Search:
   

Monday, December 22, 2014

Equity Trader Alert #2014 - 129
Nasdaq Announces Changes to Market Close

Category:

  • New Functionality

Markets Impacted:

Contact Information:

Resources:

Effective Monday, February 9, 2015, Nasdaq will make two changes related to the close of regular market hours:

  1. Nasdaq will stop accepting orders and cancels between the time the closing cross is initiated (4:00 pm ET) and the time it is completed for each security. During this time, new orders and cancels will not be accepted. New orders will be canceled immediately and cancels will be pended until the cross completes for a given security.

    Currently, orders and cancels in the continuous market are accepted and processed during this period. 

  2. Nasdaq will no longer accept Market Hours Day (MDAY) or Good till Market Close (GTMC) orders after initiation of the close. MDAY and GTMC orders received after the close will be canceled immediately.

    Currently, orders with a Time in Force (TIF) of Good till Market Close sent after the closing cross in a particular security are converted to System Hours Immediate or Cancel orders.

    Orders with a Time in Force (TIF) of Market Day (defined as orders good until the end of regular market hours trading) sent after the closing cross in a particular security are not always rejected or cancelled.  Instead, depending on the type of port used to enter the order, they are either modified or rejected:

    OUCH, FLITE, and RASHPort: converted into IOC orders
    INET FIX: Converted into System Hours Day
    QIX and SUMO FIX: Rejected

Nasdaq is making no changes to how the closing cross price is calculated.

Testing Opportunities

  • Currently available in the Nasdaq Testing Facility (NTF)
  • Will be available for the January 10th and February 7th UAT
   

Email Alert Subscriptions:
Nasdaq offers customers the ability to self select news delivery across various Nasdaq markets. Create and maintain a profile for updating alert preferences and contact information. Visit the enrollment form on the Nasdaq Trader website and sign up today! Please note that if you choose to unsubscribe from an email list, you may no longer receive potentially critical emails from the NASDAQ Stock Market regarding Nasdaq's trading and data products, regulatory issues or marketplace initiatives. To unsubscribe, also click on the enrollment form

Please follow Nasdaq on Facebook RSS and Twitter.

Nasdaq (Nasdaq: NDAQ) is a leading global provider of trading, clearing, exchange technology, listing, information and public company services. Through its diverse portfolio of solutions, Nasdaq enables customers to plan, optimize and execute their business vision with confidence, using proven technologies that provide transparency and insight for navigating today's global capital markets. As the creator of the world's first electronic stock market, its technology powers more than 90 marketplaces in 50 countries, and 1 in 10 of the world's securities transactions. Nasdaq is home to approximately 3,900 total listings with a market value of approximately $13 trillion. To learn more, visit: business.nasdaq.com.

View NASDAQTrader.com Mobile