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Tuesday, July 5, 2016

Equity Trader Alert #2016 - 150
Nasdaq Saturday, July 9, 2016, Test Opportunity

Category:

  • Testing

Markets Impacted:

Contact Information:

Resources:

Nasdaq Production system will be open from 9:00 a.m. to 12:00 p.m. Eastern Time (ET) for general customer testing this Saturday, July 9, 2016. A complete list of products and systems available during the test and the full list of Saturday testing dates can be found on the Saturday Testing Policy Page.

In addition to regular testing on Saturday July 9th, the following new functionality will be available for market participant testing:

  • Early IPO/Halt Cross Order Behavior Updates
  • Routing Orders to IEX

Details:

Early IPO/Halt Order Behavior Updates - Nasdaq Modifies Functionality for Orders Received in Halted and IPO Securities

Nasdaq plans to begin accepting orders for Nasdaq-listed securities during a halt or IPO at the later of system start-up or SEC registration effectiveness (for IPOs). For IPO securities, Nasdaq will begin accepting orders when Nasdaq Market Operations initially enters the anticipated quotation release time for the security (this is done after confirmation of the security’s SEC registration effectiveness). Market participants may use the IPO Quoting Period Update message on ITCH and the NasdaqTrader.com System Status IPO Notice as indication that orders will be accepted for an IPO.

In addition, the new implementation will result in orders in non-Nasdaq listed securities received during a halt being rejected until trading resumes on the primary listing exchange. Please see Equity Trader Alert #2016 - 101 for additional information.

During the July 9th production UAT, Nasdaq will conduct three IPOs:

Symbol Display Only Period Begins
ZWZZT9:45 a.m. ET.
ZXZZT10:10 a.m. ET.
ZVZZT10:35 a.m. ET.

Note: For each of these IPO symbols, the system will begin accepting orders at approximately 9 a.m. ET, when the IPO Quoting Period Update message is published on ITCH (IPO Quotation Release Qualifier = “A”).

Routing Orders to IEX

Nasdaq will be including IEX in its routing strategies (e.g. SCAN, STGY, Directed Orders, etc.). During the July 9th production UAT, Nasdaq will connect to IEX and customers may send in orders, using the appropriate routing strategy, for routing to IEX.

Nasdaq has updated its RASHport, INET FIX, SUMO FIX and QIX specifications to include a new Directed Order destination code for IEX, “ISIX”. Please see specifications here.

Firms must register for Saturday testing by contacting Nasdaq Trading Services by 12:00 p.m. (ET), on the Wednesday prior to the Saturday test in which they would like to participate. The 2016 Saturday Test schedule can be found on the Saturday Testing Policy Page.

The Nasdaq Testing Facility (NTF) is available on a daily basis and includes the above referenced enhancements. The NTF allows firms to test their automated systems that integrate with Nasdaq's services.


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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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