Order & Time-in-Force Lifecycle

How order type and TIF drive an order from New to a terminal state

Order & Time-in-Force Lifecycle How order type and TIF drive an order from New to a terminal state 01 / Order phases 02 / Interruptions + recovery 03 / Terminal states New · submitted · Order phases · entry 01 New submitted entry Accepted · risk passed · Order phases · validated 02 Accepted risk passed validated Working · resting on book · Order phases · live 03 Working resting on book live Partially Filled · some qty done · Order phases · matching 04 Partially Filled some qty done matching Filled · fully executed · Order phases · done 05 Filled fully executed done Expired · TIF elapsed · Terminal states · terminal Expired TIF elapsed terminal Canceled · IOC / FOK / cancel · Terminal states · terminal Canceled IOC / FOK / cancel terminal DAY / GTC end cancel rest Legend active state waiting terminal success failure / exit

Fill Rail

  • • New passes pre-trade risk before it can rest
  • • Working means the order is live on the book
  • • A partial fill is still an active, open order

Time in Force

  • • GTC rests until filled or a broker age cap
  • • DAY expires at the session close
  • • IOC keeps fills and cancels the rest; FOK is all-or-none

Terminal States

  • • Expired ends an order the market never completed
  • • Canceled ends it on an explicit or TIF-driven kill
  • • Terminal states never re-enter the fill rail

Lifecycle diagram • Built with Archify • Create yours ↗ • Hover to trace • R route • Click to focus • +/− zoom • M radar • [/] views • P play story • T theme • E export