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Monday, December 1, 2014

Equity Trader Alert #2014 - 117
Nasdaq Updates Quote Display During IPOs and Halts

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  • Industry Announcement

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Nasdaq will update how its quotes will be displayed on the UTP SIP and Nasdaq Basic during IPOs and Halts. Effective Monday, January 5, 2015 Nasdaq will display a locked quotation equal to the Net Order Imbalance Indicator ("NOII") reference price during the IPO and Halt display only period for Nasdaq-Listed securities.  This quote will be disseminated via the UTP SIP and Nasdaq Basic.

Currently, Nasdaq displays its best bid and offer during the display-only period of IPOs and Halts. This may result in a crossed quotes. This update will eliminate crossed Nasdaq quotes on the SIP and BASIC during IPOs and Halts. Additionally, displaying a locked quote equal to the NOII reference price will provide IPO and Halt indicative price information to a broader set of market participants.

Depth of book feeds such as TotalView-ITCH, TotalView Aggregated and Level2 will remain unchanged. 

Testing Details

  • Sample files are available on the Nasdaq EMI FTP website. Please note: The sample files show the revised process for symbol FSAM on October 30, 2014 leading up to the IPO cross at 10:25 a.m. ET.
  • Daily testing is available in the Nasdaq Test Facility.
  • Nasdaq will conduct a customer UAT on Saturday, December 13, 2014.




 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

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Nasdaq (Nasdaq: NDAQ) is a leading global provider of trading, clearing, exchange technology, listing, information and public company services. Through its diverse portfolio of solutions, Nasdaq enables customers to plan, optimize and execute their business vision with confidence, using proven technologies that provide transparency and insight for navigating today's global capital markets. As the creator of the world's first electronic stock market, its technology powers more than 90 marketplaces in 50 countries, and 1 in 10 of the world's securities transactions. Nasdaq is home to approximately 3,900 total listings with a market value of approximately $13 trillion. To learn more, visit: business.nasdaq.com.

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