Time Conditions
1. DAY - A day order, as the name suggests is an order which is valid for day on which it is entered. If the order is not matched during the day, the order gets cancelled automatically at the end of trading day.
2. GTC - A Good Till Cancelled [GTCs] order remains in the system until it is cancelled by user. It will therefore be able to span trading days if it doesn't get matched. The Exchange may however set an upper limit to the number of working days an order can stay in the trading system. At the end of this period, GTC orders are cancelled automatically from the system.
3. GTD - A Good Till Day [GTDs] order allows the user to specify the number of days up to which the order should stay in the trading system. At the end of this period, the order gets flushed out from the system if it is not traded or is not cancelled by trading member.
4. IOC - An Immediate or Cancel [IOCs] order allows a user to buy or sell a security as soon as the order is released into the market, failing which the order is removed from the market. There could be a partial match for such an order resulting in one or more trades, in which case the balance order will be removed from the market.
All reference to days in the trading system would refer to working days. Thus, each day is counted on a working day basis i.e. intervening holidays are not considered. The days counted are inclusive of day on which the order is placed. However, for Repo term, days are counted on a calendar basis. |
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