Legal Definitions - order at the market

Definition: An instruction to buy or sell a security at the best available price on the market.

Example: If you want to buy a stock and you place an order at the market, your broker will execute the trade at the current market price. For example, if the stock is currently trading at $50 per share, your order will be filled at that price.

Explanation: An order at the market is used when you want to buy or sell a security quickly and at the best available price. It is different from a limit order, which allows you to set a specific price at which you want to buy or sell. The example illustrates how an order at the market works in practice. If you place an order to buy a stock at the market, you will get the stock at the current market price, which may be higher or lower than the price you were hoping for.