Tunis Stock Exchange Order Types: Limit, Market, Stop

Mizen editorial team · published 30/10/2026 · checked 30/10/2026 · Translation; the French version is authoritative

The order type and its validity period determine execution priority, price control, and the handling of any unexecuted portion. The rules described here are those of the Trading Regulations (Règlement de parquet) applicable since 28 September 2026 and the General Regulations of the Stock Exchange (Règlement général de la Bourse).

Order types

The limit order is the most common. The investor sets a maximum price for a purchase, or a minimum price for a sale. It is accepted during accumulation phases, in continuous trading, and during trading at last price. Its priority depends first on price, then on time. A day limit order cannot be entered outside the reservation thresholds.

The market order is transmitted without a price limit. It executes at successive prices in the order book, and its unexecuted balance remains "at market". For an illiquid or reserved security, it may be filled at the reservation threshold. It is often referred to as "ATP" (à tout prix) in French stock market jargon; this acronym does not exist in Tunisian statutory texts, which refer to market orders.

The market-to-limit order (« market to limit ») is likewise entered without a price. During accumulation phases (see trading hours), it adopts the theoretical opening price as its limit. In continuous trading, it executes against the best opposing limit available upon its arrival, and its balance becomes a limit order at that price. It is rejected if there is no counterparty. This is the former "best limit order" under the General Regulations of the Stock Exchange (Règlement général de la Bourse).

The at-opening order, provided for by the General Regulations of the Stock Exchange (accepted in pre-opening, executed at the auction), no longer appears under this name in the 2026 Règlement de parquet.

Stop orders make execution conditional on a price level:

• a stop order (ordre à seuil de déclenchement) becomes a market order as soon as the price reaches the trigger threshold;
• a stop-limit order (ordre à plage de déclenchement) becomes a limit order.

Stop orders do not participate in the determination of the theoretical price. Finally, the cross trade (« cross » / application) allows a broker to cross two orders from its clients, provided the price lies strictly between the best opposing limits in the order book.

Execution conditions

An order may include a disclosed quantity, known as an "iceberg" order: only a portion of the order is displayed in the order book, with the remainder appearing in tranches as executions occur.

Other possible conditions:

• minimum quantity, below which no transaction occurs;
• fill or kill (« fill or kill » / exécuter ou annuler): the order is executed in full, or cancelled;
• fill and kill (« fill and kill » / exécuter et éliminer): the order is executed for the available quantity, and the balance is cancelled.

Each execution incurs fees, detailed in the transaction fees guide. The practice account allows you to practise without committing capital.

Validity periods

• Day (Jour): default validity. An unexecuted order is cancelled at the end of the trading session.
• Good-till-date (À date déterminée): the order remains active until the specified date, up to a limit of 365 days.
• Good-till-cancelled (À révocation): the order subsists until execution or cancellation, and is removed after 365 days. A "1-year validity" only exists in these two forms.
• VFC (valid for closing auction / valable pour le fixing de clôture): the order remains concealed until pre-close and participates in the closing auction.

An order is also automatically cancelled in several cases: suspension of trading in the security for more than one session, or the ex-date (detachment) of a subscription or bonus right. Upon dividend detachment, the coupon amount is deducted from the limit of the order in the book (see reading a dividend notice). The Stock Exchange may also purge all orders in a security during a corporate action.

Modifying an order in the book causes it to lose its priority, unless it is a reduction in quantity. Neither side, security, order type, nor disclosed quantity can be altered. Orders are transmitted in writing, by telephone (with conversations recorded and retained for at least six months), or via the internet, in accordance with the agreement signed with the broker.

Frequently asked questions

What order types are available on the Tunis Stock Exchange?

Limit orders, market orders, market-to-limit orders, and stop orders with a trigger threshold or range. A broker may also execute a cross trade between two of its clients within the best limits of the order book.

Market order or limit order: what is the difference?

A limit order sets the price beyond which it will not execute: it may therefore remain unfilled. A market order has no limit: it executes at available prices, and for an illiquid or reserved security it may be filled at the reservation threshold (up to +6% for a Group 11 security).

How long does a good-till-cancelled order last?

365 days at most. It is purged upon expiry, or sooner if executed or cancelled.

Does the ATP order exist on the Tunis Stock Exchange?

The acronym "ATP" (à tout prix) is in common use in France but does not appear in any Tunisian statutory text. On the Tunis Stock Exchange, the equivalent is the market order.

How does a stop order work?

It activates when the market price reaches the specified trigger level. It then becomes a market order (trigger threshold) or a limit order (trigger range), without contributing to the theoretical price before activation.

• Règlement de parquet de la Bourse de Tunis (applicable à partir du 28/09/2026) — art. 5.4, 5.5, 5.6, 5.7, 5.9
• Règlement général de la Bourse — art. 92, 95, 96, 98, 101
• Décret n° 99-2478 du 01/11/1999 portant statut des intermédiaires en bourse — transmission des ordres

General information; not tax advice and not an investment recommendation.