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If a member firm accepts “Fill or Kill” orders with a limit price, the OATS system requires a Time in Force Code to be provided. What Time in Force code should be used in this situation?

April 26, 2017accepts firm limit oats orders price requires system

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If a member firm accepts “Fill or Kill” orders with a limit price, the OATS system requires a Time in Force Code to be provided. What Time in Force code should be used in this situation?

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Members that accept “Fill or Kill” orders with limit prices or “Immediate or Cancel” orders with limit prices, should use the “DAY” Time in Force Code when reporting to OATS.