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Tuesday, February 26, 2013

Equity Technical Update #2013 - 10
Limit Up/Limit Down and Market Wide Circuit Breaker Industry Test Plan for Saturday, March 2, 2013

Markets Impacted:

Contact Information:

What you need to know:

  • NASDAQ OMX will be offering industry wide testing to support both the Limit Up/Limit Down and the revised Market Wide Circuit Breakers on Saturday, March 2, 2013.
  • Each Exchange and any specifically assigned testing members will be running through a set of core scenarios outlined below in names that only they can use.
  • All other industry testing participants will be able to test the functionalities in the symbol list provided below.
  • PHLX, NOM and BX Options will also be participating in this weekend's test.

What is happening?

NASDAQ OMX® is conducting four Saturday tests as part of an industry wide effort to ensure that our Members are properly prepared for the market wide system changes coming for Limit Up/Limit Down and the revised Market Wide Circuit Breakers.

What is the anticipated industry test plan?

Each Exchange will be executing core scenarios linked to below as part of this test. There are two symbol lists below. The first list is specifically reserved for only Exchanges to test and unless you have been notified by an Exchange you may NOT use the symbols in the first list below. The second list will be available for all industry participants to test this Saturday.

Symbols Reserved for Exchanges Only for Testing

NASDAQ NYSE ARCA NYSE MKT BATS Direct Edge CHX NSX
ORCL A API BBY TSLA BAX ARNA
ZNGA AMD GRMN BA BBBY BBT
CBO INDA BAC YINN

Symbols Open for ALL Industry Testing Participants

NASDAQ NYSE ARCA NYSE MKT BATS
ARCC AAP AHB ANV ZBZX
GNTX ABBV ALD ALN* ZTEST
ATML ABC ALT IBO*
ATVI ABT DUST INO*
TFSL CBX DVYL
CPWR CIM ZZK
MRVL AA* ZZZ
MDRX AAN* AKN*
ENDP BF B ANGL*
HBAN BRK B ABI
PLCM JW B AFK
TIBX AGF
TWTC IGZ
UTIW ZVV
ZION
ZVZZT
ZWZZT

*Customer testing is permitted only after 10:30 A.M., Eastern Time (ET).

What are the anticipated scenarios that the Exchanges and their selected testing parties will run?

Refer to the LULD/MWCB Industry Testing Plan document on the NASDAQ Trader® testing webpage for detailed information about the anticipated scenarios that the Exchanges and their selected testing parties will run.

Will NASDAQ's Options markets also be participating in the March 2nd Weekend Test?

Yes. PHLX, NOM and BX Options will be participating in this weekend's test. Contact NASDAQ OMX Options and Futures Market Operations at +1 215 496 5550 for more information specifically related to options testing.

May industry participants that are not specifically assigned as testers also run through the above scenarios?

Yes, provided they do not use the symbols assigned only to Exchanges.

Will there be a simulated Market Wide Circuit Breaker?

Yes. All 3 levels of the market wide circuit breakers will be tested starting at 11:45 A.M., ET until 1:00 P.M. Each will have a 15 minute halt period.

What will be available and when?

NASDAQ OMX production systems will be available for pre-market trading in all securities at 9:00 A.M., ET, followed by a market open at 9:30 A.M., ET.

LULD Price Bands will be in effect from 9:45 A.M., ET 2013 11:30 A.M. ET.

What are the available test dates?

Refer to ERA #2013-1 for the previously announced industry wide testing.

Do customers need to register for the test?

Yes, firms should email NASDAQ OMX Trading Services to register for the test.

Who should customers contact if they have questions during testing?

Customers should contact the NASDAQ OMX Trade Desk at +1 212 231 5100.

Where can I find additional information?


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