Strict Duration

Strict Duration strictly applies to participation rate and/or passive-only orders and instructs the engine to stop exactly at the specified duration or end time, regardless of whether the full target quantity has been filled.

How It Works

• For participation rate and passive-only strategies, duration is normally a guideline for sizing - the order continues running until the target quantity is fully executed. Strict Duration overrides this behavior, forcing the order to close at the duration end.

• For other strategies (e.g. Impact Minimisation), duration is already a hard stop by default - Strict Duration has no additional effect.

Volume Target/Limit with End Time

• When you set an end time shorter than the computed duration (based on your volume target and market capacity), the engine uses your end time and adjusts the order quantity downward to what's achievable within that window at the target participation rate.

• The order may complete the adjusted quantity before your end time rather than running the full duration with a partial fill.

• Example: You set up a participation rate target order. The engine predicts that based on your target participation rate and overall order size, it will take at least 24 hours to complete. You decide to set a 12-hour strict duration to override this.

  • The engine compares these two values:

    • 24 hours - how long the order would take to complete based on market volume

    • 12 hours - your desired execution window

  • Since the full quantity can't be completed within 12 hours at your target participation rate, the engine adjusts the order quantity downward at submission to roughly what's achievable in that window (with a 1.25x buffer). At 12 hours, the order strictly stops with the adjusted target quantity.

Considerations

• The order may remain partially filled if market conditions do not support full execution within the set timeframe.

• Ideal for traders requiring time-bound execution on participation rate or passive-only strategies.