Thursday, July 12, 2018
Equity Trader Alert #2018 - 55
REMINDER: Nasdaq to Implement Enhancements to the Closing Cross Process
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As announced in Equity Trader Alert #2017 - 176, The Nasdaq Stock Market (“Nasdaq”) enhanced the Nasdaq Closing Cross process by allowing customers to enter Limit-On-Close (LOC) orders after the first Net Order Imbalance Indicator (NOII) is disseminated. Currently, Nasdaq allows LOC orders to be entered up until 3:55 p.m. ET. LOC orders entered between 3:50 p.m. to 3:55 p.m. ET will be accepted at their limit price, unless the limit price is more aggressive than the 3:50 p.m. Reference Price, in which case the LOC order will be re-priced to the 3:50 p.m. Reference Price. Beginning August 6, 2018, Members will have the option to have LOC orders entered between 3:50 p.m. to 3:55 p.m. ET reject, rather than have them re-priced if its limit price is more aggressive than the 3:50 p.m. Reference Price. This option will be available via a port setting. Please contact Nasdaq Subscriber Services to have your ports updated. Nasdaq has added a new reject order reason for LOC orders that are rejected if the limit price is more aggressive than the 3:50 p.m. Reference Price.
Please refer to the Specifications Page for more information.
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