December 17, 2015
This proposed rule to eliminate GTC orders will, I believe, work to the disadvantage of individual investors. The elimination of Stop orders may serve to reduce volatility, but the NYSE justification for the GTC elimination is weak, at best:
"The Exchange also believes that eliminating GTC Orders would benefit investors because
it shifts the responsibility to monitor best execution obligations on behalf of a customer to
the member organization entering the order, rather than leaving a GTC order at the
Exchange until it gets executed."
I use GTC orders frequently, even though I am a relatively conservative value investor. It makes it easier for me to buy and sell stock at my target price, using Limit orders, as I don't constantly monitor the market. Shifting responsibility to brokers for best execution will probably result in most of them not accepting GTC orders as well.