Series 3: 6.3.2. Time Orders

6.3.2. 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. This order is good only from the time it is placed until the end of the trading session of the exchange it trades on.
• • Good Till Cancelled (GTC). 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.
• • Fill-or-Kill (FOK). The full order must be executed immediately (on the first try) or cancelled.
• • Immediate-or-Cancel (IOC). An order that must be executed immediately or it will be cancelled by the exchange. Unlike FOK orders, IOC orders may be partially filled.
• • All-or-None (AON). The entire order is filled or the order is cancelled.
• • On-the-Opening. These orders are specified for the opening of the market. They can be