Cancel-Replace

A Cancel Replace Order cancels & replaces a previous commodity order by changing either the price, type, or quantity. Cancel Replaces instructs the floor, or pit, broker that the original order placed should be replaced with the new specified price, quantity, or commodity and effectively cancels out the first.

Canceling and Replacing is a combination of two orders written on one order ticket. This instructs the floor broker that once one side of the order is filled, the remaining side of the futures order should be canceled. By placing both instructions on one order, rather than two separate tickets, the trader eliminates the possibility of a double fill.

 Order Types                     Commodity Order Types                     Fill or Kill 

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