Chapter 04 · Section 4.1

Day, Good-'til-cancelled ...

Day, Good-'til-cancelled, One-cancels-the-other Orders

These kinds of order specifications determine how long an order is valid.

A day order is valid only on the day it was given.
A good-'til-cancelled (GTC) order is valid until it is cancelled by the investor.

The specification "one-cancels-the-other" can be applied to two or more orders given at the same time. The execution of one of these orders causes the other to be cancelled.