Nasdaq Axes 'Good-Till-Cancelled' Eternal Stock Orders
Published Date: 12/22/2025
Notice
Summary
Starting now, Nasdaq PHLX is dropping the Good-Till-Cancelled (GTC) option for stock orders. Traders on this exchange will no longer be able to keep orders open indefinitely—they’ll need to pick other time limits instead. This change kicks in immediately and aims to keep trading smoother and more up-to-date, with no extra costs involved.
Analyzed Economic Effects
4 provisions identified: 0 benefits, 2 costs, 2 mixed.
Nasdaq PHLX drops GTC order option
If you trade equities on Nasdaq PHLX, the exchange will remove the Good-Till-Cancelled (GTC) Time-in-Force option (the one-year-after-entry setting, including MGTC and SGTC). The change becomes operative in the first quarter of 2026 (the Exchange currently intends February 2, 2026), so you will need to choose other time limits when placing orders on PHLX.
New GTC orders will be rejected
Starting on the discontinuation date (currently intended February 2, 2026), any new GTC orders submitted to Nasdaq PHLX will be rejected by the Exchange. You cannot place new orders with the one-year GTC Time-in-Force on PHLX after that date.
Existing GTC orders will be cancelled
Any GTC orders remaining on the PSX Book at the close of trading on January 30, 2026, would be cancelled by the Exchange. The Exchange will cancel existing GTC orders that remain on the book immediately prior to the discontinuation becoming operative.
Cancel-on-Disconnect no longer exempts GTC
PHLX proposes to remove references to GTC from its Cancel-on-Disconnect control (Equity 6, Section 5(c)), which now states the control cancels all pending Exchange Orders except GTC Orders. After the rule changes and discontinuation of GTC, that GTC exception language would be deleted.
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