If a “new order single” order is GTD, meaning that it expires lets say 90 days from now, do GTD orders traditionally have a time stamp component or just date? Whats typical for a stock exchange? Options exchange? So if I am placing a GTD order at 10 am, for 90 days, and I do not specify a timestamp, it makes sense to me that this order would expire in 90 days, at 10:00:01 am. And if I am placing a 90 day GTD order and I am specifically indicating timestamp of 11:46am, I expect that it will expire at 11:46:01 – or something like that. Does it make sense?
I am having a discussion with someone where they are trying to convince me that the order will expire in 90 days at the end of the day — and that makes no sense, its just counter-intuitive.
thank you
A GTD order means Good Till Date, TimeInForce(59)=6. What you describe is GFD - Good For Time, TimeInForce(59)=A. The end of GFD is defined by ExpireDate(432) or ExpireTime(126). The end of GFT is defined by ExposureDuration(1629) and (optionally) ExposureDurationUnit(1916).
GFD requires you to specific a date and optionally a time until an order expires. It then expires at the end of that date and optionally earlier than midnight. Although in reality, it is never midnight but the end of the business day as defined by your counterparts to whom you sent the order.
What you want is GFT with 90 days and that can be expressed as follows:
TimeInForce(59) = A
ExposureDuration(1629) = 90
ExposureDurationUnit(1916) = 12 (days)
However, I would assume that, for simplicity of implementation, execution venues will define this to mean 89 full days and the rest of the current day. FIX has not defined it to this level of granularity, i.e. this is subject to bilateral agreement.