An open order is an order that is to be executed when an, as yet, unmet requirement has been met before it is cancelled by the customer or expires. The customer has the flexibility to place an order to buy or sell a security that remains in effect until their specified condition has been satisfied. These types of orders are subject to delayed executions since they are not market orders. Sometimes, a lack of market liquidity for a particular security could also cause an order to remain open.
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