Clients of ThinkMarkets can elect to trade by using market orders (to be filled immediately) or by placing pending orders (to be filled at a set price at some point in the future).
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When a client executes a market order;
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The order is filled as quickly as possible, at the first available price. As there is no set price, the client is determining that they want to enter the market regardless of the execution price received. Clients may receive a price different to the visible price at the time of clicking to confirm the order.
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When a client executes a pending order and the condition price is met; the order will be filled at the first available price. This may be the exact price requested, or may be a small distance away due to slippage.
When the market gaps, which means the market jumps between prices without ticking at all rates in between, an order will be filled at the available rate after the gap has triggered the order. A market gap will typically occur on market open after a weekend or trading break, but can also occur around news releases or during significant events. In the event of the market ‘gapping’ past an execution price, the trade will be filled at the first available rate.