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Wednesday, May 25, 2016

Equity Regulatory Alert #2016 - 5
Updated Guidance on Test Stock Usage

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  • Information

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Nasdaq Rule

The Nasdaq Stock Market, Nasdaq BX and Nasdaq PSX allow members to test in the live production system using specified test symbols.

  • TEST Symbols, such as ZVZZT and ZWZZT, are reserved for testing. From a trading perspective, these test symbols function the same as any other symbol in the system. Additionally, Nasdaq disseminates TEST orders and updates via proprietary market data feeds and updates the Nasdaq quote to reflect the top of the Nasdaq book on the consolidated SIP feeds.

  • In order to manage system capacity and in consideration for subscribers of market data feeds, Nasdaq requires all subscribers to schedule any capacity or high volume testing by sending an email to Trading Services. This will allow Nasdaq to work with members to schedule this testing after hours or during one of our weekend test sessions.

  • Any usage of TEST symbols for a given MPID that exceeds 5 messages per second or a maximum of 10,000 messages per day should be coordinated via Trading Services.

  • The monitoring of test symbol use will be done on a MPID level and the restriction is per SRO; The Nasdaq Stock Market, Nasdaq BX and Nasdaq PSX will be measured separately.

  • Misuse of TEST symbols may result in referral for disciplinary actions in appropriate cases. The regulatory considerations for trading and messaging in test stocks will be measured against the same standard as for any other stocks trading at the Nasdaq markets.
 
 
 
 
 
 
 
 

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Nasdaq (Nasdaq: NDAQ) is a leading global provider of trading, clearing, exchange technology, listing, information and public company services. Through its diverse portfolio of solutions, Nasdaq enables customers to plan, optimize and execute their business vision with confidence, using proven technologies that provide transparency and insight for navigating today's global capital markets. As the creator of the world's first electronic stock market, its technology powers more than 90 marketplaces in 50 countries, and 1 in 10 of the world's securities transactions. Nasdaq is home to approximately 3,900 total listings with a market value of approximately $13 trillion. To learn more, visit: business.nasdaq.com.

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