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Monday, August 10, 2026

Equity Trader Alert #2026 - 45
Launch of Order-by-Order Self Match Prevention (SMP) Functionality

Category:

  • New Functionality

Markets Impacted:

Contact Information:

Resources:

The Nasdaq Stock Market (Nasdaq), Nasdaq TX (NTX) and Nasdaq PSX (PSX) are announcing an enhancement to the current Self Match Prevention (SMP). This functionality expands our existing SMP to allow participants to specify their instructions on an order-by-order basis, whereas currently this is only available to be set at the MPID, Organization or Affiliate ID level. Participants will have the ability to enable SMP at the MPID, Organization or Affiliate ID level, but may now override these settings on a per order basis.

Key Features:

  • New Optional Fields: Two new optional fields will be available on Enter Order and Replace Order messages:
  • AIQ Strategy – A 1-character field to indicate the Level and Strategy to be used on the order (e.g., MPID, ORG ID, Affiliate ID, Match Any; strategies include Decrement Both, Cancel Oldest, Cancel Newest, Use Remover, or Disabled)
  • AIQ Group ID – A 2-character field used to specify enablement of self-match prevention – will utilize port default if not specified
  • Protocol Support: Available via OUCH 5.0, CORE FIX, and INET FIX protocols
  • Order-Level Override: When specified on an order, these fields will override any default SMP settings configured at the MPID, Organization or Affiliate ID level.

Launch Schedule:

  • PSX: September 14, 2026
  • NTX: September 15, 2026
  • Nasdaq: September 16, 2026

 

Please refer to the Specifications Page for more information.

Testing Opportunities:

Testing is currently available in the Nasdaq Testing Facility (NTF). Additionally, Saturday UAT production testing will be available on September 12th.

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