[pantaloons]

A confusing and incorrect comment all around.

Exchanges do not receive or handle GTC or GTD orders, see for example the NYSE pillar spec.[1]

Broker-dealers handle stock splits and the behavior varies according to your broker. Some brokers will request the broker-dealer cancel all orders back, but most brokers allow limit prices to be adjusted for orders "below the market" (buy limit orders and sell stop orders). The Fidelity FAQ is an illustrative one.[2]

I'm not sure what a "vendor" is here, but brokers send GTC orders to broker-dealers, who forward them to the exchange every day as a day order. This behavior is industry standard and certainly not bush league.

[1] https://www.nyse.com/publicdocs/NYSE_Pillar_Gateway_FIX_Prot...

[2] https://www.fidelity.com/trading/faqs-order-types

[chollida1]

or you know, your wrong:)

https://www.nasdaqtrader.com/content/ProductsServices/Tradin...

it is true the the NYSE eliminated GTC orders. That just means you can't use them on NYSE, which doesn't affect my point:)

You'll have to flesh out your point more if you still feel like you have one:)

Given that I've written more than one trading systems for a living, I'm going to take my 20 years of experience over a random internet troll.

[pantaloons]

I work for a large wholesaler and wrote the code that handles client GTC orders for on behalf of pretty much every brokerage in the US. Whatever your experience is, it's no longer correct. NASDAQ stopped accepting GTC orders in 2015, before NYSE.

Here is the specific rule relating to adjusting the price of open orders: https://www.finra.org/rules-guidance/rulebooks/finra-rules/5...