fix protocol - When do GTD orders actually expire

Question

If a "new order single" order is GTD, meaning that it expires lets say 90 days from now, do GTD orders traditionally have a time stamp component or just date? So if I am placing a GTD order at 10 am, for 90 days, and I do not specify a timestamp, it makes sense to me that this order would expire in 90 days, at 10:00:01 am. And if I am placing a 90 day GTD order and I am specifically indicating timestamp of 11:46am, I expect that it will expire at 11:46:01 -- or something like that. Does it make sense?

I am having a discussion with someone where they are trying to convince me that the order will expire in 90 days at the end of the day --- and that makes no sense, its counter-intuitive. Thank u

question from:https://stackoverflow.com/questions/65889697/when-do-gtd-orders-actually-expire

Answer 1

As with all things FIX, it depends on your counterparty.

The default FIX message dictionary is at best a suggestion, which brokers can and usually do use in varied and weird ways. Perhaps the FIX docs may specify what it "ought" to be, but it doesn't really matter out in the wild.

Never trust anything but the counterparty's docs.