Definition and examples of a canceled order
How does a canceled order work?
Types of canceled orders
Definition and examples of a canceled order
A canceled order is an order that was previously submitted for trading a security and was canceled before it was executed on the exchange. Cancellation policies may vary by stock exchange or investment firm. Some orders may be automatically canceled when certain conditions are met.
How does a canceled order work?
Investors typically cancel orders for incorrect reasons, such as an error in the time frame, price, or number of shares specified in the trade order. A stock exchange may cancel orders when communication or erroneous order entry is particularly obvious. Canceled transactions are successfully removed from the consolidated tape (the electronic system that provides data about securities listed on the exchange).
Types of canceled orders
Although orders may be canceled due to error, there are other types of orders you can execute that include the cancellation feature: Immediate or Cancel (IOC), Good Till Canceled (GTC), and Fill or Kill (FOK).
Immediate or Cancel: Immediate or Cancel orders must be executed or canceled immediately. Any unfulfilled portion of the Immediate or Cancel order is automatically canceled.
Good Till Canceled: This is an order to trade a stock that remains valid until the order is completed or until the deadline for the trade expires. The expiration date can vary by broker and may range from 30 to 60 days from the date the order is placed.
Fill or Kill: This is an order that is canceled only if the order is not completely executed immediately. Unlike an Immediate or Cancel order, a Fill or Kill order does not accept partial fulfillment of the order.
Source: https://www.thebalancemoney.com/what-is-a-canceled-order-5205069
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