Order durations

Duration types are instructions that determine how long an order remains active.


Duration type
Definition
Day The order will remain active until the end of the current trading day. If the order is not filled by the end of the trading day, the order is cancelled.
Good ‘till date (GTD) The order will remain active until the specified date. If the order is not filled by the chosen date, the order is cancelled.
Good ‘till cancelled (GTC) The order will remain active until the order is filled, or the order is manually cancelled – whichever occurs first.

Note: the maximum length of time an order can remain active is 90 days. After this point, the order is cancelled automatically.

Additionally, the GTC duration is not supported for Canadian multi-leg orders.
Good ‘till extended market (GTEM) The order will remain open for the current trading day in both pre- and post-market hours, until the order is filled. If the order is not filled by the end of post-market hours, the order is cancelled.

Canadian and U.S. GTEM orders placed during market hours will be active for the post-market. Post-market hours start as early as 4 p.m. and go until 5:30 p.m. ET.

Trades placed after 5:30 p.m. ET will be active for the pre- and post-market the next trading day. Pre-market hours start as early as 7:30 a.m. and go until 9:30 a.m. ET.

Note: Canadian stocks do not have a pre-market.
Fill or kill (FOK) The order will fill immediately and completely, or not fill at all. If the order is not filled in its entirety, the order is cancelled (killed).
Immediate or cancel (IOC) All or part of the order will fill immediately. Any portion of the order that is not filled immediately is cancelled.


Tip: GTEM orders allow you to set a pricing constraint such as limit price in order to minimize risks stemming from the relative volatility of extended markets.

Notes:
  • Only GTEM orders will remain active during pre-market and post-market hours.
  • For day orders created prior to the start of the standard trading session (9:30 a.m. ET) that go through the NASDAQ or ARCA exchange, the order may execute during pre-market trading.
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