Order Validity

Order validity refers to the length of time an order remains active in the market before it is executed, canceled, or expires.

In Phillip Capital, under Phillip Nova platform, only Day Order and Good-Till-Canceled Order are available.

Common Types of Order Validity:

  1. Day Order – Expires at the end of the trading day if not executed.
  2. Good-Till-Canceled (GTC) – Remains open until executed or manually canceled.
  3. Good-Till-Date (GTD) – Stays active until a specified date unless executed or canceled.
  4. Fill-And-Kill (FAK) – Must be executed immediately (partially or fully), with any unfilled portion canceled.
  5. Fill-Or-Kill (FOK) – Must be executed in full immediately, or the entire order is canceled.
  6. Market-On-Close (MOC) – Executes at the market closing price.
  7. Market-On-Open (MOO) – Executes at the market opening price.

Quiz on Order Validity

1. What happens to a Day Order if it is not executed by the end of the trading day?

A) It remains open indefinitely.
B) It gets canceled automatically.
C) It converts into a Good-Till-Canceled order.

2. Which order type stays active until it is executed or manually canceled?

A) Day Order.
B) Good-Till-Canceled (GTC).
C) Fill-And-Kill (FAK).
D) Fill-Or-Kill (FOK).

3.Which of the following order validity is NOT offered in Phillip Nova platform?

A) Day Order.
B) Good-Till-Canceled (GTC).
C) Good-Till-Date (GTD).

4. What is the key difference between a Day Order and a Good-Till-Canceled (GTC) Order?

A) A Day Order expires at the end of the trading day, while a GTC order remains until executed or canceled.
B) A Day Order remains open until manually canceled, while a GTC order expires daily.
C) A GTC order executes immediately, while a Day Order waits for the best price.

Answers

  1. B) It gets canceled automatically.
  2. B) Good-Till-Canceled (GTC).
  3. C) Good-Till-Date (GTD).
  4. A) A Day Order expires at the end of the trading day, while a GTC order remains until executed or canceled.

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