Modify Function in Orders

AVAILABLE IN:

Introduction

The Modify function in Orders helps you update key details of your existing orders without creating a new one. You can adjust fields such as Quantity, Order Type, related Price fields and Due Date for both DMA and OTC orders. This allows you to keep your orders accurate and up to date as market conditions change.

These changes improve FIX communication and make working with different order types smoother.

Key Terminologies

Term (A-Z)	Definition
DMA Order	Direct Market Access order that is sent directly to the market for execution.
Due Date	The date by which an order must be executed or settled.
Limit Order	An order to buy or sell an asset at a specific price or better.
Limit Price	The maximum or minimum price you’re willing to trade at for a limit order.
Market Order	An order to buy or sell immediately at available market price.
Omnibus Account	A collective account grouping multiple client trades under one parent structure.
Order Type	Defines how your order is executed — Limit, Market, Stop or Stop Limit.
OTC Order	Over-the-Counter order executed off-market through counterparties.
Quantity (Qty)	The number of units or shares in your order.
Standard Bank Account	An account type allowing updates to all key fields like Quantity, Order Type and Price.
Stop Limit Order	A combination of Stop and Limit — once the stop price is reached, a limit order is triggered instead of a market order.
Stop Order	An order that becomes a market order once the asset reaches a specified stop price.
Stop Price	The price level that activates a Stop or Stop Limit order.
Virtual Bank Account	An account type where only limited fields (like Quantity) can be modified.

Overview of Modification Options

Bank Account Type	Fields You Can Modify
Standard Bank Account	Quantity, Order Type and its related Price fields, Due Date
Omnibus Bank Account	Order Type and its related Price fields, Due Date
Virtual Bank Account	Quantity only

When selecting an Order Type, the related price fields appear automatically:

Limit Order → shows Limit Price
Stop Order → shows Stop Price
Stop Limit Order → shows both Limit and Stop Price fields

Use Cases

1. Standard Bank Account

If your order is linked to a Standard Bank Account, you can modify all main details:

Click on modify (button) to make changes during the In Progress execution stage.
On the pop-up screen, edit the required or available fields.
- Order Type (Limit, Market, Stop, Stop Limit)
- Price Fields
- Quantity
- Due Date

This gives you complete flexibility to refine order instructions as needed.

2. Advanced Use Case: Omnibus / Virtual Bank Account

Omnibus Account

For Omnibus orders, you can only modify the Order Type (Limit, Stop, Market, Stop Limit) and related Price fields or Due Date.

Quantity field cannot be edited.

This helps when adjusting group orders under a parent order structure.

Virtual Bank Account

For Virtual Bank Accounts, only the Quantity field can be modified.

This keeps the structure consistent while allowing small changes to trade volume.

After Saving Changes

Once you save your modifications:

Order Updates Applied – The platform updates the order with your changes.
Execution Continues – Updates are reflected immediately for orders in In Progress status.
FIX Communication Updated – Changes are sent via FIX messages to the market or counterparty.