Dear Mastertrader.com Trader,

The time-in-force qualifier GTC, which stands for “Good Until Cancelled”, is a commonly used order modifier.  A GTC qualifier is placed on a limit or stop order in instances when an investor wishes for the order to remain open until it executes, expires or is cancelled.

As a best practice, brokerage firms typically do not maintain open GTC orders indefinitely.  Our clearing firm, Penson Financial Services, Inc., has established a new policy in an effort to better manage GTC orders.  Beginning Monday, April 13, 2009, all open Managed Route (MNGD) GTC orders aged greater than six months will be cancelled.  Penson and Mastertrader feel that, in this time of increased volatility, this practice will help us better manage order flow to meet investor expectations.

This will be run each Monday until the process can be automated on a daily basis.  Once this process is implemented, orders through the Managed (MNGD) route will only be maintained for a period of six months.  Please feel free to contact us with any questions or concerns.

Mastertrader.com
7-11 South Broadway, Suite 210A
White Plains, NY 10601

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