What are “Good Till Day”, “Good Till Date” and “Immediate or Cancel” orders?

Good Till Day (day order) orders are orders remains valid only for one trading session. Any unexecuted order pending at the end of the trading session is expired.

Good Till Date (GTD) order allows the user to specify the date till which the order should stay in the system if not executed. The maximum number of days for which the GTD order can remain in the system is notified by the Exchange from time to time after which the order is automatically cancelled by the Exchange system. The days counted are inclusive of the day/date on which the order is placed and are inclusive of holidays.

The order expiry on the last valid date of the order may take some time on account of day-end reconciliation processes. Since there is a stray possibility that the order may actually have got ‘executed’ though it is showing as ‘ordered’ on the website, modification/cancellation of the order is permitted and the order is considered as a valid order for margin calculation purposes till the order is ‘expired’.

An Immediate or Cancel (IOC) order allows the user to buy or sell a security as soon as the order is released into the system, failing which the order is cancelled from the system. Partial match is possible for the order and the unmatched portion of the order is cancelled immediately.

GTD orders can be placed for earlier of the following two dates.

A maximum number of days as notified by the exchange i.e. 7 days

Contract expiry date

For example, exchange allows GTD orders for 7 days. There are following three contracts available for trading in futures market.

Fut – ACC – 27 Feb 2002

Fut – ACC – 26 Mar 2002

Fut – ACC – 29 Apr 2002

In this example, on 17th February 2002, you can place a GTD order for earlier of the following two dates.

7 days from the placement date i.e. 23rd Feb 2002.

Respective expiry dates.

Hence on 17th Feb, GTD order in any of the three contracts can be placed maximum for 23th Feb 2002.

Currently GTD orders are disabled by the exchange.


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