NASDAQ Intraday and Post-Close Crosses

Overview

NASDAQ offers the Intraday and Post-Close Crosses for all U.S. equities, including all stocks in the NASDAQ-100 and the S&P 500, and ETFs.

While offering deep pools of liquidity similar to those available in other NASDAQ crosses, the Intraday and Post-Close Crosses differ by:

  • Executing at the mid-point of the National Best Bid and Offer (NBBO) or the primary market closing price
  • Awarding executions on a pro-rata basis based on original order size
  • Allowing for large block trades without moving the market
  • Offering a full anonymous, blind match – no imbalance information is disseminated

Intraday and Post-Close Cross Overview - Listen Now!
Unique Cross Times
(all times Eastern)
Opening Cross
9:30 a.m.
Intraday Crosses
10:45 a.m.
12:45 p.m.
2:45 p.m.
Closing Cross
4:00 p.m.
Post-Close Cross
4:30 p.m.

Who Can Participate

Sell-Side

Buy-Side

  • Buy-side firms can submit cross orders via their brokers or through Direct Market Access (DMA) platforms. Firms should work with their providers directly to ensure they have DMA functionality.
    • NASDAQ will disseminate firm and contact information to the buy-side for Crossing Network providers.

Order Types and Details

  • Orders can be Market or Limit
    • Imbalance Only order type is not supported
  • Orders can be entered for:
    • All crosses during the day (Intraday and Post-Close)
    • The next cross of the day (Intraday or Post-Close)
    • Intraday Crosses only
  • Orders can have a minimum acceptable quantity
  • Cross orders do not participate in the continuous market and vice versa
  • Orders can be entered or cancelled up until the cross occurs
  • No Imbalance messages or data are disseminated prior to the cross
  • No odd lots or mixed lots will be accepted
  • All trades will execute against a neutral, anonymous contra party

Pricing

Participation in the Intraday and Post-Close Crosses is FREE for all participants.

Volume executed in the Intraday and Post-Close Crosses will count toward your NASDAQ tier pricing model.

IPO/Halt Crosses

The IPO/Halt Cross provides fair executions at a single price that maximizes volume and is reflective of supply and demand in the market. For more information, please refer to our Frequently Asked Questions (PDF) or Fact Sheet (PDF).

Additional Information

Connectivity

Related Products

Contact Information