Series 24: Time Orders

Time Orders

The following orders are triggered according to the time that the order is intended for execution:

• • Good For Day (GFD) or Day Order – an order that is good only from the time it is placed until the ending of the trading session of the exchange it trades on.
• • Good-’Til-Cancelled (GTC) Order – an order that persists until someone cancels it. Some broker-dealers put a limit on how long they will hold a GTC order (e.g., 90 days). These orders can last up to one year on the Nasdaq system.
• • Fill-or-Kill (FOK) Order – the full order must be executed immediately (on the first try) or cancelled. FOK orders are usually used with limit orders.
• • Immediate-or-Cancel (IOC) Order – an order that must be executed immediately or it will be cancelled by the exchange. Unlike FOK orders, IOC orders may be partially filled. IOC orders are usually used with limit orders.
• • All-or-None (AON) Order – the entire order is filled or the ord