Opening and Closing Crosses
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(all times Eastern)
|Opening Cross||Closing Cross|
|4:00 a.m.||Trading and order entry begins||3:50 p.m.||Dissemination of imbalance information begins|
|9:25 a.m.||Nasdaq opens/enters quotes for participants with no open interest||4:00 p.m.||The Closing Cross occurs|
|9:28 a.m.||Dissemination of imbalance information begins|
|9:30 a.m.||The Opening Cross occurs|
All nationally-listed securities are eligible for the Crosses. All new listings on Nasdaq are added to the Opening and Closing Crosses on the first day of trading.
Highlighted below are the order types accepted during the Nasdaq Opening and Closing Crosses. Please refer to the Nasdaq Order Entry Reference Guide for a breakdown of order type by OUCH, RASHport, FIX and QIX connectivity protocols.
|ON-OPEN ORDERS||Specifically request an execution at the opening price. Can be limit-on-open (LOO) or market-on open (MOO).|
|IMBALANCE-ONLY OPEN ORDERS||Provides liquidity intended to offset on-open orders during the Opening Cross.
|ON-CLOSE ORDERS||Specifically request an execution at the closing price.
|IMBALANCE-ONLY CLOSE ORDERS||Provides liquidity intended to offset on-close orders during the Closing Cross.
The Net Order Imbalance Indicator (NOII) makes information available that allows for increased liquidity and better trade performance. NOII can have a very positive impact on traders’ ability to perform effectively in a highly competitive environment by providing users with invaluable details about the opening and closing orders and the likely opening and closing prices of a security.
Nasdaq disseminates Opening Cross Net Order Imbalance information every five seconds between 9:28 and 9:30 a.m., Eastern Time (ET), and Closing Cross Net Order Imbalance information between 3:50 and 4:00 p.m., ET. This data is available by subscription only via:
Firms should contact their market data vendors and service bureaus directly regarding the availability of Nasdaq Net Order Imbalance information.