A Good-Til-Canceled (GTC) Order is entered with the New Order Single (Tag 35=D) message. Following are the most relevant tags to build a GTC Order:
| Tag | Field | Description |
|---|---|---|
| 40=2 | OrdType | Specifier of Limit Order Type |
| 44 | Price | Limit Price |
| 59=1 | TimeInForce | Specifier of the Good-Til-Cancelled characteristic |
| 48 | SecurityID | Market for which the order is sent |
| 55 | Symbol | Contract for which the order is sent |
| 207 | SecurityExchange | Exchange for which the order is sent |
| 167 | SecurityType | Security Type (e.g. Futures) of this specific market |
Sample
In this example, the order is submitted for a limit price (Tag 44) of 65950 or better. As it is a buy order, a better price indicates a price lower than 65950. By setting Time-In-Force (Tag 59) to 1, the GTC order is defined. It remains open across multiple trading sessions until it is canceled, filled by the market, or expired.
GTC Limit Order
[FIXNEWORDER] 34=8|49=T4Example|56=T4|50=TraderName|52=20130222-15:51:44.315|1=Account1|11=fn-634971235043159226|48=CME_20130300_ZCH3|55=ZC|207=CME_C|54=1|38=1|40=2|44=65950|59=1|167=FUT|21=1|60=20130222-15:51:44.315|204=0| [FIXNEWORDER] [MsgSeqNum] 34 = 8 [SenderCompID] 49 = T4Example [TargetCompID] 56 = T4 [SenderSubID] 50 = TraderName [SendingTime] 52 = 20130222-15:51:44.315 [Account] 1 = Account1 [ClOrdID] 11 = fn-634971235043159226 [SecurityID] 48 = CME_20130300_ZCH3 [Symbol] 55 = ZC [SecurityExchange] 207 = CME_C [Side] 54 = 1 (BUY) [OrderQty] 38 = 1 [OrdType] 40 = 2 (LIMIT) [Price] 44 = 65950 [TimeInForce] 59 = 1 (GOOD_TILL_CANCEL) [SecurityType] 167 = FUT (FUTURE) [HandlInst] 21 = 1 (AUTOMATED_EXECUTION_ORDER_PRIVATE_NO_BROKER_INTERVENTION) [TransactTime] 60 = 20130222-15:51:44.315 [CustomerOrFirm] 204 = 0 (CUSTOMER)
GTC Order Response
[fixexecutionreport] 34=297|49=T4|56=T4Example|50=T4FIX|52=20130222-15:51:44.752|143=UK|1=Account1|11=fn-634971235043159226|17=48018.7016186076_ZCH3.6349712350605100006.1.BDB2042E|150=0|37=BDB2042E-2811-4470-9FD3-4C36CBC19FA9|39=0|48=CME_20130300_ZCH3|55=ZC|207=CME_C|200=201303|59=1|107=Corn Mar13|54=1|167=FUT|38=1|40=2|44=65950|60=20130222-15:51:46.051|21=1|204=0| [FIXEXECUTIONREPORT] [MsgSeqNum] 34 = 297 [SenderCompID] 49 = T4 [TargetCompID] 56 = T4Example [SenderSubID] 50 = T4FIX [SendingTime] 52 = 20130222-15:51:44.752 [TargetLocationID] 143 = UK [Account] 1 = Account1 [ClOrdID] 11 = fn-634971235043159226 [ExecID] 17 = 48018.7016186076_ZCH3.6349712350605100006.1.BDB2042E [ExecType] 150 = 0 (NEW) [OrderID] 37 = BDB2042E-2811-4470-9FD3-4C36CBC19FA9 [OrdStatus] 39 = 0 (NEW) [SecurityID] 48 = CME_20130300_ZCH3 [Symbol] 55 = ZC [SecurityExchange] 207 = CME_C [MaturityMonthYear] 200 = 201303 [TimeInForce] 59 = 1 (GOOD_TILL_CANCEL) [SecurityDesc] 107 = Corn Mar13 [Side] 54 = 1 (BUY) [SecurityType] 167 = FUT (FUTURE) [OrderQty] 38 = 1 [OrdType] 40 = 2 (LIMIT) [Price] 44 = 65950 [TransactTime] 60 = 20130222-15:51:46.051 [HandlInst] 21 = 1 (AUTOMATED_EXECUTION_ORDER_PRIVATE_NO_BROKER_INTERVENTION) [CustomerOrFirm] 204 = 0 (CUSTOMER)
Further details on the tags used for this order type are described in the dictionary of the New Order Single message.