Wednesday, June 27, 2012
Equity Trader Alert #2012 - 29
Reminder: Excessive Messaging Policy Effective Monday, July 2, 2012
Markets Impacted:Contact Information:
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What you need to know:
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What is being announced?
Effective Monday, July 2, 2012, NASDAQ, BX and PSX each will introduce an Excessive Messaging Policy.
Refer to ETA #2012-13 for details regarding Excessive Messaging Policy thresholds, standards and fees.
What is the Excessive Messaging Policy?
Excessive Messaging Policy is intended to reduce excessive submission of non-marketable displayed orders to the exchange.
MPIDs that exceed a "Weighted Order-to-Trade Ratio" of 100:1 will pay a fee on the orders that cause them to exceed the threshold.
Order and trade activity by Registered Market Makers in their registered securities will be excluded from the ratio calculation. Only orders submitted during market hours count towards the ratio calculation.
Where can I find more information?
- Contact Transaction Services U.S. Market Sales at +1 800 846 0477
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