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Dark Pool Orders and Other Research
A market order can be filled at the market or prevailing price. By using the example above, if the buyer were to place an order to buy 1,500 shares, the buyer would receive 1,500 shares at the asking price of $10.25. If he or she placed a market order for 2,000 shares, the buyer would get 1,500 shares at $10.25 and 500 shares at the next best offer price, which might be higher than $10.25.
An individual places a limit order to sell or buy a certain amount of stock at a given price or better. Using the above spread example, an individual might place a limit order to sell 2,000 shares at $10. Upon placing such an order, the individual would immediately sell 1,000 shares at the existing offer of $10. Then, he or she might have to wait until another buyer comes along and bids $10 or better to fill the balance of the order. Again, the balance of the stock will not be sold unless the shares trade at $10 or above. If the stock stays below $10 a share, the seller might never be able to unload the stock.
A day order is only good for that trading day. If it is not filled that day, the order is canceled.
An FOK order must be filled immediately and in its entirety or not at all. For example, if a person were to put an FOK order in to sell 2,000 shares at $10, a buyer would take in all 2,000 shares at that price immediately, or refuse the order, in which case it would be canceled.
A stop order goes to work when the stock passes a certain level. For example, suppose an investor wants to sell 1,000 shares of XYZ stock if it trades down to $9. In this case, the investor might place a stop order at $9 so that when it does trade to that level, the order becomes effective as a market order. To be clear, it does not guarantee that the order will be executed at $9. However, it does guarantee that the stock will be sold. If sellers are abundant, the price at which the order is executed might be much lower than $9.
[Source: http://www.investopedia.com/articles/trading/121701.asp]