When trading on a netting account, you can only have one open position per instrument. If you place a new order in the opposite direction to your current position and its volume exceeds the current position, the system automatically splits the order into two parts:

• One part closes your existing position.
• The other part opens a new position in the opposite direction.

These two actions are processed as separate orders, which is important to understand in terms of execution and pricing.

Example

Let’s say you have an open long position of 1,000 units in a specific instrument. You then place a sell (short) order for 2,500 units of the same instrument. Here’s what happens:

• 1,000 units from your new order will be used to close your existing long position.
• The remaining 1,500 units will be used to open a new short position.

Important notes

• The closing and opening parts of the order are executed independently.

• We do not guarantee that both parts will be executed.

• If both parts are executed, they may be filled at different prices.