Terms starting with P

Partial Fill

When only a portion of a trade order is executed due to insufficient liquidity at the requested price level.

Payment for Order Flow (PFOF)

A practice where a broker receives compensation from a market maker or third party for routing client orders to them, creating a potential conflict of interest.

Also: PFOF

Pip

The smallest standard unit of price movement in a currency pair, typically the fourth decimal place (0.0001) for most FX pairs.

Also: Point in Percentage

Positive Slippage

When an order executes at a better price than expected, resulting in a favorable outcome for the trader.

Also: Price Improvement

Price Improvement

When a trade executes at a better price than the prevailing quote at the time of order submission, representing a measurable benefit to the client.

Price/Time Priority

An order matching rule where orders are filled first by best price, then by earliest submission time among orders at the same price.