有个问题

问题如下：

Good-on-open-order is a market order. This kind of order will be submitted at the market’s open tomorrow and is filled at the market price. Tim have placed a sell market-on-open order. Which of the following statement about Tim's instruction is correct?

选项：

Tim instruction, to sell the shares at the market open, is an execution instruction.

Tim instruction, to sell the shares at the market open, is a validity instruction.

Tim instruction, to sell the shares at the market open, is a clearing instruction.

解释：

B is correct

A validity instruction specify when an order should be executed.

考点：交易指令的辨析

这道题说的是TIM下了一个以开盘价卖出的指令，问该指令属于什么指令。

开市时卖掉股票的指令，这很明显是在确定满足生效条件的时间。Validity instructions indicate when an order may be filled.

execution instruction：indicate how to fill the order,

clearing instruction: indicate how to arrange the final settlement of the trade.