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Thursday, September 5, 2024

Equity Trader Alert #2024 - 55
Upcoming Changes to Trade Now Functionality

Category:

  • New Functionality

Markets Impacted:

Contact Information:

Resources:

The Nasdaq Stock Market (Nasdaq), Nasdaq BX, and Nasdaq PSX will be introducing enhancements to Trade Now functionality it currently supports.

Currently, a resting order with a Trade Now attribute and Minimum Quantity condition will only execute as a liquidity taker against a single locking or crossing order that meets the Minimum Quantity of the resting order. This functionality will be amended to allow for a resting order with Trade Now and Minimum Quantity to execute against multiple locking or crossing orders that, in aggregate, meet the Minimum Quantity condition. Note: This functionality will only be applied if the participant’s Minimum Quantity setting allows for the aggregation of orders.

Additionally, the exchange will be discontinuing the ability to send Post Only or Midpoint Peg Post Only orders with the Trade Now attribute.

The effective dates for each exchange will be as follows:

PSX: October 7th

BX: October 8th

Nasdaq: October 9th

Please refer to the FAQ and Specifications Page for more information.

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