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Thursday, August 15, 2013

Equity Trader Alert #2013 - 75
Limit Up/Limit Down Phase 2 Rollout Reminder - Week 3

Markets Impacted:

Contact Information:

What you need to know:

  • On Monday, August 19, 2013, NASDAQ OMX, in coordination with the other primary listing markets, will continue Phase 2 rollout for Limit Up/Limit Down.
  • A link to the full symbol rollout schedule can be found below.

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

NASDAQ OMX® will continue to rollout in production groups of Phase 2 securities in compliance with the Limit Up/Limit Down Plan on August 19, 2013.

The LULD bands will begin at 9:30 a.m., Eastern Time (ET) and end at 3:45 p.m., ET each trading day, or fifteen minutes before the close in the case of an early scheduled close. The amended band times will apply to all the Tier 1 symbols and the Tier 2 symbols as they roll out.

NASDAQ OMX currently plans to have all of the stocks applicable to Phase 2 completely rolled out into production over 5 weeks. To date we have rolled out just over 300 tier 2 NASDAQ stocks as well as expanded the applicability of the LULD bands from 9:30 a.m., ET and end at 3:45 p.m., ET. Week 3 we plan to roll out an additional 478 tier 2 stocks.

What securities are included in Phase 2?

Phase 2 will include all Tier 2 NMS securities (except rights and warrants) that are not in Tier 1. Tier 1 (fully implemented) includes symbols in the S&P 500, Russell 1000 and Selected ETPs.

What are the details of the rollout plan for LULD?

NASDAQ's LULD Production Rollout Plan for Phase 2 starting on August 5, 2013 will be as follows:

Schedule by Week Production Rollout
Week 1 : August 5th

(Completed)		 Adjust times for all Tier 1 stocks for LULD bands to cover from 9:30 a.m. - 3:45 p.m. (double bands from 9:30 a.m. - 9:45 a.m., ET and 3:35 p.m. - 3:45 p.m., ET)

Add 50 Tier 2 NASDAQ stocks
Week 2 : August 12th

(Completed)		 Add ~10% of Tier 2 NASDAQ stocks
Week 3 : August 19th Add ~20% of Tier 2 NASDAQ stocks
Week 4 : August 26th Add ~30% of Tier 2 NASDAQ stocks
Week 5 : September 3rd Add remaining ~40% of Tier 2 NASDAQ stocks

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

Yes. Refer to the complete NASDAQ LULD Phase 2 Symbol Rollout List located on the NASDAQ OMX Trader® webpage.

When will the double wide LULD bands be in effect?

Starting on August 5th all Tier 1 stocks and those rolling out part of Phase 2 will have double wide bands in place from 9:30 a.m. - 9:45 a.m. and 3:35 p.m. - 3:45 p.m. (See ERA #2013-9).

When will stocks that either due to IPOs, transfers, spin-offs and other corporate actions be rolled out if they take place during the 5 week rollout plan?

NASDAQ plans to add all of these names in the final week of the rollout (Sept 3rd).

Where can I find additional information?


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