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Wednesday, September 14, 2016

Equity Trader Alert #2016 - 224
Nasdaq and BX Modify Functionality of Post-Only Orders

Category:

  • New Functionality

Markets Impacted:

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Effective October 17, 2016, pending SEC approval, The Nasdaq Stock Market (“Nasdaq”) will be modifying the functionality of Post-Only orders, allowing Post-Only orders for securities trading at or above one dollar to lock contra-side non-displayed orders resting on the Nasdaq book (“Exchange book”). In addition, Nasdaq and Nasdaq BX (“BX”) will be modifying the functionality of Post-Only orders for securities trading under one dollar (note: the functionality of Post-Only orders for securities trading at or above one dollar on BX will not change).

In addition, pending filing with the SEC, Nasdaq and BX will introduce a new “Reactive Trade-Now” option on FIX and RASHport protocols, providing participants the ability to specify on the original order that once posted on the Exchange book, if the order is locked by a displayed contra-side order, the resting order will attempt to remove liquidity against locking contra-side orders up to its available size; any unexecuted portion of the resting order will remain posted at its price, with no change in order priority.

Please see additional details here.

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