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Monday, October 2, 2017

Equity Technical Update #2017 - 5
Nasdaq Updates Specifications to Support the Midpoint Extended Life Order

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  • System Impact

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In preparation of the launch of the Midpoint Extended Life Order (M-ELO), currently pending SEC approval, The Nasdaq Stock Market has posted updated specifications.

M-ELO is a new order type that is designed to attract and unite counterparties with longer-term investment horizons. M-ELO orders will only execute against other M-ELO orders at the midpoint of the NBBO. For more information regarding M-ELO please click here.

Entering an M-ELO order requires a new Cross Type code of “E” and a Display instruction of “M”

Cross Type / Cross Trade Flag (FIX) Explanation
E Extended Life Order

Nasdaq will also add a new liquidity code on all M-ELO executions.

Liquidity Code Description
n Midpoint Extended Life Order Execution

The following specifications have been updated to include the M-ELO instructions:

  • OUCH
  • RASHport
  • INET FIX
  • FIX Lite (Flite)

Please refer to the Specifications Page for more information.

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