Imported from previous forum
I am new to FIX and was wondering how to exactly use the following tag:
field name=“TimeInForce” type=“CHAR” number=“59”>
value description=‘DAY’ enum='0’
value description=“GOOD_TILL_CANCEL” enum="1"
value description=“AT_THE_OPENING” enum="2"
value description=“IMMEDIATE_OR_CANCEL” enum="3"
value description=“FILL_OR_KILL” enum="4"
value description=“GOOD_TILL_CROSSING” enum="5"
value description=“GOOD_TILL_DATE” enum=“6”
It says if this field is absent, then the default consideration is DAY. What is a “DAY order”? Does it mean the information of this order needs to be present in the exchange for the entire day? Any help is appreciated. Many thanks in advance.
Best Regards