Which one of the following statements about limit orders is correct?
◦ The execution of the trade will occur prior to the close of trading on the day the trade is placed.
◦ The execution will occur at the regular open on the day following the day the trade is placed.
◦ The trade may be executed only at the limit price or better at any time prior to expiration or cancellation of the order.
◦ The trade will be executed at the market price at the end of the third business day, if not executed previously at the limit price.