Wednesday, August 22, 2018
Equity Trader Alert #2018 - 61
Reminder and Additional Test Date: Nasdaq to Update the Closing Cross Cutoff Times and NOII Dissemination Frequency
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Subject to SEC approval, on October 29, 2018, Nasdaq will be updating the cutoff times for the Nasdaq Closing Auction Process. Currently, Nasdaq stops accepting entry, cancellation or modification of Market-On-Close (MOC) orders at 3:50 p.m. ET, and accepts Limit-On-Close (LOC) orders until 3:55 p.m. ET. Nasdaq will extend the Closing Cross Cutoff for MOC and LOC orders to 3:55 p.m. ET and 3:58 p.m., respectively. Subject to SEC approval, on October 29, 2018, Nasdaq will also be updating the Net Order Imbalance Indicator (NOII) to begin broadcasting imbalance information at 3:55 p.m. ET, and increasing the frequency of dissemination from 5 seconds to every second. The increase in frequency of the NOII dissemination will also be applied to the Nasdaq Opening cross and Nasdaq Halt Cross. New Cutoffs time will be:Eastern Time (ET)
Testing OpportunitiesTesting is currently available in the Nasdaq Test Facility (NTF). Production testing will be available on Saturday, October 20, 2018, from 9:00 a.m. to 12:00 p.m. ET., with the closing cross cutoff time for MOC orders occurring at 11:55 a.m. ET and 11:58 a.m. ET for LOC orders. * LOC orders entered between 3:55 p.m. to 3:58 p.m. ET will be accepted at its limit price, unless its limit price is more aggressive than the 3:55 p.m. Reference Price, in which case the LOC order will have the option to either (1) be re-priced to the 3:55 p.m. Reference Price (2) reject depending on MPID/Port Setting. |
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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.