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Glossary: O

These are common terms used in the financial services industry

OCO (one cancels the other)

Lets you place a sell limit and sell stop order on the same stock at the same time. When either order is executed the other will automatically be cancelled. Also applies to a buy limit and buy stop order.


A current market price is made up of a level at which you can sell and a level at which you can buy. The level at which you can buy is always the higher of the two prices and is called the offer. Also known as bid/bid price, as on B-Bid, you also mentioned it was known as offer/offer price.

Offer price

The price at which the seller is willing to sell at. Also known as bid/bid price, as on B-Bid, you also mentioned it was known as offer/offer price.

Online trading

The act of buying or selling financial instruments using an online platform, such as CMC Markets' Next Generation platform.


The first price at which a security traded during the day. Will often be calculated as a part of an opening auction process.

Open position

A long or short position that has been opened and has not yet been closed out by an equal and opposite trade, which represents current exposure to the particular market.


The right, but not the obligation, to buy (‘call option’) or sell (‘put option’) a specific amount of a given stock, commodity, currency, or index at a specified price (the ‘strike price’) during a specified period of time. For the holder, the potential loss is limited to the price paid to acquire the option. When an option is not exercised, it expires.

Order / order to open

An instruction by a customer to a broker/trader to buy or sell should a specified price be reached. The order remains valid until executed or cancelled by the customer.

Order book

When bid and offer prices match, new incoming orders are automatically logged against orders on the book. FTSE 100 stocks have been traded on an electronic order book since 20 October 1997

Ordinary Shares

The most commonly traded security in Australia. Holders of ordinary shares are part-owners of a company and may receive payments in cash, called dividends, if the company trades profitably. They have no preferential rights as to either dividends out of profits or capital on a winding up.


A leading indicator in chart analysis which shows a potential trend reversal before it occurs.


Out-of-hours – or extended hours – trading usually refers to trading on an index outside of its main opening hours. At CMC Markets, you can trade on the UK 100, Germany 30, France 40 and Euro 50, 24-hours-a-day from Sunday evening to Friday evening.

Over-the-counter market (OTC)

Refers to trading that is carried out directly between two parties, without any supervision of an exchange.
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