An order qualifier (also known as GFA time in force) that is used to direct orders to the next auction (whether already scheduled or not- scheduled trading sessions/ unscheduled trading sessions). Directed orders will be executed during continuous trading, under a specific auction/ session scheduling format (session parameters): opening auction call, volatility auction call, intraday auction call, resume auction call, closing auction call, etc.
GFA orders are directed as soon as such orders enter an auction phase- uncrossing of an auction- (opening, periodic, automatic execution suspension (AESP), exchange delivery settlement price (EDSP), and closing) with any remaining volume setting to expire after uncrossing. If no auctions in a trading day are held, then an order is set to expire after end of trading for a particularly day.
If participated in uncrossing, GFA orders will feed into the calculation of the indicative auction information. At the end of an auction call session, the remainder part of an order, if any, will be removed from the regular order book and parked for the next auction until the remainder of the order is fully filled/ cancelled for a particular day.
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