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Thursday, May 26, 2016

Equity Trader Alert #2016 - 110
NASDAQ Updates Maximum Allowable Order Updates

Category:

  • New Functionality

Markets Impacted:

Contact Information:

Resources:

Nasdaq currently cancels orders if the number of updates to an order exceed a certain threshold. Starting Friday, June 3, 2016 Nasdaq will change the way in which it counts order updates.

Currently, Nasdaq uses the following thresholds:

  • Overall reprices – are limited to 10,000 price changes
  • Market Maker Peg orders – are limited to 1000 price changes
  • Market Peg orders – are limited to 10,000 price changes
  • Primary Peg orders – are limited to 1000 price changes

Starting Friday, June 3, 2016 Nasdaq will include various order updates in addition to price changes when determining whether an order has reached the maximum update threshold. The additional updates that will be counted include: system generated child order, reserve updates, replaces, and cancellations of system generated child orders.

The update limits will be set as follows:

  • Primary Peg Orders – will be limited to 1000 updates
  • Market Maker Peg orders – will be limited to 1000 updates
  • All other order types will be limited to 10,000 updates

Limits will be posted on each Exchange system setting page:

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