Ryan places a good-'til-canceled limit order to sell 300 shares of KM at $18 a share. When his order reaches the trading floor, KM is trading at $18.20. Which of the following statements is true concerning Roy's order?
A) The trade will not be executed and will be immediately cancelled.
B) The specialist will record the order in the order book and execute the trade as soon as the price hits $18.00.
C) The brokerage firm will sell the 300 shares at $18.20 and keep the additional $0.20 as a commission.
D) The order will be executed at $18.20 with the proceeds credited to Roy's account.
Answer: D
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