Marktauftrag

What Is Marktauftrag?

A Marktauftrag (market order) is a directive given to a Broker (broker) to immediately buy or sell a security at the best available current Preis (price) in the market. It is a fundamental instruction within the broader category of Order Types used in financial Trading. When an investor places a Marktauftrag, their primary goal is immediate Ausführung (execution), prioritizing speed over securing a specific price point. This type of order guarantees that the trade will be completed, as long as there are willing buyers and sellers, making it the simplest and most common order type for many investors. ⁹The Marktauftrag is particularly prevalent in highly liquid markets where large volumes of securities are traded, minimizing the potential for significant price deviations.

History and Origin

The concept of a Marktauftrag is as old as organized financial markets themselves. In the early days of stock exchanges, such as those established in Amsterdam, London, and New York, trading often occurred via open outcry. A Broker would shout out a buy or sell order, and another Broker would immediately respond with the best available price to fill that order. This manual process inherently operated on the principle of immediate Ausführung at the prevailing market price.

With the advent of electronic trading systems, the process became automated, but the core principle of the Marktauftrag remained the same: execute immediately at the best available price. Modern stock exchanges and electronic communication networks (ECNs) are designed to facilitate rapid matching of buy and sell Marktauftrags, often in milliseconds. Financial regulators, such as the U.S. Securities and Exchange Commission (SEC), routinely publish guidelines and information to help investors understand different order types, including Marktauftrags, in the context of market structure and Ausführung quality.

#⁸# Key Takeaways

• A Marktauftrag prioritizes immediate Ausführung over price certainty.
• It instructs a Broker to buy or sell a security at the best available Preis at that moment.
• Marktauftrags are typically filled almost instantaneously in liquid markets.
• The Preis received may differ from the last quoted Preis, especially in Volatilität (volatile) or fast-moving markets.
• It is the most common and simplest type of order for most investors.

⁷Interpreting the Marktauftrag

The interpretation of a Marktauftrag is straightforward: it signifies that the investor values the immediate Ausführung of their trade more than achieving a precise Preis. When a Marktauftrag is placed, it is typically filled at the Geldkurs (bid price) for a sell order and the Briefkurs (ask price) for a buy order. The e⁶ffective Preis received can be influenced by the Spread (the difference between the Geldkurs and Briefkurs) and the Liquidität of the security. In highly Liquidität markets with tight Spreads, the Preis obtained will be very close to the quoted Preis. However, in illiquid or Volatilität markets, the Preis might deviate significantly from what the investor saw just moments before placing the order. Therefore, using a Marktauftrag implies an acceptance of this potential Preis uncertainty for the sake of immediate trade completion.

Hypothetical Example

Imagine an investor, Anna, wants to buy 100 shares of Aktie (stock) XYZ immediately. The current quoted Geldkurs for XYZ is €50.00 and the Briefkurs is €50.05. Anna places a Marktauftrag to buy 100 shares.

Upon placing the Marktauftrag, her Broker sends the order to the market. Since it's a Marktauftrag, it will be filled at the best available Briefkurs. Assuming there are enough shares available at €50.05, Anna's order for 100 shares of Aktie XYZ is immediately executed at €50.05 per share.

Total cost (excluding Gebühren): (100 \text{ shares} \times €50.05/\text{share} = €5,005).

If the market for XYZ was less Liquidität or experiencing high Volatilität, there might not have been 100 shares available at €50.05. In such a case, a portion of her order might have been filled at €50.05, and the remaining shares at the next available Briefkurs, say €50.10, leading to a higher average Preis than initially anticipated.

Practical Applications

Marktauftrags are commonly used in various scenarios where the certainty and speed of Ausführung are paramount. For instance, in Daytrading or when reacting to breaking news that significantly impacts a security's Preis, investors often use Marktauftrags to enter or exit positions quickly. This ensures they participate in the market movement without delay.

Furthermore, investors engaged in Portfolio rebalancing might opt for Marktauftrags if the exact Preis for a security is less critical than completing the trade to maintain their desired asset allocation. Marktauftrags are also the default Order Types in many online brokerage platforms due to their simplicity and guaranteed Ausführung. However, their use requires a clear understanding of market conditions, as the Preis certainty is not guaranteed. Reputable financial organizations, like FINRA, regularly educate investors on how different Order Types function to help them manage their Handelsstrategie (trading strategy) effectively.

Limitations and Criticisms

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Despite their simplicity and guaranteed Ausführung, Marktauftrags come with significant limitations, primarily concerning Preis uncertainty. The most notable criticism is Slippage, which occurs when the Ausführung Preis differs from the quoted Preis at the time the order was placed. This can be particularly problematic in thin markets with low Liquidität or during periods of high Volatilität, where Preises can change rapidly between the time an order is placed and when it is filled.

For example, during events like th⁴e 2010 "Flash Crash," rapid market movements led to Marktauftrags being executed at "irrational prices," some as low as a penny or as high as $100,000, before Preises normalized. While extreme, this event highlight³ed the potential risks of Marktauftrags in turbulent conditions, where the Ausführung Preis can significantly deviate from expectations. This lack of Preis control means that a Marktauftrag may lead to an unfavorable Preis if the market moves against the investor unexpectedly. Therefore, while offering Ausführung certainty, investors using a Marktauftrag implicitly accept the risk of Preis variance.

Marktauftrag vs. Limitauftrag

The Marktauftrag (market order) is frequently contrasted with the Limitauftrag (limit order), which is its primary alternative for investors. The fundamental difference lies in their priorities:

A Marktauftrag instructs the Broker to fill the order at the current prevailing Preis, ensuring the trade happens quickly. Conversely, a Limitauftrag sets a specific Preis at which the investor is willing to buy or sell (or better). For a buy Limitauftrag, the Ausführung will occur at the specified Preis or lower; for a sell Limitauftrag, it will be at the specified Preis or higher. While a Limitauftrag guarantees the Preis, it does not guarantee Ausführung, as the market may never reach the specified limit Preis. Investors choose between a Marktauftrag and² a Limitauftrag based on whether speed or Preis certainty is more important for their Handelsstrategie.

FAQs

When should an investor use a Marktauftrag?

An investor should use a Marktauftrag when the immediate Ausführung of the trade is the highest priority, regardless of minor Preis fluctuations. This is often the case in highly Liquidität markets where Preises are stable, or when an investor needs to enter or exit a position quickly due to news events or personal circumstances.

What are the risks associated with a Marktauftrag?

The primary risk of a Marktauftrag is Preis uncertainty, often referred to as Slippage. In Volatilität or illiquid markets, the Ausführung Preis might be significantly different (worse) than the Preis observed just before placing the order. This can lead to unexpected costs or lower returns.

Is a Marktauftrag always the best option for buying or selling securities?

No, a Marktauftrag is not always the best option. While it guarantees Ausführung, it does not guarantee a specific Preis. For investors who prioritize a precise Preis point or are trading in volatile or illiquid securities, a Limitauftrag or other conditional Order Types might be a more suitable choice to manage Risikomanagement and achieve their desired Handelsstrategie.¹