Orders filled on multiple days

Orders filled over multiple days is rare, but can happen occasionally.

Why can orders be filled on multiple days?

Orders are executed where a seller is willing to sell to a buyer who is willing to buy at an agreed price. This pricing process is continuously taking place and can be followed followed in the order book through bid and ask prices.

Buy orders might be filled over multiple days if there are not enough sellers at your price limit, and opposite for sell orders. 

Example

Suppose you wish to buy 500 shares at a maximum price of 52.60. In the image you below you will see an order book. Immediately, you will purchase 330 shares at a price of 52.60 where a seller has a sell limit.

The remaining 170 shares will remain on remain on hold on the bid side. If no seller is willing to sell at 52.60 that day, and your order duration is longer than one day, the order for the remaining 170 might be executed the following day, later, or even not at all.

Below you can see an order book summarizing prices and quantities of buy and sell orders. You can gain full access to order books by subscribing to level 2 data.

You can gain full access to order books by subscribing to level 2 data.

Do I have to pay a transaction fee for every day my order is (partially) filled?

You pay transaction fees for each day that your order gets (partially) filled. If your order is executed in different parts on the same day, there will be one transaction fee. 

How can I avoid partial fills over several days?

For many liquid assets, partial execution will rarely occur. The less liquid an instrument is, the greater the chance that an order may take several days, and sometimes even weeks or months, to be executed. Naturally, it can be helpful to check the bid and ask prices to avoid partial executions. 

1. Change the limit of your order during the day

When using limit orders, you can change the limit within your order for many exchanges. Based on the order book, you might choose to adjust your limit to get an order executed within the day. When you adjust your limit, of course, you pay more for the shares (when buying) or receive less (when selling).

It is always up to you to judge whether adjusting a limit is desirable. In the example below, we want to adjust the limit from 50 euros to a higher limit from the order screen and the 'open orders'.

2. Choose a market order 

With a market order, you will (usually) get an immediate execution for your whole order at the price that is then available in the order book. Please note, that with a market order, you agree to the price offered or asked by the counterparty.

Even with a market order, especially with less liquid instruments, there is no guarantee that the order will be fully executed at once and it is always advisable to check what price you would pay/receive to avoid surprises.

3. Choose a day order

A day order speaks for itself: it is valid for one day. To avoid multiple fees for orders on different days, you can opt for a day order. A day order can still be partially executed. For instance, if there are only a few sellers who want to sell their securities at your limit, then only the part for which a corresponding price was found will be executed.

You can also cancel your order if you see a partial fill and do not want to wait for the remaining order to be filled.