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Friday, November 5, 2010

Equity Trader Alert #2010 - 70
NASDAQ OMX Provides Update on New Short Sale Monitor

Markets Impacted:

Contact Information:

What you need to know:

  • As announced in Equity Technical Update #2010-23, the Securities and Exchange Commission (SEC) has extended the date for compliance with its new Regulation SHO short sale rule to February 28, 2011.
  • As a result of the extension, NASDAQ OMX® has postponed the launch of the new Short Sale Monitor to February 2011.

What is the NASDAQ OMX Short Sale Monitor?

As announced in ETA #2010-63, NASDAQ OMX plans to launch the NASDAQ OMX Short Sale Monitor. The new tool will give firms exception reports for trades reported to the FINRA/NASDAQ Trade Reporting FacilityTM (TRFTM) in securities on the Short Sale Circuit Breaker list.

What has been announced?

The SEC has extended the date for compliance with its new Regulation SHO short sale rule to February 28, 2011. NASDAQ OMX will not support the changes to Regulation SHO until the SEC’s compliance date..

When will the Short Sale Monitor launch?

Due to the extension for Reg SHO compliance, NASDAQ OMX will now push back the beta launch of the Short Sale Monitor to February 2011 to coincide with rule effectiveness. NASDAQ OMX will continue to communicate launch information to firms over the coming months.

What should I do if I already subscribed to the free trial?

Firms that have already signed up do not need to do anything. We will stay in contact with you to communicate details of revised launch and fee liability dates when they are available, pending re-filing with the SEC.

Who can I contact for additional information?

FINRA and TRF (Trade Reporting Facility) are trademarks of Financial Industry Regulatory Authority, Inc.; FINRA/NASDAQ TRF™ is used under license from Financial Industry Regulatory Authority, Inc.

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