Series 99: 2.1.1.1.3 Orders Based On Time

2.1.1.1.3  Orders Based on Time

On most orders (excluding market orders), the investor must specify how long the order should be held. Here are several of the more common specifications.

• • Day order—expires if not filled by the end of the day. All orders are day orders unless the specified terms of executing the order are modified using an execution modifier.
• • Good Till Cancelled—does not expire until filled or cancelled; that is, does not automatically expire at the end of the day it is placed. A Good Till Cancelled order allows more time for the price to reach the stop or limit specified in the order.
• • Not held—gives t