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Tuesday, June 2, 2020

Equity Trader Alert #2020 - 31
UPDATE: Nasdaq Prepares for Russell Reconstitution on Friday, June 26, 2020

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  • Action Required

Markets Impacted:

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On Friday, June 26, 2020, Russell Investment Group will use the Nasdaq Closing Cross to price Nasdaq-listed securities for the annual reconstitution of Russell Investment Group's U.S. stock indexes.

Russell Reconstitution System Changes

Nasdaq will not be changing any system cut-off times or threshold percentages for the Closing Cross.

As a reminder the current Closing Cross timeline is:

Eastern Time (ET)

4:00 a.m.
  • Pre-market session begins
  • Nasdaq begins accepting Market-On-Close, Limit-On-Close, and Imbalance-Only orders.
3:50 p.m.

Early Dissemination of closing information begins.

  • Nasdaq continues accepting Market-On-Close, Limit-On-Close, and imbalance-Only orders at any time prior to the cutoff time, but they may not be cancelled or modified.
3:55 p.m.

Full Dissemination of closing information begins.

  • Nasdaq stops accepting entry of Market-On-Close orders.
  • Limit-On-Close orders may be entered until 3:58 p.m., but may not be cancelled or modified.
  • Imbalance-Only orders may be entered until 4:00 p.m, but may not be cancelled or modified.
3:58 p.m. Nasdaq stops accepting entry of Limit-On-Close orders.
4:00 p.m. Closing process begins.

Nasdaq Contingency Plans

As Nasdaq and the securities industry prepare for the upcoming Russell Reconstitution, Nasdaq is highly confident that its systems will provide the reliability and capacity required to ensure a smooth, successful Reconstitution.

Nonetheless, for the past several years, in advance of the Russell Reconstitution, Nasdaq has published a Contingency Plan in order to prepare the industry for unusual market conditions.

Member Preparation

Members should carefully review Nasdaq's contingency plan and contact their sales representative or the Trade Desk with any specific questions.

Additionally, members should provide the Nasdaq Trade Desk with the name, email address and telephone number of the emergency contact whom Nasdaq should contact in the event of a system issue.

Market-Wide Call Details for the Russell Reconstitution

Nasdaq, in coordination with NYSE, NYSE Arca and NYSE American, will use a market-wide call to keep the industry informed throughout the afternoon of the Russell Reconstitution.

On Friday, June 26, 2020, Nasdaq, NYSE, NYSE Arca and NYSE American will hold a joint market- wide call beginning at 2:30 p.m. ET, and lasting approximately two hours. The call details are: To ensure that you are not delayed in the conference call queue as a result of the high call volume, please call in at least ten minutes early. The call details are:

Dial In: +1 800 936 9761
Conference ID#: 8234207
Topic: Russell Reconstitution
Leader: David Lawn
Please note that this call is closed to members of the media.

     

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