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Monday, November 2, 2020

Equity Trader Alert #2020 - 72
Exchange Coordinated Contingency Closing Auction Scenario Testing

Category:

  • Testing

Markets Impacted:

Contact Information:

Resources:

On Saturday, November 7, 2020, Nasdaq and NYSE Arca will conduct a test of contingency closing auction procedures. The contingency closing auction procedures apply in the event that a marketplace disruption prevents the primary listing market from conducting a closing auction. In the event of such a disruption, one exchange may designate another as the alternate exchange for the determination of the official closing price for its listed securities. During the November 7 test, Nasdaq will designate NYSE Arca as the alternate exchange for conducting such closing cross execution for Nasdaq’s listed securities. The contingency closing auction testing will commence at 11:30am. All symbols will be available for testing. .

The timeline for the November 7, 2020 test is as follows:

11:30 am Nasdaq systems will cease operating and declare that it is unable to conduct a closing crossing.
11:30 am – 12:00 pm NYSE Arca will accept on close orders for Nasdaq listed securities. Firms are encouraged to participate by sending on close orders
Beginning at noon NYSE Arca will conduct a closing cross execution for eligible securities and SIP will publish closing prices.

Firms are encouraged to participate to ensure future readiness by directing orders to the designated alternative Exchange for each testing date. For additional information, the Nasdaq Trading Services at 212 231-5180

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