If I place a futures market orders without a timeInForce, the result contains timeInForce=GTC, when it should be IOC as a market order does not rest on the books.
MJW
November 24, 2020, 11:18am
2
MARKET orders are placed as GTC by default and shall be filled instantly as long as there’s enough liquidity; IOC means immediately or cancelled and it doesn’t meet market orders’ situation
@MJW This is not in line with the standard definition for these time in force values. IOC is for market orders, GTC is for limit orders.
An immediate or cancel (IOC) order, also known as an "accept order", is a finance term used in investment banking or securities transactions that refers "an order to buy or sell a stock that must be executed immediately". In case the entire order is not available at that moment for purchase a partial fulfillment is possible, but any portion of an IOC order that cannot be filled immediately is cancelled, eliminating the need for manual cancellation. This "partial fulfillment" aspect is wh It is co...
In investment, a good ’til cancelled (GTC) order is an order to buy or sell a security at a specified price which remains in effect until executed or cancelled by the investor.
In other words, a GTC order will continue indefinitely until the specified parameters are met, whilst a normal day order would cancel automatically after the market closes, requiring the investor to make a new order the next day if desired.
MJW
November 24, 2020, 11:41am
4
Thank you for the information. We’ll let the team know.
No problem, I can correct the TIF from the result myself so my unit tests pass
