Hermes

Q: What is the difference between ICEBERG and DRIP orders

A: Iceberg order = When submitting an order, you can stipulate a disclosed volume. The disclosed volume is placed into the market. Once the disclosed volume has traded and the current disclosed volume reaches 0, the disclosed volume is automatically updated and the original specified disclosed volume is placed into the market again until the order is matched.

Drip Order = When submitting an order, you can stipulate a disclosed volume. The disclosed volume is placed into the market. When a portion of the disclosed volume has traded, the disclosed volume is automatically updated back to the original specified disclosed volume so that the disclosed volume in the market is always the same until the order is matched.

Q:What is an intraday auction (IDAC)?

A: Instruments in functional segments ZA03 and local NSX instruments in ZA11 are subject to an intra-day liquidity-focusing auction. This intra-day auction call period is between 12h00 to 12h15

Q: What is a busted trade?

A: A busted trade is that trade where volume or quantity of the original trade has been altered. Either by being transferred to another account, or by altering price and or volume.