Block orders

Certain investment products require consistent execution quality and timing for orders from different end users. For these cases, Upvest offers execution of orders as block orders.

Instead of straight-through execution, orders placed with the execution flow BLOCK remain in NEW state until the predefined cut-off time. The order is then executed together with all other orders belonging to the same block, ensuring consistent execution quality and timing between these orders.

While the internal execution logic differs from straight-through orders, all API responses and webhooks function in the same way as straight-through orders.

Block order execution process

All orders specified with the execution flow BLOCK are added to a block up to 5 minutes before the cut-off time. All orders received after this time are added to the next block. The orders remain in the NEW state until order processing just before cut-off time.

Between the last incoming order and the execution of the order block (PROCESSING state), Upvest

• validates cash positions for all BUY orders
• validates security positions for all SELL orders.

If the positions are not available, the order is removed from the block and added to the next block.

After the blocked execution, all orders receive their EXECUTION.FILLED and ORDER.FILLED webhooks as usual.

Blocking criteria

Upvest offers block orders for all investment classes on our platform. Generally, only orders with the same ISIN and with the same side (BUY or SELL) are included in the same block. We also do not combine orders from different clients.

Overnight block orders

In addition to advising Upvest to execute orders in a block, you can also activate 'Overnight block orders' at tenant level. When this option is enabled, all orders sent outside trading hours are automatically added to a block and executed shortly after the next market opening.