NASDAQ Intraday and Post-Close Crosses
Overview
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Who Can Participate
Sell-Side
- All NASDAQ market participants, including market makers, order-entry firms and ECNs can participate.
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 IPO Cross Fact Sheet (PDF) and Halt Cross Fact Sheet (PDF).
