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Friday, November 4, 2011

Equity Technical Update #2011 - 14
NASDAQ OMX Introducing Additional Liquidity Codes

Markets Impacted:

Contact Information:

What you need to know:

  • Effective in the fourth quarter of 2011, as early as Thursday, December 1, 2011, all NASDAQ OMX® U.S. equity venues will support additional liquidity codes in addition to the current liquidity codes.
  • Firms should refer to the protocol specifications on the NASDAQ OMX Trader® website in preparing their systems to accept the change. NASDAQ OMX will continue to provide Equity Technical Updates as additional liquidity codes are supported.

What is changing?

Effective in the fourth quarter of 2011, as early as Thursday, December 1, 2011, NASDAQ OMX U.S. equity venues will begin to support additional liquidity codes in addition to the current liquidity codes.

All order entry protocols for The NASDAQ Stock Market® (NASDAQ®), NASDAQ OMX BXSM (BXSM) and NASDAQ OMX PSXSM (PSXSM) use liquidity codes to provide customers with greater transparency for their executed orders.

Which new liquidity codes are being introduced?

NASDAQ, BX and PSX will begin to disseminate numerical liquidity codes (e.g. 0-9), as well as lowercase alphabetic liquidity codes. These codes will differentiate certain new types of executions from the existing liquidity codes which are capital letters. This is required to support the upcoming release of routing capabilities on BX & PSX, as well as future special order types and pricing initiatives.

What do I need to do?

NASDAQ OMX will continue to provide Equity Technical Updates as new liquidity codes are supported. As new liquidity codes are implemented, firms should refer to the protocol specifications on the NASDAQ OMX Trader website in preparing their systems to accept the change.

Where can I find additional information?


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