Series 24: Time In Force (TIF) Designations

Time in Force (TIF) Designations

Similarly, orders having an attached time designation, such as Good-for-Day (GFD) and Immediate or Cancel (IOC), are familiar to all exchanges. Here are some additional TIF orders.

• • Minimum Quantity (MQ) Orders– Orders are entered for execution with a minimum share quantity. The minimum share quantity is filled on the first try or the order is cancelled.
• • Benchmark Orders– Orders are entered seeking to match the performance of a selected benchmark over a predetermined period of time.
• » A Volume-Weighted Average Price (VWAP) is calculated over a given time period, and the order is filled at or below this average price. This is used for low-urgency trades of fairly liquid stocks.
• » Alternat