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Friday, July 12, 2024

Equity Technical Update #2024 - 5
Nasdaq Introduces Order Port Level Purging Functionality

Category:

  • New Functionality

Markets Impacted:

Contact Information:

Resources:

As previously announced in ETA #2024-43, The Nasdaq Stock Market (Nasdaq), Nasdaq BX, and Nasdaq PSX will be introducing order port level purging functionality on the OUCH 5.0 and INET FIX protocols. The new functionality will allow users to cancel open orders and disable/re-enable order entry on a given port. Please note that the initial implementation will only include the ability to cancel open orders, and the ability to disable/re-enable order entry on a given port will be introduced at a later date.

New message types have been added to the specifications for each protocol and feature (mass cancel, disable port, enable port).

OUCH 5.0 INET FIX
Inbound Outbound Inbound Outbound
Mass Cancel Type C Type X Type = PQ PurgeRequestType = 1 Type = PR PurgeRequestType = 1
Disable Order Entry* Type D Type G Type = PQ PurgeRequestType = 2 Type = PR PurgeRequestType = 2
Enable Order Entry* Type E Type K Type = PQ PurgeRequestType = 3 Type = PR PurgeRequestType = 3

*To be made available at a later date


The Mass Cancel functionality will be activated on an exchange-by-exchange basis on the following dates:

PSX: August 5th

BX: August 12th

Nasdaq: August 26th

Testing Opportunities

Testing is currently available in the Nasdaq Testing Facility (NTF).

Please refer to the Specifications Page for more information.

For any questions, please contact Nasdaq Trading Services at +1 212 231 5100.

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