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Monday, July 11, 2011

Equity Trader Alert #2011 - 36
NASDAQ Rescinds Request for Routing Addendum Related to Market Access Rule

Markets Impacted:

Contact Information:

What you need to know:

  • NASDAQ has determined that firms will not be required to execute addendums to their services agreement and will not be required to provide written supervisory procedures to NASDAQ in order to access certain routing strategies with respect to both agency and proprietary orders.

What is changing?

NASDAQ wishes to advise that it is rescinding its previous request for documentation from member firms announced in Equity Trader Alert #2011-35 and Options Trader Alert #2011-32, which related to portions of Rule 15c3-5 that take effect on July 14, 2011.

Based on further discussions among the national securities exchanges with routing broker affiliates and the staff of the Securities and Exchange Commission, NASDAQ has determined that firms will not be required to execute addendums to their services agreement and will not be required to provide written supervisory procedures to NASDAQ in order to access certain routing strategies with respect to both agency and proprietary orders. The determination not to require the Addendums and the submission of WSPs does not affect any regulatory obligations currently applicable to member firms.

Any Addendums received to date will not become effective and any written supervisory policies previously submitted will be destroyed, consistent with applicable record retention requirements.

Where can I find additional information?

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