Please Route To: Head Traders; Technical Contacts; Compliance Officers
What you need to know:
- As announced in Head Trader Alert 2006-005, NASDAQ hopes to become operational as an exchange on or around April 1, 2006.
- To ensure completion of the NASDAQ membership review process prior to April 1, 2006:
- NASD members must submit their applications by February 17, 2006.
- Non-NASD members or members of another SRO should submit their applications immediately.
Who you should contact: NASDAQ Market Sales at 800.846.0477
When do I need to submit my application to become a member of the Exchange?
As announced in Head Trader Alert 2006-005, NASDAQ® hopes to become operational as an exchange on or around April 1, 2006. To ensure completion of the NASDAQ membership review process prior to April 1, 2006:
- NASD members must submit their applications by February 17, 2006.
- Non-NASD members that are members of another SRO should submit their applications immediately.
If NASDAQ does not receive your application soon, there is no guarantee that your application will be processed in time for you to participate in the NASDAQ Stock Market LLC on the operational date.
If I have already submitted my membership application, when can I expect approval?
Many of the submitted applications have been processed, and the first approval letters will be sent out soon.
Where can I find the membership application forms?
For membership information and applications, please click here.
Where can I get more information on NASDAQ’s Exchange Registration?
For more information, please refer to:
If my firm is not an NASD member but is a member of another SRO, where can I get additional information on becoming a NASDAQ member?
Members of another SRO can find information and guidance on becoming a NASDAQ member by referring to:
As NASDAQ becomes an exchange, what technological and operational changes can I expect?
There are few operational and technological modifications required for NASDAQ to become an exchange; however, firms need to be aware of a few changes:
- In order to comply with exchange price/time priority rules, NASDAQ must remove the following NASDAQ Market Center® functionality:
- Preferenced orders to individual MPIDs — including self-preferencing
- Anti-Internalization Qualifier (AIQ) value — allows firms to preference themselves first at a given price level. Firms may still use AIQ (Y value) to ensure that they do not hit/take their own quotes in the NASDAQ Market Center.
- Once operational, NASDAQ will be responsible for Section 31 obligations to the Securities and Exchange Commission (SEC). To fund NASDAQ’s obligation, it will charge members a transaction fee related to activity on the exchange and on its facilities, including NASDAQ, Brut and INET. Collection of these fees will be facilitated via direct debit of Clearing Firms settlement accounts through NSCC. A support file will be made available to Clearing Firms on a monthly basis. For more information on Section 31, please click here.
Where can I go for more information?
If you have questions regarding NASDAQ’s Exchange Registration:
For additional information:
NASDAQ is the largest U.S. electronic stock market. With approximately 3,200 companies, it lists more companies and, on average, trades more shares per day than any other U.S. market. It is home to companies that are leaders across all areas of business including technology, retail, communications, financial services, transportation, media and biotechnology. NASDAQ is the primary market for trading NASDAQ-listed stocks. For more information about NASDAQ, visit the NASDAQ Trader website at www.NASDAQTrader.com.
RSS Feeds
Product Login
