Synthetic GTC and GTD
Synthetic Good-Till-Cancel and Good-Till-Date Order Support of InfoReach Sell-Side OEMS - TMS^bd

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TMS can automatically “convert” Good-Till-Cancel (GTC) and Good-Till-Date (GTD) low-touch orders to Day orders as they get auto-routed to the execution counterparts. TMS would automatically restate an order balance with a given counterpart the next day, and every following day until the order is canceled, executed, or expired.

This functionality provides an advantage of automatically handling clients’ order-cancel and order-modify requests during the times when the destination markets are closed.

Example: a London trading desk receives a US GTC order, and TMS automatically routes it to a US broker for execution as the Day order. The following day, while the US market is closed, the London desk receives an order cancel request for this US order. TMS can immediately out the unexecuted remainder of the client’s GTC order since no corresponding GTC order was placed with the US counterpart.