Monday, October 29, 2012

Equity Trader Alert #2012 - 47
NASDAQ system updates related to Hurricane Sandy

Markets Impacted:

Contact Information:

What you need to know:

  • On Tuesday, October 30, 2012, NASDAQ will operate its production system in a testing capacity from 7:30 a.m. to 12 p.m., Eastern Time (ET). Only test symbols will be supported.
  • In the unlikely event that NYSE or AMEX are unavailable on Wednesday, October 31, 2012, NASDAQ will not accept DOT or LIST routable orders pre-market.
  • Members seeking to participate in NASDAQ's opening and closing crosses in Tape A and B securities are reminded to use standard order entry procedures.

What is being announced?

In conjunction with other exchanges, The NASDAQ Stock Market® (NASDAQ®) will offer members testing on Tuesday, October 30, 2012. Members can send orders to NASDAQ to ensure their preparedness for the expected resumption of trading on Wednesday, October 31, 2012. NASDAQ will release the following test securities for trading at 7:30 a.m.:

Symbol Listing Exchange
CBO NYSE
CBX NYSE
IGZ ARCA
ZBZX BZX
ZTEST BZX
ZVZZT NASDAQ
ZWZZT NASDAQ
ZXZZT NASDAQ

All NASDAQ proprietary and SIP Level 1 feeds will be available during the test.

What is being tested on Tuesday, October 30?

All NASDAQ features will be available, although only the test symbols above will be active. NASDAQ will conduct a market open event at 9:30 a.m. and a market close event at 12:00 p.m.

What is being announced regarding DOT and LIST routers?

If NYSE or AMEX are not open for trading on Wednesday, October 31, orders submitted via the DOT or LIST routing strategies during pre-market hours will be rejected.

DOT Strategy Prior to 09:30 9:30-16:00 After 16:00
DOTIOrder RejectedOrder will ping NASDAQ book and rejectOrder will reject
DOTZOrder RejectedOrder will ping NASDAQ book and rejectOrder will reject
DOTDOrder RejectedOrder will route normally like a SCAN orderOrder will reject
DOTMOrder RejectedOrder will route normally like a STGY orderOrder will reject
DOTAOrder RejectedOrder will route normally like a SCAN orderOrder will reject
LISTOrder RejectedOrder will route normally like a SKIP orderOrder will reject

What is being announced regarding the opening and closing crosses?

NASDAQ members are reminded that NASDAQ holds an opening and closing cross in all Tape A, B and C securities daily. Firms submitting orders to NASDAQ's cross in Tape A or B securities should use the same order entry procedures they use for participating in NASDAQ's Tape C cross. Please refer to the order entry specifications for details. A summary of cross instructions by protocol is below:

Members submitting orders for inclusion in NASDAQ's cross are reminded that they may use any standard ExecBroker instruction in their FIX or RASH order, such as: INET, SCAN, STGY, SKIP, SKNY, SAVE, or SOLV.

Is there a NASDAQ Official Opening Price (NOOP) and a NASDAQ Official Closing Price (NOCP) in Tape A and B securities?

Yes, firms may use NASDAQ's proprietary data feeds or the NASDAQ Workstation to obtain NOOP and NOCP data for non-NASDAQ listed securities. CTS subscribers may use NASDAQ's first and last trades to the tape during regular market hours (the first and last trades without a sale condition "T") to set its official opening and official closing prices. The methodology used to determine the NOOP and NOCP for non-NASDAQ listed securities, as well as the execution algorithm for determining order priority, is identical to those employed for NASDAQ securities.

The methodology used to determine the NOOP and NOCP for non-NASDAQ listed securities, as well as the execution algorithm for determining order priority, is identical to those employed for NASDAQ securities.

Where can I find more information?


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