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Equity(1)
A trader who owns shares of a stock currently trading at $100 per share places a
“GTC, stop $90, limit $85 sell” order (GTC means good till cancelled). Assuming
the specified stop condition is satisfied and the order becomes executed, which
of the following statements is most accurate?
A. The order becomes a market order when the price falls below $85 and
remains valid for execution.
B. The trader faces a maximum realized loss of $15.
C. The order will be executed at either $90 or $85.
Equity(1)
Solution: B.
B is correct. The order becomes valid when the price falls to, or below, $90. The
“limit $85 sell” indicates that the trader is unwilling to sell below $85. Thus, the
trader faces a maximum loss of $ 15 ($ 100 – $85).
A is incorrect. The order becomes invalid for execution when the price falls below
$85.
C is incorrect. The order can be executed at any prices between $85 and $90.
Equity(2)
A market has the following limit orders standing on its book for a particular
stock:
Bid Size Limit Offer Size Limit
Buyer Seller
(# of shares) Price($) (# of shares) Price($)
1 500 18.50 1 200 20.20
2 300 18.90 2 300 20.35
3 400 19.20 3 400 20.50
4 200 20.10 4 100 20.65
5 100 20.15 5 200 20.70
If a trader submits an immediate-or-cancel limit buy order for 700 shares at a
price of $20.50, the average price the trader would pay is closest to:
A $20.35.
B $20.58.
C $20.50.
Equity(2)
Solution: A.
A is correct. The limit buy order will be filled first with
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