Wednesday, July 10, 2013

Equity Technical Update #2013 - 21
Limit Up/Limit Down Industry Test Plan for Saturday, July 13, 2013

Markets Impacted:

Contact Information:

What you need to know:

  • As previously announced, NASDAQ OMX will be offering industry wide testing to support Limit Up/Limit Down (LULD) Phase 2 implementation on Saturday, July 13, 2013.
  • Each Exchange will be running through a set of core scenarios outlined below in stocks that only they may use.
  • All other industry testing participants will be able to test the functionalities in any other NASDAQ symbols.
  • The next planned weekend test before Phase 2 implementation taking place on August 5, 2013 will be held on July 27, 2013.

What is happening?

NASDAQ OMX® will conduct two planned Saturday tests as part of an industry wide effort to ensure that our Members are properly prepared for the changes coming for Limit Up/Limit Down (LULD) Phase 2.

What is the anticipated industry test plan and scenarios expected to be run?

Each Exchange will be executing core scenarios linked below as part of this test and will be generally similar to previous LULD tests held in preparation for Phase 1.

Refer to the LULD Testing Link on the NASDAQ Trader® testing webpage for detailed information about the anticipated scenarios that the Exchange will generally run.

What NASDAQ symbols will be available for participant to test with?

Outside of the 6 symbols detailed in the testing document linked above all Tier 1 and Tier 2 NASDAQ symbols will be available on Saturday to test.

Will there be a simulated Market Wide Circuit Breaker?

No, there will not be a simulated Market Wide Circuit Breaker.

What will be available and when?

NASDAQ OMX production systems will be available for pre-market trading in all securities at 9:00 a.m., Eastern Time (ET), followed by a market open at 9:30 a.m., ET. Until 12:00 p.m., ET.

LULD Price Bands will be in effect from 9:30 a.m., ET - 11:45 a.m., ET. Important to note that the double-wide bands will be in effect from 9:30 a.m. - 10:00 a.m., ET and then again from 11:35 a.m. - 11:45 a.m.

Do customers need to register for the test?

Yes, firms should email NASDAQ OMX Trading Services to register for the test.

Who should customers contact if they have questions during testing?

Customers should contact the NASDAQ OMX Trade Desk at +1 212 231 5100.

Where can I find additional information?

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