TimeInForce

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1

Imported from previous forum

2

[ original email was from Ainhoa Dewisme - ainhoa.dewisme@reuters.com ]
Hi,

If an order can remain in the market for a whole week, and one week is the trading session, should TimeInForce be set to 0 when submitting an order?

Regards

Ainhoa

3

[ original email was from Rodrick Brown - rbrown@ballistasec.com ]
> Hi,

If an order can remain in the market for a whole week, and one week
is the trading session, should TimeInForce be set to 0 when
submitting an order?

Regards

Ainhoa

Specifies how long the order remains in effect. Absence of this field is interpreted as DAY.

Valid values:
0 = Day
1 = Good Till Cancel (GTC)
2 = At the Opening (OPG)
3 = Immediate or Cancel (OC)
4 = Fill or Kill (FOK)
5 = Good Till Crossing (GTX)
6 = Good Till Date

4

[ original email was from Antonio Barakat - antonio_barakat2000@yahoo.com ]
> Hi,

If an order can remain in the market for a whole week, and one week
is the trading session, should TimeInForce be set to 0 when
submitting an order?

Regards

Ainhoa

If the destination automatically cancels all orders after they expire ( for the 1 week trading session), which would be logical in the scenario you described; then TIF should be “0”. [[[ 0 = Day Order ]]] Most execution destinations cancel all Day orders at the end of their trading session (usually a day - but in your case 1 week). Unless their systems can not keep a record of the trade’s posted date and then they will most likely explicitly request a GTD order to expire after 1 week.

5

[ original email was from Ainhoa Dewisme - ainhoa.dewisme@reuters.com ]
Thanks Antonio/Rodrick,

Yes, orders will expire after 1 week. At the same time, customers may cancel orders at any time during the day/week. From your answer I think TIF should be set to zero.

Thanks very much for your help

Ainhoa