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Tuesday, May 5, 2026

Equity Trader Alert #2026 - 26
Updated Timing: Nasdaq Announces Enhanced Non-IPO New Issue Functionality

Category:

  • New Functionality

Markets Impacted:

Contact Information:

Resources:

What you need to know:

As previously mentioned in ETA2026-11, the Nasdaq Stock Market (Nasdaq) is enhancing functionality for select non-IPO new issues to allow the symbols to start trading before the Opening Cross.

What is changing?

Currently, all non-IPO new issues are scheduled for a Halt Cross event after the Nasdaq Opening Cross occurs, therefore any orders entered with CrossType = O (Opening Cross) received before the Halt Cross event will be accepted into the Halt Cross auction.

This change will allow select non-IPO new issues to have their Halt Cross event scheduled before the Opening Cross, which will result in orders entered with CrossType = O to be accepted in the Opening Cross.

For non-IPO new issues scheduled after the Opening Cross:

  • OUCH and Flite orders entered with CrossType = O before the Opening Cross occurs will be canceled back to customers after the Opening Cross event. Participants will need to resubmit such orders to participate in the Halt Cross auction.
  • For all other protocols, the behavior will remain unchanged.

Customers will be able to identify which symbols will have this new behavior through the IPO Flag under the Stock Directory message via the Nasdaq TotalView - ITCH Feed. Please refer to DTN 2026-1 for additional details.

This enhancement will be effective starting May 18, 2026.

What market data products are impacted?

There are multiple market data products impacted by this change:

  • Nasdaq TotalView
  • Nasdaq TotalView Aggregate
  • Nasdaq Basic
  • Nasdaq Last Sale/Last Sale +
  • Net Order Imbalance View
  • Nasdaq GLIMPSE
  • Nasdaq Level 2
  • Nasdaq Totalview Agg.
  • Nasdaq FilterView
  • TRF FilterView

Testing Opportunities

Saturday UAT production testing will be available on May 9th.

For any questions, please contact Nasdaq Trading Services at +1 212 231 5180.

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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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