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Wednesday, September 7, 2022

Equity Technical Update #2022 - 2
Nasdaq Updates Specifications for RPI Orders – Hidden Price Improvement Indicator

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  • System Impact

Markets Impacted:

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The Nasdaq BX Stock Market will introduce a new liquidity code for executions involving orders with a hidden price improvement indicator in the Retail Price Improvement (RPI) program. For qualifying orders, the RPI order adding liquidity will receive a new code.

To receive the new liquidity code, a new Display Type has been introduced and will be required on the order entry message:

Liquidity code “1” (RPI Adder – Hidden Indicator)

  • Display Type = “R”

    • There will be no changes to the liquidity codes on executions removing liquidity from the RPI program.

    Additionally, the aforementioned specifications have also been updated to include the new Display Type and Liquidity Flag:

    Display

    Flag Value
    R Retail Price Improvement order, Hidden Price Improvement Indicator

    Liquidity Flag

    Flag Value
    1 RPI order provides liquidity, Hidden Price Improvement Indicator

    Please refer to the Specifications Page for more information.

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