How to Become an Order-Entry Firm


NASDAQ is a unique market organization that provides a competitive trading environment and efficient, low-cost execution of orders. There are multiple market participants, including order-entry firms, market makers and electronic communications networks (ECNs) that utilize NASDAQ's trading services.

Definition of an Order-Entry Firm

An order-entry firm is a NASDAQ member firm that enters orders for execution and anonymous display.

Order-Entry Capabilities

  • Access the inside bid and ask, as well as individual market maker quotes, for each security traded on NASDAQ.
  • Enter orders in all NASDAQ automated services.
  • View daily statistical and index-related information.
  • View share- and dollar-volume leaders, net gainers and losers.

Order-Entry Registration Process

A prospective order-entry firm must be or must apply to be a NASDAQ member. Firms can be in a pending status when starting their connection process to NASDAQ. For information pertaining to membership requirements, please visit the membership page.

  • If you are a NASDAQ member that already has access to NASDAQ connectivity, please have your clearing agency call National Securities Clearing Corporation at +1 800 422 0582 to ensure a clearing arrangement.
  • If you are a NASDAQ member, and do not yet have connectivity to the NASDAQ systems, contact NASDAQ Subscriber Services at +1 212 231 5180 to choose an appropriate market participant identifier (MPID) and to establish connectivity through one of the NASDAQ protocols.

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