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Tuesday, October 7, 2025

Equity Technical Update #2025 - 2
Nasdaq Liquidity Code Updates for Pre-Market Orders

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  • System Impact

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The Nasdaq Stock Market will introduce new liquidity codes in order to provide increased transparency into pre-market executions that occur between 4:00am and 9:30am. These new liquidity codes will roll out on Nasdaq on November 5, 2025.

Specifications are updated to include the new Liquidity Flag:

Current Liquidity Code for Pre-Market Executions

Description

Updated Liquidity Code for Pre-Market Executions

A

Added

2

8

Displayed, liquidity-adding order sets the QBBO while joining

2

e

Retail designated execution that added displayed liquidity

2

u

Added non-displayed liquidity via a Reserve order

2

R

Removed

3

7

Displayed, liquidity-adding order improves the NBBO

5

J

Non-displayed adding liquidity

9
 
Please refer to the Specifications Page for more information.


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