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A "Stepper" intelligent order allows an investor to buy or sell a stock for the best price on the market. The intelligence of the order is in its ability to place an order on the market that is slightly better than the best competing order, thereby achieving the best price on the market while avoiding inflating or decreasing the price of the security. This required minimum is called the step quotation.

The speed at which this order reacts to changes in the depth of the market is significantly higher than the speed of any human reaction.

Minimum allowed quotation steps:

The minimum allowable quotation step is determined by the liquidity band of the security and the interval in which the order price is located:

Quotation steps valid from 2 January 2018 for all markets

Liquidity bands for shares from the Prague Stock Exchange

The quotation step has to be smaller than the maximum allowed range for the given title.
These limits do not apply in cases where the step value is not filled in or is zero.
The maximum allowed quotation range for individual titles is published on the BCPP website.

How does a Stepper order work?

Description of the Stepper intelligent order on the BCPP

1. The investor enters a buy or sell Stepper intelligent order using the form for placing orders in the e-Broker application containing the market (BCPP), security, total number of bought or sold shares, limit price, valid period and "Stepper" must be entered as the order type. Ignored Quantity is an optional selection.

2. The validation checker ensures that the investor is authorized to place such an order and if so, the order is placed on the market.

3. Once the market accepts the intelligent order, it is place one step above the best competing offer. Competing bids are all of the auction orders with fixed limit prices and other Stepper orders with their own limit prices. As the market situation changes (e.g. when other orders with better prices that the currently shown limit price for the Stepper order are accepted), the Stepper automatically moves one step above the new order. The shift in price (up for a buy order or down for a sell order) is limited by the limit price of the order, i.e. if the market changes (competing bids) above the Stepper limit price, it remains at the depth of the market at its limit price.

"Ignored Quantity" parameter

If Ignored Quantity is used the Stepper order will ignore the cumulative quantities that are less than or equal to the defined Ignored Quantity value.

Stepper then will not adjust the given bid or offer for prices higher than the bid or prices lower than the offer. Stepper at the depth of the market is located at a price that is always a step better than the bid (offer) where the cumulative value is higher than the Ignored Quantity value.

The Ignored Quantity parameter is used in order to prevent an investor's order from being "pushed" upwards (for a buy order) or downwards (for a sell order) by a competing order with a negligible volume.

"Participate in Auction" parameter

When this parameter is selected, the Stepper also participates in the auction with the values calculated before the given phase (the Stepper in the auction does not respond to changes in the depth of the market and the indicative price).

Placing an order

Optional parameters include Ignored Quantity and Participate in Auction.


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