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Thursday, February 3, 2022

Equity Trader Alert #2022 - 11
Nasdaq to Introduce The Extended Trading Close

Category:

  • New Functionality

Markets Impacted:

Contact Information:

Resources:

The Nasdaq Stock Market (Nasdaq) plans to roll out the Extended Trading Close (ETC) and the ETC Order Type on Monday, March 7th.

ETC provides participants an additional opportunity to continuously match at the Nasdaq Official Closing Auction Price until 4:05pm for Nasdaq listed stocks following the conclusion of the Nasdaq Closing Cross.

Orders eligible to participate in the ETC are:

  • LOC orders with a DAY or IOC TIF, submitted via FIX / RASHport, that were not fully executed in the Closing Cross will be automatically rolled over to ETC. Note: Customers have the option to opt out.

  • Nasdaq will be introducing the ETC Order Type. ETC orders may only be entered at the conclusion of the Closing Cross. ETC orders throughout their life are cancellable.

    • ETC Timeline

    Conclusion of Closing Cross (~4:00 p.m.)
  • ETC begins
  • Eligible LOC and ETC orders can be entered, canceled or modified
    		•
    4:00:05 p.m. NOII imbalance data dissemination begins
    4:05 p.m. ETC concludes

    Specification Updates

    Protocol TIF CrossType
    OUCH 99996 A
    RASHport 99996 A
    INETFIX E A
    FIX Lite E A
    Liquidity Code Explanation
    i Extended Trading Close execution

    For additional details, please refer to the Extended Trading Close FAQ.

    Testing Opportunities

    Testing is currently available in the Nasdaq Testing Facility (NTF). A customer Saturday UAT will be offered February 5th.

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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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