Overview

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Understanding the NASDAQ Closing Cross Web Seminar

Share Volume in the NASDAQ Crossing Network
Date Total Opening Cross Total Closing Cross
10/30/2014 15,086,746 61,887,965
10/29/2014 16,611,511 54,236,603
10/28/2014 16,038,711 71,203,995
10/27/2014 17,192,438 53,591,420
10/24/2014 20,689,981 54,885,255

 

Visit our FTP for historical data.

 

NASDAQ Opening and Closing Cross Times
(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    

 

Security Eligibility

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.

Order Types

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.
  • Must be priced (limit), no market IO orders.
  • IO buy/sell orders only execute at or above/below the 9:30 a.m., ET, offer/bid.
ON-CLOSE ORDERS Specifically request an execution at the closing price.
  • Can be limit-on-close (LOC) or market-on-close (MOC).
IMBALANCE-ONLY CLOSE ORDERS Provides liquidity intended to offset on-close orders during the Closing Cross.
  • Must be priced (limit), no market IO orders.
  • IO buy/sell orders only execute at or above/below the 4:00 p.m., ET, bid/ask.

Imbalance Data

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:

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. It provides users with invaluable details about the opening and closing orders and the likely opening and closing prices of a security, insight that can help reveal new trading opportunities.

Firms should contact their market data vendors and service bureaus directly regarding the availability of NASDAQ Net Order Imbalance information.