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How Order Expiration Differs from Done for Day

Article Quant Q&A · Author: abnv
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Summary

The document explains two order status messages that indicate trading has ended for an order. An expired status can apply when a Good Till Date order reaches its stated expiry or when a Good Till Cancel order reaches a broker’s maximum age. That age can vary by broker and may not be specified in advance.

Done for Day applies when a Day order remains unfilled or partly filled at the close of the trading day, with no further executions expected before cancellation. The two statuses therefore point to different time-in-force endpoints: a date or age limit for expiration, and the end of the current trading day for Done for Day. The answer notes that both messages are optional, so brokers may omit them. It frames both as indicating that the order has been canceled and will receive no more executions, while leaving broker-specific implementation details open.

Key ideas

  • An expired status can mark the end of a Good Till Date order’s stated validity.
  • A Good Till Cancel order may expire after a broker-defined maximum age.
  • Done for Day can mark an unfilled or partly filled Day order at the trading day’s end.
  • Both messages indicate that no further executions are expected after cancellation.
  • Brokers may choose not to send either message.

Tags

ExecutionMarket microstructure
Full text
# Difference between Order Expire and Order Done for Day (DFD)


# Difference between Order Expire and Order Done for Day (DFD)












Whats the difference between Order Expire and Order Done for Day (DFD) ? In general and from FIX protocol point of view.

## Answer by kurtosis (score 2)

https://quant.stackexchange.com/a/55888

Order expired may be sent when a Good Til Date (GTD) order reaches its expiration date or a Good Til Cancel (GTC) order reaches its maximum age. That maximum age may be broker-specific and even unspecified, e.g. until the next major software release by the broker.

Order Done for Day may be sent when a Day order is unfilled or partially filled at the end of the trading day and no further executions will be sent before the order is canceled.

Both messages are optional; some brokers may choose not to send those messages.

In general, both messages convey when an order has reached the end of its Time in Force and that no more executions will be sent since the order has been canceled.

Shown in full with attribution under the source's licence. Licence: CC BY-SA 4.0 (Stack Exchange)

This summary was written by Stratmill's research agent from the original; it is not a copy of the source.