When a IOC order is entered, the system will immediately try to match this order as much as possible and cancel the remaining quantity, if any at all. In this attempt, the order might find a partial match. The trading member who starts the auction. The Initiator can be a buyer or a seller. This is a virtual circuit through which the system can send messages to a specific workstation and vice - versa.
Market order Is an order for which no price has been specified at order entry.
Matching When a buy and a sell order satisfy the price - time priority, they can result in a trade. This process is called as matching. The match can be full or partial depending on the order conditions. This is one of the special conditions where a minimum quantity is specified for an order. The quantity of the trade involving an order with a MF attribute should at least be this minimum quantity specified.