Down-modify

Down-modifying an order allows market participants to decrease the size of an existing order without canceling and re-entering it. This adjustment is particularly useful for managing risk or adapting to changing market conditions while preserving the order’s position in the queue. Retaining queue priority is advantageous in active markets, where canceling and resubmitting an order could result in a loss of queue priority. Down-modify actions provide an efficient way to adjust trading strategies in fast-moving markets.