|Classification||Limit Order||Market Order|
|Price Priority||Lower price priority to the market order. However, in case of daily price limits, the price priority is the same as the market order.||Higher price priority than the limit order.
However, deemed to have the same priority with the limit order at the price limits.
|Matching Principle||Price and time priorities are applied||Same as left|
|Order Book Disclosure||At the designated price||Disclosed at the price of best limit order ± 1 tick when there is a limit order disclosed at the last traded price when there isn't a limit order|
|Restrictions on Order Placement||No restrictions||Prohibited in cases of:
|Corrections||Price corrections allowed. Quantity corrections, in part or whole, allowed when converting into a market order||Price corrections not allowed.
Quantity corrections, in part or whole, allowed when converting into a limit order
|Cancellations||Cancellations, in part or whole, allowed||Same as left|
In case of an ask order, the highest bid price at the time of the order placement. If there is not any bid order, the price which is one tick higher than the lowest ask order (within the scope of the lower price limit). If there is not any bid and ask orders, the last traded price.
In case of a bid order, the lowest ask price at the time of the order placement. If there is not any ask order, the price which is one tick lower than the highest bid order (within the scope of the upper price limit). If there is not any bid and ask orders, the last traded price.
In cases of limit orders, market orders, and immediately executable limit orders, following conditions are allowed:
|Limit Orders||O||O||O||O||IOC/FOK is allowed during continuous trading only.|
|Immediately Executable Limit Orders||X||O||X||O|
|Best Limit Orders||X||O||X||X||IOC/FOK is not allowed.|