IB and GTC and why do they auto-expire?

[JoeAnonymous]

Why do GTC (Good Till Cancelled) orders expire?

I think it is something common across brokers and a standard or default? Is it dictated by the exchange or governing body?

And why?

Why would people going long on stock ever want their stops expired?

I think the expiration is October 1st.

 

[NoBias]

GTC is a convenience offered by your Broker. Why would a Broker want to keep unfilled orders on their books indefinitely?

How difficult is it to confirm your orders every 90 days...

Thread Title = 1-minute

 

[JoeAnonymous]

@NoBias

Thanks and sorry I had not found that. I did not look for the answer today but I did a while ago. (I think I did!)

Thank you in any case!

 

[conduit]

As NoBias said, they periodically sweep all unfilled orders because it would otherwise clog up their IT infrastructure. Imagine how many hundreds of thousands of orders would have to be monitored in real-time at a larger brokerage that could otherwise be deleted/ignored.

Why do GTC (Good Till Cancelled) orders expire?

I think it is something common across brokers and a standard or default? Is it dictated by the exchange or governing body?

And why?

Why would people going long on stock ever want their stops expired?

I think the expiration is October 1st.

 

[1245]

http://www.nasdaq.com/article/nyse-to-phase-out-gtc-and-stop-trading-orders-cm548001