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WFN QUICK BRIEF · UNDER 1 MIN
The short version
MODE 2 OF 2
What the source establishes
Investor.gov states that a buy limit order can execute only at the specified limit or lower, while a sell limit can execute only at the limit or higher. A limit order does not guarantee execution. The price condition and the eventual fill are separate elements. SEC Investor.gov — Limit Orders ↗
What the distinction changes
Consider an explicitly illustrative buy limit at 10.05 when the displayed offer is 10.00. Calling that order marketable describes its relation to that quote. If the available offer disappears and the next offer is 10.10, the original limit has not authorised execution at 10.10.
Questions for the next review
Preserve the limit price, side, quantity, time in force and any later amendment. Distinguish submitted, accepted, partially filled and completed states. Do not treat a temporary screen quote or an order-submission receipt as proof of execution.
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WFN STORY COMPASS
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EDITORIAL ILLUSTRATIONWFN EDITION · 15 OCTOBER 2026
Editorial noteSource-based explanation with original WFN analysis. Historical records retain their original periods. Numerical examples are labelled as illustrative, not observed market data. AI-generated conceptual illustration; it does not document an actual event or product interface.
WFN REALITY LEDGER
What is on the record?
Primary-source explainer
Primary-source explainer; examples are explicitly illustrative
Primary record / reference periodSEC investor education checked 15 October 2026
The cited material establishes the documented method or historical record. WFN analysis and illustrative calculations are labelled separately.
SEC investor guidance explains the limit-price constraint and the possibility of no execution. Marketability describes the quote at a moment in time.
01 · VERIFIED RECORD
What the source establishes
Investor.gov states that a buy limit order can execute only at the specified limit or lower, while a sell limit can execute only at the limit or higher. A limit order does not guarantee execution. The price condition and the eventual fill are separate elements. SEC Investor.gov — Limit Orders ↗
A quote visible before submission is not a promise that enough liquidity will remain available when the order reaches a venue. The limit continues to define acceptable prices, even if the market moves beyond it.
02 · WFN EDITORIAL ANALYSIS
What the distinction changes
Consider an explicitly illustrative buy limit at 10.05 when the displayed offer is 10.00. Calling that order marketable describes its relation to that quote. If the available offer disappears and the next offer is 10.10, the original limit has not authorised execution at 10.10.
For a brokerage workflow, the record needs both the instruction and the execution evidence. A no-fill result can be consistent with a correctly enforced limit. Conversely, a fill should be checked against the actual instruction rather than justified by the fact that the customer wanted an immediate trade.
03 · WHAT TO CHECK NEXT
Questions for the next review
Preserve the limit price, side, quantity, time in force and any later amendment. Distinguish submitted, accepted, partially filled and completed states. Do not treat a temporary screen quote or an order-submission receipt as proof of execution.
