Time In Force Selections (GTC, GTX, IOC, FOK)
When placing an order, a trader can select from several 'Time in Force' strategies to determine the most effective execution method for the order.
When placing an order, a trader can select from several 'Time in Force' strategies to determine the most effective execution method for the order.
Under GTC rules, a limit order that is resting on the books remains on the books until canceled. This is the default policy if no time in force option is specified.
GTX limit orders, sometimes referred to as limit maker or post-only orders, only add liquidity to the order book. On execution, if any part of a GTX limit order crosses the spread and matches a resting order, the entire GTX order is canceled without generating any fills.
Limit orders with an IOC time in force only take liquidity from the order book, and never become a resting order on the book. On execution, any portion of an IOC limit order that matches resting orders is filled, and the rest of the order is canceled.
Similar to IOC orders, FOK limit orders only take liquidity from an order book. The entire specified quantity must be matched immediately, however, or the order is rejected without generating any fills. FOK orders must specify the CN policy to be accepted by the matching engine.