The information content of special orders

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We consider the role of special orders in informed traders' order submission strategies and their effect on the market price discovery process. Special orders, such as Fill-and-Kill and All-or-Nothing orders, are not entered in the order book; instead, they are executed immediately. This means they do not require costly monitoring and are not visible to other traders. Due to the fact that informed institutional traders, including high-frequency traders, use aggressive special orders, they generate higher price impacts than normal orders, particularly in volatile markets.

Original languageEnglish
Pages (from-to)68-81
Number of pages14
JournalPacific Basin Finance Journal
Publication statusPublished - Oct 2017


  • All-or-Nothing orders
  • Fill-and-Kill orders
  • High frequency trading
  • Institutional investors
  • Price impact

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