Tuesday, May 15, 2012

Equity Technical Update #2012 - 16
NASDAQ Offers Additional IPO Testing May 16-17, 2012

Markets Impacted:

Contact Information:

What you need to know:

  • In advance of the upcoming Facebook IPO, The NASDAQ Stock Market® (NASDAQ®) will conduct IPO testing for interested customers Wednesday, May 16 and Thursday, May 17, 2012. NASDAQ will emulate the IPO process in a test security, ZWZZT, beginning with a quoting period at 12:45 p.m., Eastern Time (ET), and a scheduled release at 1:00 p.m., ET.

Why should my firm participate in the test IPO?

Firms can use the test to ensure that their order entry procedures are ready for the upcoming Facebook IPO. The test will support the system's recent enhancement to accept certain DAY orders before the quoting period begins. Firms seeking to enter orders ahead of the quoting period should ensure that the early orders meet the following criteria:

  • Submitted via RASH or FIX port
  • Time-in-Force of DAY only
  • Limit or Market orders are accepted, but Market orders submitted before 9:30 a.m., ET, must be marked with an on-open flag (tag 9355) of "O".
  • No additional special handling instructions (e.g., pegging, min qty, discretion) are permitted.

Standard IPO order entry at the commencement of the quoting period remains unchanged.

Where can I find additional information?


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