Order Types
An order designated as "GTC" will:
GTC (Good-Til-Canceled) orders remain open until they are either executed or cancelled by the customer. Day orders expire at the end of the trading day. Fill-or-Kill (FOK) must execute immediately in full or be cancelled
Complete Analysis & Legal Rationale
GTC (Good-Til-Canceled) orders remain open until they are either executed or cancelled by the customer. Day orders expire at the end of the trading day. Fill-or-Kill (FOK) must execute immediately in full or be cancelled.
Distractor Autopsy (Why Other Options Are Traps)
FINRA exam writers design incorrect distractors using specific calculation mistakes and regulatory misconceptions. Review why each option succeeds or fails:
Does not match the governing concept in the explanation.
Does not match the governing concept in the explanation.
Matches the verified teaching point in the explanation.
Does not match the governing concept in the explanation.
Official Standard: Outline-level citation pending rule-specific upgrade. Verify against current FINRA Series 7 outline.