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Monday, January 4, 2010

Equity Technical Update #2010 - 1
NASDAQ Reminds Firms of ACT Testing Opportunity for FINRA Rule Changes Effective January 11, 2010

Markets Impacted:

  • The NASDAQ Stock Market
  • Post Trade

Contact Information:

What you need to know:

  • As announced in Equity Technical Update #2009-22, NASDAQ is implementing changes to the ACT System to support new rules announced by FINRA, as well as general TRF enhancements.
  • NASDAQ wants to remind firms of the testing opportunity this Saturday, January 9, 2010.
  • NASDAQ encourages firms to participate in this test.

What is changing?

The Financial Industry Regulatory Authority (FINRATM) has announced Securities and Exchange Commission (SEC) approval of new trade reporting rules that will become effective on January 11, 2010. Based on the new rules, the following modifications will be made to trade reporting via NASDAQ ACTSM technology:

  • Trades executed outside of the hours of operation of both the FINRA/NASDAQ Trade Reporting FacilityTM (TRFTM) and FINRA Over-the-Counter Reporting Facility (ORF) — collectively the ACT System — must be reported within 15 minutes of system open (i.e. 8:15 a.m., Eastern Time) or they will be considered late.
  • The ACT System will now allow Form T trades to be reported during market hours for both Trade Date and As-of reported trades. Form T trades will no longer be restricted to reporting only during Form T (pre-market and post-market) sessions.

What will the test involve?

The NASDAQ ACT System test on Saturday, January 9, 2010, will support full ACT functionality, including trade entry and unsolicited message (UM) generation through trade dissemination.

Where can I find more information?


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