Simplicity
Orders are routed to the primary listing market for the opening and closing processes. If received outside of the open or close time frame, orders will check the Nasdaq book and then route to Reg NMS protected quotes before posting unexecuted shares on the Nasdaq book. | |
Checks the BX, PSX and Nasdaq books before optionally posting to the Nasdaq book. | |
This unique order is directed to a market center other than Nasdaq as specified by the entering party. Directed orders do not check the Nasdaq book and are routed at the entered price and entered quantity. If unexecuted, the order (or unexecuted portion thereof) shall be returned to the entering party. This order type can be entered as an Intermarket Sweep Order (ISO), and may only be used for orders with time-in-force (TIF) of Immediate or Cancel (IOC). |
Savings
Simultaneously accesses Nasdaq and low cost liquidity venues. | |
Behaves similarly to QDRK, but additionally accesses the BX, EDGA and BATS-Y exchanges. | |
SAVE accesses BX, PSX, Nasdaq, NYSE, all other protected quotes and additional destinations. If shares remain unexecuted after routing they are posted on the Nasdaq book. Once the order is posted to the Nasdaq book, if it is subsequently locked or crossed, the system will not route out again. QSAV behaves similar to SAVE but checks the Nasdaq book before routing. | |
Behaves like SAVE in that it accesses BX, PSX, Nasdaq, all other protected quotes and additional destinations before posting unexecuted shares to the Nasdaq book, but routes out after posting if the Nasdaq book is subsequently locked or crossed. | |
Thrifty (TFTY) accesses BX, low-priced liquidity venues, PSX and NYSE. All orders using the TFTY strategy must have a limit price. QTFY acts the same as TFTY but checks the Nasdaq book before routing. | |
Attempts to execute against orders in the Nasdaq book at a price equal to or better than the NBBO. If unfilled, it will then route to BX where it will also attempt to execute at the NBBO or better. If still unfilled, the order will route to NYSE or NYSE MKT where the order will remain until it is executed or cancelled. DOTZ behaves as DOTI but does not route to BX. |
Speed
After 9:30 a.m., ET, DOTA behaves as SCAN. Prior to 9:30 a.m., NYSE- and NYSE MKT-listed security orders will be sent to the primary for the open. | |
After 9:30 a.m., ET, DOTM behaves as STGY. Prior to 9:30 a.m., NYSE- and NYSE MKT-listed security orders will be sent to the primary for the open. | |
First attempts to execute against orders available on the Nasdaq book at a price equal to or better than the NBBO. If shares remain unexecuted after routing they are posted on the Nasdaq book. Once the order is posted to the Nasdaq book, if it is subsequently locked or crossed, the system will not route out again. | |
Behaves similar to SCAN, except that the order will route out again after posting to the Nasdaq book if the order is subsequently locked or crossed. | |
Behaves like SCAN but does not send orders to non-Reg NMS protected market centers. | |
Behaves like STGY, but opts out of sending orders to non-Reg NMS protected market centers. | |
Routes to all protected quotes for display size only. Depending on the time-in-force on the order, the remaining shares will be posted to the Nasdaq book or be cancelled back to the entering party. Once an order posts to Nasdaq, it is no longer eligible for routing. Customers can use MOPP to post on the Nasdaq book and sweep all protected quotes, and then print to the FINRA Trade Reporting Facility (TRF) operated in partnership with FINRA/Nasdaq TRF. | |
Behaves like MOPP, but MOPB orders will be cancelled immediately without executing if the MOPB order’s quantity is insufficient to clear the protected quantity across all Reg NMS destinations. Additionally, MOPB orders will not post on Nasdaq after sweeping the market. |
Additional Resources
Contact Information
- Transaction Services U.S. Market Sales at +1 800 846 0477