Wednesday, March 27, 2013

Equity Trader Alert #2013 - 27
Limit Up/Limit Down and Market Wide Circuit Breaker Rollout Plan

What is the general plan for Limit Up/Limit Down (LULD) production rollout?

NASDAQ OMX^® will begin to rollout in production groups of Phase 1 securities in compliance with the Limit Up/Limit Down Plan starting April 8, 2013.

Phase 1 of the plan mandates that symbols in the S&P 500, Russell 1000 and selected ETPs as outlined in the plan (Appendix A 2013 Schedule 1) comply with the LULD Rule starting on April 8, 2013. NASDAQ OMX currently plans to have all of the stocks applicable to Phase 1 completely rolled out into production over 5 weeks starting April 8, 2013, and ending no later than May 31, 2013. The rollout will be staggered with groups of symbols and increasing amounts added each week.

Phase 2 of the plan is currently scheduled to begin to go into effect starting August 1, 2013, and be completed on or before September 30, 2013. Phase 2 will include all NMS stocks other than those in Tier 1. The staggered rollout for Phase 2 is expected to be similar to Phase 1.

What is the plan to rollout the revised Market Wide Circuit Breakers?

The revised Market Wide Circuit Breakers will go into full effect starting April 8^th, 2013. The details of the new Market Wide Circuit Breaker are outlined in the following previous notices, ERA #2013-1 and ERA #2012-6.

What are the details of the rollout plan for LULD?

NASDAQ's LULD Production Rollout Plan for Phase 1 starting on April 8, 2013 will be as follows:

• Week 1: April 8^th - 12^th

  10 Stocks Listed Below:

  Symbol	Description
  AAXJ	iShares MSCI All Country Asia ex Japan Index Fund
  ACAS	American Capital Ltd
  ACGL	Arch Capital Group Ltd
  ACWI	iShares MSCI ACWI Index Fund
  ADBE	Adobe Systems, Inc.
  ADI	Analog Devices, Inc.
  ADP	Automatic Data Processing, Inc.
  ADSK	Autodesk, Inc.
  AGNC	American Capital Agency Corp
  AKAM	Akamai Technologies, Inc.

• Week 2: April 15^th - 19^th

  AAPL - AWAY (20 Stocks)

• Week 3: April 22^nd - 26^th

  BBBY - FULT (65 Stocks)

• Week 4: April 29^th - May 3^rd

  GILD - ORLY (76 Stocks)

• Week 5: May 6^th - 17^th

  PAYX - ZNGA (97 Stocks)

*NASDAQ Primary Listings Only.

Do you have a detailed list of the NASDAQ symbols part of the rollout?

Yes. Refer to the complete NASDAQ LULD Phase 1 Symbol Rollout List located on the NASDAQ Trader^® webpage.

Will NASDAQ conduct any additional weekend tests prior to the production rollout on April 8^th?

Yes, as previously announced in ERA #2013-1 NASDAQ will be participating in the final weekend industry wide test on Saturday, April 6, 2013. Additional testing details will be provided in a separate notice.

Where can I find additional information?

• Refer to the NASDAQ LULD Phase 1 Symbol Rollout List on the NASDAQ Trader webpage.
• Refer to the LULD FAQ document on the NASDAQ Trader web page.
• Refer to the MWCB FAQ document on the NASDAQ Trader web page.
• Contact Transaction Services U.S. Market Sales at +1 800 846 0477.