Nasdaq Drops Indefinite 'Good-Till-Cancelled' Stock Order Feature
Published Date: 12/23/2025
Notice
Summary
Starting December 23, 2025, Nasdaq is dropping the Good-Till-Cancelled (GTC) order option for trading stocks. This means traders will no longer be able to keep orders open indefinitely—they’ll need to pick other time limits instead. This change affects all Nasdaq stock market participants and aims to keep trading smoother and more up-to-date, with no direct cost impact.
Analyzed Economic Effects
3 provisions identified: 0 benefits, 2 costs, 1 mixed.
Nasdaq drops Good‑Till‑Cancelled orders
Nasdaq will discontinue the Good‑Till‑Cancelled (GTC) time‑in‑force option for equities in its market. The removal (which includes MGTC and SGTC) becomes operative in the first quarter of 2026, and the Exchange currently intends to implement it on February 2, 2026, so participants must use other time‑in‑force options instead.
New GTC orders will be rejected
On the day Nasdaq discontinues the GTC time‑in‑force, any new GTC orders submitted to the Exchange will be rejected. The Exchange currently intends that rejection/disablement to occur on February 2, 2026 (operative in Q1 2026).
Existing GTC orders will be cancelled
Any GTC orders that remain on the Nasdaq book at the close of trading the day immediately before the discontinuation will be cancelled by the Exchange. If Nasdaq implements the change on February 2, 2026, GTC orders remaining at the close of trading on January 30, 2026, would be cancelled.
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