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Tuesday, October 15, 2024

Equity Trader Alert #2024 - 67
Exchange Coordinated Contingency Closing Auction Scenario Testing - Reminder

Category:

  • Testing

Markets Impacted:

Contact Information:

Resources:

On Saturday, November 16, 2024 and Saturday, December 14, 2024 , NYSE, NYSE American, NYSE Arca, Nasdaq and Cboe BZX will conduct an exchange coordinated testing of contingency closing procedures. The below contingency closing procedures apply if a marketplace disruption prevents the primary listing exchange from conducting a closing auction.

  • If the Exchange determines at or before 3:00 p.m. that it is unable to conduct a Closing Auction in one or more Exchange-listed securities due to a systems or technical issue, the Exchange will designate an alternate exchange for the determination of the official closing price for its listed securities and conduct closing auctions.


  • If the Exchange determines after 3:00 p.m. that it is unable to conduct a Closing Auction in one or more Exchange-listed securities due to a systems or technical issue, the Official Closing Price of each such security will be the VWAP of the consolidated last-sale eligible prices of the last five minutes of trading during Core Trading Hours up to the time that the VWAP is processed.


During the November 16th test, Nasdaq will designate NYSE Arca as the alternate exchange for conducting such closing cross execution for Nasdaq’s listed securities, simulating an event disruption prior to 3:00 pm. The contingency closing auction testing will commence at 11:00 am. All symbols will be available for testing.

The timeline for the November 16, 2024 test is as follows:

11:00 am Nasdaq systems will cease operating and declare that they are unable to conduct a closing auction.
11:00 am – 12:00 pm NYSE Arca will accept on close orders for Nasdaq listed securities. Firms are encouraged to participate by sending on close orders.
Beginning at noon 

NYSE Arca will conduct a closing cross auction for eligible securities and the SIP will publish closing prices.

 

End of Regular Trading Hours on Saturday November 16, 2024 will be 12:00pm.

Symbols for Testing November 16, 2024

  • Nasdaq Listed Securities - AADR, ASMB, CAKE, PSC and RICK

During the December 14th test, NYSE, NYSE American, and NYSE Arca will designate Nasdaq as the alternate exchange for conducting such closing cross execution for NYSE, NYSE American, and NYSE Arca listed securities, simulating an event disruption prior to 3:00 pm . The contingency closing auction testing will commence at 11:00 am. All symbols will be available for testing.

 

Timeline for the December 14, 2024 test is as follows:

11:00 am NYSE, NYSE American, and NYSE Arca systems will cease operating and declare that it is unable to conduct a closing auction.
11:00 am – 12:00 pm Nasdaq will accept on close orders for NYSE, NYSE American, and NYSE ARCA listed securities. Firms are encouraged to participate by sending on close orders.
Beginning at noon

Nasdaq will conduct a closing cross execution for eligible securities and the SIP will publish closing prices.

 

End of Regular Trading Hours on Saturday, December 14, 2024 will be 12:00pm.

Symbols for Testing December 14, 2024

  • NYSE Listed Securities - F, GOLD, NIO, PFE and ORCL
  • NYSE American Listed Securities - ACU, CVU, LEU, NEWP and SEB
  • NYSE Arca Listed Securities - EEM, DFUS, KOLD, UNG and XOP

Firms are encouraged to participate to ensure future readiness by directing orders to the designated alternative Exchange for each testing date. For additional information, please contact Nasdaq Trading Services at 212 231-5180.

Firms must register for Saturday testing by contacting Nasdaq Trading Services by 12:00 p.m. (ET), on the Friday prior to the Saturday test in which they would like to participate. Please provide the system(s) you intend on testing, in your registration email. The 2024 Saturday Test schedule can be found on the Saturday Testing Policy Page along with a complete list of products and systems available during the test dates.


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