Defines the period of time that an order is enforced.

Day Order - An order which will expire at the end of the trading day if it is not executed.

Fill or Kill (FOK) - An order given to a broker that must immediately be filled in its entirety, or if not possible, it is completely cancelled. This type of order may delay and/or prevent execution.

Good Till Canceled (GTC) - An order that remains in effect until it is either executed or canceled. If the order is not renewed within thirty calendar days, it will be systematically canceled at the end of the trading day indicated on the order. All orders with Saturday or Sunday expiration dates expire at the end of the previous trading day.

Immediate or Cancel (IOC) - An order where the goal is to buy or sell the stated total quantity but is flexible in two distinct senses:

1. The investor will accept any partial fill.

2. The order, whether partially or fully executed, is immediately cancelled thereafter and does not remain open. As a best practice approach, an investor should consider attaching limits to IOC (Immediate Or Cancel) orders. This type of order may delay and/or prevent execution.