There are three ways to place an order
1.Written order: Fill out the order
2.Phone order: Provide the client’s details and order type/amount
3.Electronic oder: Directly place order through the internet
The customer’s order enters the trading market through the respective brokerage firm.
The computer matches up orders on the basis of price and time priority .
After the trade has been made, the computer automatically provides a report that displaysthe price and transaction volume.
Every trading day, the exchange will clear each member in order to check all of the trades.
Brokerage members must also clear their clients to guarantee that all trades were correctly carried out.
Gains and losses,fees and margins are cleared on a daily basis.
After the member has been cleared,the member’s funds will be digitally transferred to the clearing bank.
Clearing process is basically the same as above, with fees according to the regulations.
Brokerage members must provide clients with a daily clearing report.