For a limit order, which field is required?

For a limit order, which field is required?

• A. Routing instructions
• B. Participant ID
• C. Price type
• D. Price

Answer: (D)

A limit order works by setting a specific price at which you’re willing to trade, so the essential piece is the numeric price. That price defines the constraint: the order will only execute at that price or better, which is what makes it a limit order. Without a price, the system cannot determine when to fill the order. Routing instructions or a participant ID deal with logistics and identity, not the trade’s price constraint. The price type might indicate this is a limit price, but the actual price value is still the key requirement.

A limit order works by setting a specific price at which you’re willing to trade, so the essential piece is the numeric price. That price defines the constraint: the order will only execute at that price or better, which is what makes it a limit order. Without a price, the system cannot determine when to fill the order. Routing instructions or a participant ID deal with logistics and identity, not the trade’s price constraint. The price type might indicate this is a limit price, but the actual price value is still the key requirement.