What happens to quotes not matched by end of day?

• A. They are deleted at the end of the business day (10 p.m.)
• B. They are kept for the next day
• C. They are rolled over automatically
• D. They are converted to orders

Answer: (A)

Unmatched quotes are cancelled at the close of the trading day. As the session ends (here at 10 p.m.), any quotes that haven’t found a match are removed from the book to prevent stale pricing and accidental fills in the next session. Quotes are invitations to trade, not a commitment to trade, so they aren’t kept for the next day, rolled over automatically, or converted into orders. Cancelling them at close keeps the market data accurate and the system clean for the next day.