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Quantitative Finance · Glossary

What is Conditional order?

Definition 9.4 Microstructure and Execution · Chapter 9 — Dark Pools and Blocks

A conditional order is an indication of interest resting on a block venue: when it meets a contra conditional of at least both sides’ minimum sizes, the venue invites both traders to firm up, to send a binding order, within a short timer. If both do, the block crosses; if either does not, nothing trades.

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