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Monday, April 27, 2020

Equity Trader Alert #2020 - 24
Nasdaq Testing Opportunity: Saturday, May 2, 2020

Category:

  • Testing

Markets Impacted:

Contact Information:

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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, May 2, 2020. 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, May 2, the following new functionality will be available for market participant testing:

  • Nasdaq to Reduce the M-ELO Holding Period to 10ms

 

Nasdaq to Reduce the M-ELO Holding Period to 10ms

As mentioned in Equity Trader Alert #2020-22, Pending SEC approval, effective May 11, 2020, Nasdaq will reduce the holding period for Midpoint Extended Life Orders (M-ELO) and M-ELO + Continuous Book orders to 10 milliseconds. Currently, M-ELOs must wait 500 milliseconds before becoming eligible to execute. By reducing the holding period, M-ELO will remain a purpose-built solution with one of the longest delay mechanisms in the industry, and enable clients to incorporate the order type across a broader set of opportunities.

 

Firms must register for Saturday testing by contacting Nasdaq Trading Services by 12:00 p.m. (ET), on the Friday prior to the Saturday test in which they would like to participate. The 2020 Saturday Test schedule can be found on the Saturday Testing Policy Page

The Nasdaq Test Facility is also available on a daily basis and 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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