Find Non-Displayed Liquidity on NASDAQ

Did you know that more than 15% of NASDAQ’s order flow is non-displayed? That's more than 15% of the largest liquidity pool available, since NASDAQ has the greatest U.S. Equities market share of any venue.

NASDAQ believes that by offering customers access to both displayed and non-displayed liquidity, there is more opportunity to execute trades at a specific price — ultimately resulting in quicker, better executions.

Uncovering the Fastest Fill at the Best Price

With NASDAQ, there are no barriers to entry — every order that comes into our book is given equal access to both non-displayed and displayed liquidity. If it’s not on the NASDAQ book, we’ll find the liquidity for you. Incoming orders are first checked against the NASDAQ book and then routed to other venues, including dark pool partners, to ensure you are getting the fastest fill at the best price.

Order Types

Mid-Point Peg

Provides firms access to non-displayed liquidity and the continuous market simultaneously. The Mid-Point Peg provides incoming orders with price improvement in the form of non-displayed liquidity within the National Best Bid and Offer (NBBO).

Non-Display Limit Orders or Limit Orders with Reserve

Many orders on the NASDAQ book have reserve behind them, so there is typically additional liquidity on the book at the NBBO that firms can access. Non-display Limit Orders can be priced within the NBBO — not only providing additional liquidity to incoming orders, but also providing price improvement.

Who Can Participate