Time in Force instructions allow you to specify how long an order will remain active before it is executed or expires. These options are especially important for active traders and allow them to be more specific with the time parameters associated with an order. On The PIT, you have four possible elections for time in force.
Immediate or Cancel
This selection for time in force dictates that any portion of the order that does not fill immediately will be canceled. When you place an “immediate or cancel” order, you will see a field for “Minimum quantity.” By placing an amount in this optional field, you are specifying that you want an immediate fill on the quantity specified in that field and any portion beyond that which does not immediately fill should be cancelled.
Fill or Kill
This time in force selection specifies that the entire order must execute immediately or be canceled. The fill-or-kill order type is designed to ensure that a trader does not receive a partial fill - leaving the trader with a position size he/she feels is too small. Failure to fill the entire order upon immediate submission to the market causes the system to cancel the order in its entirety.
Good till Date
This selection for time in force specifies that you want to keep the order in the system until a specified date, unless it is executed or cancelled. On The PIT, our date selector will allow you to choose a date as far out as 95 days. If the order is not executed or cancelled before the date you specify, it will expire at 12:00 AM (GMT+1/Midnight in London, UK).
Good till Cancelled
This is an order to buy or sell at a specified price which remains in effect until executed or cancelled by the investor. On The PIT, your GTC orders remain in effect for 95 days and expire at 12:00 AM (GMT+1/Midnight in London, UK).