Upcoming Testing

In coordination with other market centers, the Securities Information Processors (“SIPs”), and in support of SEC requirements, NASDAQ is scheduled to host Market-Wide Circuit Breaker (“MWCB”) testing on the following dates:

• Saturday, April 6, 2024: SIP Failover / MWCB Level 1 and 2, Test #1
• Saturday, July 20, 2024: SIP Failover / MWCB Level 1 and 2, Test #2
• Saturday, September 7, 2024: Dedicated MWCB Level 1, 2, and 3, Test #3
• Saturday, December 7, 2024: SIP Failover / MWCB Level 1 and 2, Test #4

MWCB Testing Obligations

As required by Nasdaq Equity 4, Rule 4121, BX Equity 4, Rule 4121, and PSX Equity 4, Rule 3101, certain designated Members of each Nasdaq Equities Exchange will have mandatory annual participation requirements for MWCB testing. Testing requirements for designated Members must be completed for each Nasdaq Equities Exchange.

The Nasdaq Equities Exchanges will require all Members that are designated as Reg SCI testers pursuant to the standards established in General 2, Section 12(a) to participate in at least one scheduled MWCB test during the 2024 testing year. Members not designated pursuant to the standards established in General 2, Section 12(a) are permitted and encouraged to participate in any MWCB test, but will not be subject to any level of activity requirements during the test.

Designated Members will be required to complete the following testing activities for each Nasdaq Equities Exchange:

• Receive and process MWCB halt messages from the SIPs;
• Receive and process resume messages from the SIPs following a MWCB halt;
• Receive and process market data from the SIPs relevant to MWCB halts;
• Send orders following a Level 1 or Level 2 MWCB halt in a manner consistent with usual trading behavior; and
• Submit the completed MWCB Testing Checklist to subscriber@nasdaq.com to acknowledge completion of testing requirements within 1 business day following test completion.

Members who meet the criteria requiring participation in the quarterly MWCB Test will be notified by Friday, March 22, 2024. If you have not received notification and wish to confirm you are not required to test, please call Market Operations at 1 212 231 5180 option 4.

Firms must register for Saturday testing by contacting tradingservices@nasdaq.com by 12:00 p.m. (ET), on the Friday prior to the Saturday test in which they would like to participate.