Nasdaq BX Kills Off Eternal Stock Orders Forever
Published Date: 12/22/2025
Notice
Summary
Starting now, Nasdaq BX is dropping the Good-Till-Cancelled (GTC) option for stock orders. Traders on this exchange will need to pick other time limits for their orders, which means no more orders hanging around forever. This change kicks in immediately and helps keep the market fresh and fast—no extra costs, just smoother trading!
Analyzed Economic Effects
3 provisions identified: 0 benefits, 3 costs, 0 mixed.
Nasdaq BX stops allowing GTC orders
Nasdaq BX will remove the Good‑Till‑Cancelled (GTC) time‑in‑force option for equities. Starting the day the change becomes operative (currently intended to be February 2, 2026, effective in the first quarter of 2026), any new GTC orders sent to the Exchange will be rejected and traders must choose other time limits for their orders.
Existing GTC orders will be cancelled
Any GTC orders remaining on the Exchange Book at the close of trading on January 30, 2026, will be cancelled by Nasdaq BX. The Exchange also will cancel and delete rule references to GTC and will reject new GTCs once the discontinuation is operative in the first quarter of 2026.
Cancel-on-Disconnect no longer exempts GTC
Nasdaq BX is removing references to GTC Orders from its Cancel‑on‑Disconnect control (BX Equity 6, Section 5(c)), which currently allows a participant to cancel all pending Exchange orders except GTC Orders when disconnected. This rule text change will take effect when the Exchange discontinues the GTC TIF in the first quarter of 2026.
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