 

If any of these criteria are not met, then the trade will not be filled. It is also important to note that slow execution times can lead to prices fluctuating between trade execution and fulfillment, resulting in the trade being filled at a different price than that requested. This difference is referred to as [order spillage].

 

Key takeaways:

 

  • A filled order status implies that the order was completed, whether this is from a buying or selling perspective
  • Filled orders can take anything from less than a second to the end of a market day to be completed
  • The type of order to be used for a transaction will depend on the desired outcome by the trader
  • Orders must meet a specific set of criteria to be filled
CFI Financial Group is an award winning global financial markets provider with over 23 years of experience and regulated entities in several jurisdictions, focused on offering impeccable execution and trading conditions including very low spreads, professional services, dedicated support and powerful tools.
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CFI provides execution-only services and does not provide any investment advice. To make an investment decision, you cannot rely on the content of this website, or on any information, opinion, report or other materials (“Information”) you receive from CFI, or its representatives. Such Information is general and does not consider your objectives and your financial situation, thus they shall not be considered in any way as an express or implied promise nor a guarantee of any profit or limit of loss. CFI shall not bear any liability in case you used or relied on such Information. Please ensure that you make your own research and seek independent advice if necessary.

Forex and CFDs are leveraged products that incur a high level of risk. A small adverse market movement may expose the client to lose the entire invested capital. The majority of retail client accounts lose money when trading in CFDs. Please be aware of trading risks and that you could sustain a loss exceeding your deposited funds, even if a stop loss is used.

CFI Lebanon is regulated by the Banque du Liban and the Capital Markets Authority

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