Time in Force (TIF) Designations
Similarly, orders having an attached time designation, such as Good For Day and Immediate-or-Cancel, 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. If the minimum share quantity is not filled on the first attempt, 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. T