An order that uses the good ’til canceled (GTC) time in force will continue to work until the order fills or is canceled. This duration allows the trader to place an order for days, weeks or months in advance without having to place an order each day. GTC orders will generally be canceled automatically under the following conditions:
- If a corporate action on a security results in a stock split (forward or reverse), exchange for shares, or distribution of shares.
- If the company issues a dividend where the rate exceeds 3% of the prior day’s closing price.
- If you do not log into your ToledoTrade account for 90 days.
- At the end of the calendar quarter following the current quarter. For example, an order placed during the third quarter of 2011 will be canceled at the end of the fourth quarter of 2011. If the last day is a non-trading day, the cancellation will occur at the close of the final trading day of that quarter. For example, if the last day of the quarter is Sunday, the orders will be cancelled on the preceding Friday.
- Orders that are modified will be assigned a new “Auto Expire” date consistent with the end of the calendar quarter following the current quarter.