Monday, January 8, 2018
Equity Trader Alert #2018 - 3
Nasdaq to Implement the Midpoint Extended Life Order
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Subject to SEC approval, on March 12, 2018, The Nasdaq Stock Market (“Nasdaq”) will introduce the Midpoint Extended Life Order (M-ELO). M-ELO is a new order type that is designed to attract and unite counterparties with longer-term investment horizons. M-ELO orders will only execute against other M-ELO orders at the midpoint of the NBBO. For more information regarding M-ELO please click here. As announced in Equity Technical Update #2017 - 5, entering an M-ELO requires a new Cross Type code of “E” and a Display instruction of “M”
Nasdaq will also add a new liquidity code on all M-ELO executions.
Testing OpportunitiesTesting is currently available in the Nasdaq Testing Facility (NTF). Production testing will be available during the February 3 and March 10 UAT. |
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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.