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Monday, February 8, 2021

Equity Trader Alert #2021 - 10
Upcoming Enhancements to Order Functionality on Nasdaq, BX and PSX

Category:

  • System Impact

Markets Impacted:

Contact Information:

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Beginning Monday, March 8, 2021, The Nasdaq Stock Market (Nasdaq), Nasdaq BX (BX) and Nasdaq PSX (PSX) will begin introducing performance improvements to the following order functionality it currently supports via INET FIX and RASHport order entry protocols:

  • Market Maker Peg Orders
  • Reserve Orders

The timeline for introducing these changes will be as follows:

Market Maker Peg Orders

  • PSX: Monday, March 8
  • BX: Monday, March 22
  • Nasdaq: TBD

Reserve Orders

  • PSX: Monday, April 5
  • BX: Monday, April 19
  • Nasdaq: TBD

In addition to Market Maker Peg and Reserve Orders, Nasdaq, BX and PSX (collectively, “Exchanges”) intend to introduce similar performance improvements to other order functionality that are currently only supported via its INET FIX and RASHport order entry protocols (e.g. Discretion, Pegging) throughout the year; more information on this will be forthcoming.

These performance improvements are intended to be largely transparent to customers; i.e. there will be little to no impact on order functionality or protocols specifications.

Later this year, the Exchanges will be introducing the aforementioned order functionality available via its OUCH order entry protocol; more information on timing and updated technical specifications will be forthcoming.

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