Series 24: Time In Force (TIF) Designations

Taken from our Series 24 Online Guide

Time in Force (TIF) Designations

Similarly, orders having an attached time designation, such as Good For Day and Immediate-or-Cancel, are familiar to all exchanges. Here are some additional TIF orders:

• Minimum Quantity (MQ) orders—orders are entered for execution with a minimum share quantity. If the minimum share quantity is not filled on the first attempt, the order is cancelled.
• Benchmark Orders—orders are entered seeking to match the performance of a selected benchmark over a predetermined period of time.
» A volume-weighted average price (VWAP) is calculated over a given time period, and the order is filled at or below this average price. This type of order is used for low-urgency trades of fairly liquid stoc

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