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An order still pending or on the books of a stockbroker to buy or sell securities, but has not yet been executed. An open order will remain in effect until it is either executed or cancelled or subject to validity constraints (i.e. when entered, they specified an expiry date and/or time). An order can be made which is good until a specific date and time (not more than 90 calendar days from the date of entry), at which point it expires.