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Friday, July 26, 2019

Equity Trader Alert #2019 - 60
Nasdaq to Introduce New Routing Strategy: Nasdaq Midpoint Seeker

Category:

  • New Functionality

Markets Impacted:

Contact Information:

Resources:

Effective September 3, 2019, The Nasdaq Stock Market (“Nasdaq") will introduce a new Nasdaq Midpoint Seeker (“MIDP”) routing strategy. MIDP will provide participants the ability to search for midpoint liquidity on Nasdaq, BX, PSX, external NMS protected venues and Non-NMS protected venues before optionally posting on the Nasdaq book as a midpoint peg order. MIDP aims to minimize market impact by only executing at the midpoint of NBBO before posting on Nasdaq.

The following order protocols will support the new MIDP routing strategy:

  • INET FIX
  • RASHport

Updated specifications are posted here.

For additional information on all routing strategies, please refer to the Routing Strategies Guide.

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Nasdaq (Nasdaq: NDAQ) is a leading global provider of trading, clearing, exchange technology, listing, information and public company services. Through its diverse portfolio of solutions, Nasdaq enables customers to plan, optimize and execute their business vision with confidence, using proven technologies that provide transparency and insight for navigating today's global capital markets. As the creator of the world's first electronic stock market, its technology powers more than 90 marketplaces in 50 countries, and 1 in 10 of the world's securities transactions. Nasdaq is home to approximately 3,900 total listings with a market value of approximately $13 trillion. To learn more, visit: business.nasdaq.com.

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