Nasdaq Fixes Boring Order Rules for Wall Street Wonks
Published Date: 12/5/2025
Notice
Summary
Nasdaq BX is updating its rules to say that if you use the CORE FIX system to place a Post-Only order, you can’t choose the “Immediate-or-Cancel” time option anymore. This change affects traders using this specific order type and system, making sure orders behave as expected. The rule is effective right away and won’t cost anyone extra money.
Analyzed Economic Effects
1 provisions identified: 0 benefits, 1 costs, 0 mixed.
IOC Not Available for Post-Only via CORE FIX
If you place a Post-Only order using the CORE FIX protocol, you may not choose the Immediate-or-Cancel (IOC) time-in-force. The rule filed on November 24, 2025 extends the existing prohibition (which applied to RASH and FIX) to CORE FIX; CORE FIX became effective on September 5, 2025 but is not yet operative and the Exchange expects CORE FIX functionality to be implemented in the first quarter of 2026 with at least 30 days' notice.
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Key Dates
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