Limit Orders

Limit orders include a specified price limit, and may not be executed at a price worse than that limit. They are divided into restricted limit orders and unrestricted limit orders.

Unrestricted Limit Orders

These orders are used in all markets and have a duration attached to them.

• Good-for-Day (GFD) is also known as a day order. All orders are assumed to be GFD unless otherwise specified. The validity of a GFD order ends at the close of that day's Trading Period. GFD orders entered during the Post-Trading Period of a given trading day will be valid for the following trading day.
• Good-till-Cancelled (GTC) is also known as an open order in some markets. This order remains valid until it is executed, it is cancelled, or the contract expires. All orders are automatically cancelled one year after entry.
• Good-till-Date (GTD) is similar to GTC but carries a specified date up to one year from entry on which the order is automatically cancelled.

Restricted Limit Orders

• Immediate-or-Cancel (IOC) is to be filled immediately, either completely or to the extent possible; the portion that cannot be filled immediately is cancelled.

Closing Auction Only orders may be entered during the entire trading day, but are only active during the closing auction phase of the current business day. No price reasonability check is performed at order entry. This restriction type applies only to orders for price/time matched futures.