Tuesday, February 12, 2013

Equity Trader Alert #2013 - 12
NASDAQ Pre-Market Trading to Begin at 4:00 A.M. ET as early as March 18, 2013

Markets Impacted:

Contact Information:

What you need to know:

    • NASDAQ will begin Pre-Market trading at 4:00 A.M. (versus current 7:00 A.M.)
    • The change in system hours will take place no earlier than March 18, 2013, and the effective date will be confirmed pending filing with the SEC.

When will pre-market trading begin?

The NASDAQ Stock Market® (NASDAQ) plans to begin pre-market trading in all NMS securities at 4:00 A.M. Eastern Time (ET), subject to regulatory approval from the Securities and Exchange Commission (SEC). The change in system hours will take place no earlier than Monday, March 18, 2013, and the effective date will be confirmed pending filing with the SEC.

How will the earlier open impact order submission?

All functionality currently available from 7:00 A.M. to 9:30 A.M. will be available from 4:00 A.M. until 9:30 A.M.

  • All order types available for submission from 7:00 A.M. will now be available from 4:00 A.M.
  • All orders eligible for execution during systems hours (currently 7:00 A.M. until 8:00 P.M.) will be eligible for execution from 4:00 A.M.
  • All data feeds available from 7:00 A.M. will now be available from 4:00 A.M.
  • The opening cross will continue to occur at 9:30 A.M. Orders eligible for the cross will be eligible for submission starting at 4:00 A.M.

How will the earlier open impact existing open orders?

On the day of the change, all open orders that would have been eligible for execution beginning at 7:00 A.M. will be eligible for execution beginning at 4:00 A.M.

How will the earlier time impact data products?

To accommodate the new hours of operation, NASDAQ will adjust the dissemination times of select event messages and pre-opening administrative spin processes on the NASDAQ TotalView®, NASDAQ Glimpse, NASDAQ Level 2, NASDAQ Best Bid and Offer (QBBO), NASDAQ Last Sale (NLS), NLS Plus, NASDAQ Trades FilterView and NASDAQ Market Velocity & Forces data feeds by three hours.

  • NASDAQ will send the following Event messages Start-of-Day and Pre-Opening Administrative Message Spins between 3:00 A.M. and 4:00 A.M., ET.
  • To mark the start of trading hours, NASDAQ will send the Start of System Event Message at 4:00 A.M., ET.
  • NASDAQ will generate real-time quote updates and trade messages for the pre-market session beginning at 4:00 A.M., ET.

Refer to the Market Data section of the NASDAQ OMX Trader website for the updated NASDAQ proprietary data feed transmission schedule.

For Additional Information

For more information about pre-marketing trading in the NASDAQ Market Center, please contact:

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About the NASDAQ OMX Group:
The NASDAQ OMX Group, Inc. is the world's largest exchange company. It delivers trading, exchange technology and public company services across six continents, with more than 3,600 listed companies. NASDAQ OMX offers multiple capital raising solutions to companies around the globe, including its U.S. listings market, NASDAQ OMX Nordic, NASDAQ OMX Baltic, NASDAQ OMX First North, and the U.S. 144A sector. The company offers trading across multiple asset classes including equities, derivatives, debt, commodities, structured products and exchange-traded funds. NASDAQ OMX technology supports the operations of over 70 exchanges, clearing organizations and central securities depositories in more than 50 countries. NASDAQ OMX Nordic and NASDAQ OMX Baltic are not legal entities but describe the common offering from NASDAQ OMX exchanges in Helsinki, Copenhagen, Stockholm, Iceland, Tallinn, Riga, and Vilnius. For more information about NASDAQ OMX, visit www.nasdaqomx.com.