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Thursday, January 9, 2025

Equity Trader Alert #2025 - 3
UPDATE IN TIMING: Change in Behavior for Replaces with Reserves via INET FIX

Category:

  • New Functionality

Markets Impacted:

Contact Information:

Resources:

As previously announced in ETA2024-79, The Nasdaq Stock Market (Nasdaq), Nasdaq BX, and Nasdaq PSX will stop supporting the ability to add a MaxFloor (Reserves) value when replacing a non-displayed order via the INET FIX protocol.

Please note that the implementation of this change will be delayed. A subsequent announcement will be sent once the new rollout date is finalized.

Currently, when replacing a non-displayed order without reserves via INET FIX, customers can specify a MaxFloor value on the Order Replace message. This order behavior will no longer be permitted and requests to add reserves to the replacement of non-displayed order will be rejected. Customers should instead be cancelling the non-display order and sending a new reserve order.

For any questions, please contact Nasdaq Trading Services at +1 212 231 5180.

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