29 4.4 Limit On Open (LOO) Orders A LOO order is a limit order with a specified duration to trade in the opening auction only, with any unexecuted portion cancelled before the commencement of the continuous trading session. The order will have the same standing in the opening allocation priority as a regular limit order participating in the opening auction. The LOO order type provides additional options for participants to manage their opening orders by specifying that the order is to participate only in an opening auction, subject to its indicated limit price. 4.5 Duration 4.5.1 Day Orders On TSX, TSXV, and TSX Alpha, day orders expire at 5 p.m. and can participate in all trading sessions. 4.5.2 Good Til Cancelled (GTC) Good Til Cancelled orders expire at 5 p.m., 90 calendar days after entry. These orders participate in all regular trading sessions, including Market on Open, Continuous Trading, Market on Close, and Extended Trading. GTC orders are accepted on TSX, TSX Venture and TSX Alpha. It is important for participants to verify all open orders each morning to identify any orders that may have expired the night before. 4.5.3 Good Til Date (GTD) Good Til Date orders expire at 5 p.m. on a specific day. These orders can participate in all trading sessions. Good Til Date orders with a specific time of expiry are not supported. GTD orders are accepted on TSX, TSX Venture and TSX Alpha. 4.5.4 Immediate or Cancel (IOC) An IOC order is eligible to receive a full or partial fill. Any portion not filled is cancelled immediately. IOC orders are accepted on TSX, TSX Venture and TSX Alpha. IOC orders may have board lot, mixed lot or odd lot volumes. Example: IOC Orders Assume the CLOB is as follows: BID OFFER Order # Quantity Price Price Quantity Order # 001 100 10.00 10.02 400 003 002 100 9.99 10.02 100 004 If an incoming sell order # 005 for 500 shares with a limit price of $10.00 is entered, then the following trades occur: BUYER ORDER # Seller Order # Quantity Price 001 005 100 10.00
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