UK Accounting Glossary
A good til cancelled order is an order to buy or sell a security that remains in effect until the good til cancelled order is either executed by a broker or cancelled. A good til cancelled order is not necessarily perpetual (some plans do offer this option, though); brokers usually set a limit of 30, 60, or 120 days, after which they will cancel it or notify the customer about reactivating it. Whether a broker can cancel a good til cancelled order depends on the type of plan the customer chooses. A good til cancelled order is also called an open order. A good til cancelled order is frequently used when an investor puts a price restriction on his transaction.
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This glossary post was last updated: 9th February 2020.