What is an At-auction Limit Order?

An At-auction Limit Order is an order that specifies both a price and a quantity for buying or selling securities. This type of order is entered into the trading system and is matched based on price and time priority during the closing auction at the final Indicative Equilibrium Price (‘IEP’). It ensures that the order is executed at the specified price or better, but not at a price worse than the final IEP.

Furthermore, if there are any outstanding At-auction Limit Orders when the market opens, they will be carried forward to the Continuous Trading Session. It will be treated as a limit order as long as the specified price of the At-auction limit order does not deviate 9 times or more from the nominal price.