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Block Order Ticket

- Create block orders
- Set trade preferences

Overview

Group your equity or option orders executed on the same day into what Fidelity refers to as a block. A block order can consist of one block order or of a group of several block orders for the same security and the same order action (e.g., buy or sell). No matter how many block orders there are for a given security and side, all allocations receive the same average execution price across all accounts.

Create several block orders throughout the day and then allocate accounts to the combined block order at the average execution price. You must create and transmit the allocations to Fidelity by 7:50 PM ET of the same day. However, you cannot allocate block orders until there is at least one execution on the block.

Complete allocation instructions

Although Fidelity Brokerage Services LLC ("Fidelity") permits you to enter block orders on behalf of your customers, pursuant to regulatory requirements, you must provide prompt and complete allocation instructions on block orders, including account designations or your customer's names, as well as the number of shares to be allocated per account. This information must be received by Fidelity no later than the following times on the day the block order is executed:

Equities and fixed income securities: 8:00 PM ET

- Allocations must be received electronically by 7:50 PM ET.
Options: 4:00 PM ET

If your allocations are not received by the times listed above, Fidelity reserves the right to take necessary action to limit market exposure. This may include initiating a buy in or sell out in your account and/or requiring full payment from you. Fidelity will hold you responsible for any losses, claims, damages, or expenses (including attorney's fees) associated with such action.

Failure to adhere to this policy may result in limitations being placed on your future block trading capability.

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Create block orders

You must allocate executed share/contract amounts completely by the end of the business day.

Select Trade > Order Entry > Block.

The Block Account for the order displays at the top of the window, which you can change.
Select the Action:

Buy
Sell
Sell Short
Buy Calls to Open
Buy Calls to Close
Sell Calls to Open
Sell Calls to Close
Buy Puts to Open
Buy Puts to Close
Sell Puts to Open Sell Puts to Close
Enter the Quantity.

This value is labeled Shares for equities or Contracts for options.
Enter the Symbol or CUSIP, and press Tab.

When you tab away from Symbol/CUSIP, a Quote link enables you to access pricing information for the security.
Specify the Price Type, which determines the execution price:

M-Market
L-Limit
S-Stop Loss
SL-Stop Limit

For equities only:

TSD-Trailing Stop Loss $
TSP-Trailing Stop Loss %
TLD-Trailing Stop Limit $
TLP-Trailing Stop Loss %

- If Limit or Stop Limit, enter a Limit Price.
- If Stop Loss or Stop Limit, enter a Stop Price.
- If Trailing Stop, enter a Trail Amount.
- Then, choose what Trail Amount is Based On: Last, Bid, Ask.

Note: Making one of these selections provides greater flexibility in setting the trigger value for a trailing stop order.
Select the Time in Force, which is based on Price Type:

Day
Good til Canceled
Immediate or Cancel
Fill or Kill
On the Open
On the Close

If Good til Canceled, you may enter an Expiration Date. The default expiration date for equities is 180 days or the contract's expiration for options.
Enter remaining order information.
Select one of the following:

Verify
Systematically validates the order entries. If no errors, a Verification window displays order details for you to review before proceeding with the order. To make changes, select Edit. To send the order to the market, select Send Now.

Save
Saves the order to send later.

Send Now
If entitled; skips verification when placing the order. You will not have the opportunity to review the order on a separate Verification window before sending the order to the market.

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Field definitions

Equities order entry

Field	Definition
Action	The order action: Buy Sell Sell Short Buy Calls to Open Buy Calls to Close Sell Calls to Open Sell Calls to Close Buy Puts to Open Buy Puts to Close Sell Puts to Open Sell Puts to Close Sell Short A short sell order action is the sale of a security that is not owned by the seller. The shares are loaned from a broker or another margin account and the proceeds of the sale secure the loan. Short selling allows investors to take advantage of an anticipated decline in the price of a stock. If the seller buys the stock back at a lower price than the original price, the seller makes a profit. If the seller buys the stock back at a higher price, the seller incurs a loss. Note: You must have a Margin Agreement on file with Fidelity to place a sell short order.
Based On	If Price Type is Trailing Stop Loss or Trailing Stop Limit, this represents the price used as the trigger value for the trailing stop order. Making one of these selections provides greater flexibility in setting the trigger value for these orders. Last (Default) Bid Ask
Block Account	The available block accounts at your firm for this order.
Expiration Date	If Time in Force is Good til Canceled, this is the expiration date if other than the system default of 180 days for equities. If you specify an Expiration Date other than the system default, and the 180th day is not a business day, expiration occurs on the next business day. On the expiration date, orders expire at 4:00 PM ET and their status changes to Pending Cancel. On the day after expiration, the order status changes to Verified Cancel.
Limit Price	If Price Type is Limit or Stop Limit, this is the limit price for the order.
Price Type	For equity and option orders, this is the execution price for the order: M-Market (Default) When buying or selling a security, a market order executes at the best price in the current market at the time of your order. L-Limit A limit order is an order to buy or sell a stock at a specific price or better. A buy limit order can only be executed at the limit price or lower, and a sell limit order can only be executed at the limit price or higher. S-Stop Loss Stop loss orders become market orders once the security trades at the specified stop price. Buy stop loss orders are placed above the current market price, while sell stop loss orders are placed below the current market price. SL-Stop Limit Stop limit orders become limit orders once the security trades at the specified stop price. Buy stop limit orders are placed above the current market price, while sell stop limit orders are placed below the current market price. TLD-Trailing Stop Limit & TLP-Trailing Stop Limit A trailing stop limit order to buy automatically reduces the stop price by the trailing value (dollar or percentage) when trading moves in your favor. The order triggers a limit order when the stock trades at or above the established stop price. A trailing stop limit order to sell automatically increases the stop price by the trailing value (dollar or percentage) when trading moves in your favor. The order triggers a limit order when the stock trades at or below the established stop price. TSD-Trailing Stop Loss & TSP-Trailing Stop Loss A trailing stop loss order to buy automatically reduces the stop price by the trailing value (dollar or percentage) when trading moves in your favor. The order triggers a market order when the last trade executed is either at or above the established stop price. A trailing stop loss order to sell automatically increases the stop price by the trailing value (dollar or percentage) when trading moves in your favor. The order triggers a market order when the last trade executed is either above or below the established stop price. Note: If Time in Force is either On the Open or On the Close, Price Type is Market and cannot be changed.
Quantity	The quantity of the order. Based on the order action, displays either Shares or Contracts, and must be a whole number greater than 0.
Special Conditions	If Price Type is Limit, Stop Limit, or Trailing Stop Limit, optionally choose an order instruction: All or None (AON) Specifies to either fill the entire order or do not fill any of it. Making an all-or-none designation restricts the order. The stock can trade at or below your price on a buy, or at or above on a sell, without the right to execution, unless the entire amount of the order is executable. Do Not Reduce (R) Specifies that the order's limit or stop price not be reduced when the company pays a dividend. DNR instructions can only be entered on Good til Canceled (GTC) orders. All or None/Do Not Reduce (AR) Combines both above conditions, meaning both must be true to place the order. Not Held (H) Provides both time and price discretion for Market and Limit orders to attempt to get the best possible price. Note: If Time in Force is Day, Special Conditions selections are either All or None.
Stop Price	If Price Type is Stop Loss or Stop Limit, this is the stop loss/limit price for the order.
Symbol/CUSIP	The symbol or CUSIP of the security involved in the order.
Time In Force	How long the order remains valid: Day Specifies that the order can be filled at any point during that day. Good til Canceled Specifies a price that remains in effect until the order is executed or canceled. Good til Canceled orders expire 180 calendar days from the date they are placed. Expirations occur before the market opens on the designated expiration date. When the expiration date falls on a holiday or a weekend, the last day to extend the date is the business day before the expiration date. Immediate or Cancel Specifies that any part of the order be filled immediately, and any remaining portion be canceled. A customer enters an Immediate or Cancel order at the current bid or ask when the bid or ask size shows fewer available shares than the customer wants to trade, but the customer is willing to accept as many shares as are currently available. Fill or Kill Specifies that the order be filled in its entirety or canceled immediately. The order cannot be partially executed. A customer enters a Fill or Kill order at the current bid or ask when the bid or ask size shows fewer available shares than the customer wants to trade, and the customer will not accept less than the desired number of shares. On the Open Specifies that the order be filled at the opening price or as close to it as possible. This selection often is used for an aggregation of small orders into one large order, which is executed and then distributed following the execution. These processes are handled at the exchange level. On the Close Specifies that the order be filled at the closing price or as close to it as possible. This selection often is used for an aggregation of small orders into one large order, which is executed and then distributed following the execution. These processes are handled at the exchange level. Note: If Action is Sell Short, Time in Force is Day and cannot be changed.
Trail Amount	The amount that a trailing stop order trails the current market; may be either a percentage or a dollar amount, based on the Price Type selection.

Algorithm order entry

Refer to these definitions when completing an algorithmic order. Fields are organized below in the order of appearance on the Equities Order Ticket.

Field	Definition
Action	The action of the algorithmic order: B-Buy S-Sell SH-Sell Short A sell short order action is the sale of a security that is not owned by the seller. The shares are loaned from a broker or another margin account and the proceeds of the sale secure the loan. Short selling allows investors to take advantage of an anticipated decline in the price of a stock. If the seller buys the stock back at a lower price than the original price, the seller makes a profit. If the seller buys the stock back at a higher price, the seller incurs a loss. You must have a Margin Agreement on file with Fidelity to place a sell short order.
Quantity	The quantity of the algorithmic order, which is in shares.
Symbol/CUSIP	The symbol or CUSIP of the security in the algorithmic order.
Price Type	The execution price for the algorithmic order: M-Market (Default) When buying or selling a security, a market order executes at the best price in the current market at the time of your order. L-Limit A limit order is an order to buy or sell a stock at a specific price or better. A buy limit order can only be executed at the limit price or lower, and a sell limit order can only be executed at the limit price or higher.
Limit Price	If Price Type is Limit, this is the limit price for the algorithmic order.
Time In Force	How long the algorithmic order remains valid: Day Specifies that the order can be filled at any point during that day.
Special Conditions	The order instructions: All or None (AON) Specifies to either fill the entire order or do not fill any of it. Making an all-or-none designation restricts the order. The stock can trade at or below your price on a buy, or at or above on a sell, without the right to execution, unless the entire amount of the order is executable. Not Held (H) Provides both time and price discretion for Market and Limit orders to attempt to get the best possible price.
Algorithm	The algorithmic strategy; available options are based on entitlement: VWAP - Volume Weighted Average Price TWAP - Time Weighted Average Price TVOL (POV) - Percent of Volume SNAP (IS) - Implementation Shortfall MOC (Close) - Market On Close DARK (Dark Liquidity) - Darksweep (If entitled)
Start Time	The time during the current day that you want the order to start. You can edit only the HH:MM portion of this time stamp. Enter algorithmic orders only on business day. Enter algorithmic orders between the hours of 7:00 AM-4:00 PM ET. Note: If Algorithm is DARK-Darksweep, Start Time does not apply.
End Time	The time you want the order to stop being worked. The time must be between market hours. You may edit only the HH:MM portion of the time stamp. Note: If Algorithm is DARK-Darksweep, End Time does not apply.
Participation Rate	If Algorithm is TVOL (POV) - Percent of Volume, this is a percentage in the range of 1-50 that represents the target volume participation rate. For example, if the participation rate is 10%, the end-customer wants 10% of overall trading volume.

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