The most frequent reasons for rejection of order by the WSE

Orders with a minimum amount

Orders with a minimum amount must be immediately executed at least in the minimum amount, not necessarily in one transaction.

If an order is placed before the market opening, it will be rejected by the WSE.

If an order cannot be immediately executed at least in the minimum amount, it will be eliminated by the WSE.

Orders with activation limit

Orders with activation limit must fulfill specific criteria at the moment they are transferred to the WSE. If they do not fulfill the criteria below, they will be rejected.

• For purchase orders:
  1. activation limit must be higher than the price of the last transaction,
  2. order limit must be equal or higher than activation limit.
  
  
• For sale orders:
  1. activation limit must be lower than the price of the last transaction,
  2. order limit must be equal or lower than activation limit.

PCR (at the market price) Orders

PCR orders can be placed only during continuous trading. This type of order placed before the market opening will be rejected by the WSE. The PCRO (at the opening market price) orders can be placed before the market opening.

For liquid securities and relatively small orders it is better to place PKC (at every price) order.

PCRO (at the opening market price) orders

PCRO (at the opening market price) orders may be submitted to the WSE only during the opening and closing call in the continuous trading and in the single price auction system, as well as during the market balancing periods.

PCRO (at the opening market price) orders placed during the continuous trading will be rejected by the WSE.

For liquid securities and relatively small orders it is better to place PKC (at every price) order.

Post-auction trading

During post auction trading only the orders at the defined price can be placed.

Orders with a price limit other than defined in the fixing, including also PKC, PCR and PCRO orders, or with a n activation limit will be rejected by the WSE.

If the price is not defined, then during the post-auction trading all orders and cancellations are rejected.

Rejection of annulments

Placing a cancellation is not synonymous with an order cancellation.

Annulments can be rejected in the following cases:

• during the intervention,
• during the period when the security is frozen,
• during post-auction trading, if the price has not been settled.

If the cancellation is rejected, the order will remain active.