Friday, January 31, 2014

Equity Trader Alert #2014 - 8
Limit Up/Limit Down Test Reminder and Details

Markets Impacted:

Contact Information:

What you need to know:

  • As previously announced, NASDAQ OMX will offer testing to support Limit Up/Limit Down implementation of the last 15 minutes of regular trading that is currently scheduled to begin on Monday, February 24, 2014.
  • NASDAQ will be available for testing on Saturday, February 8, 2014 and Saturday, February 22, 2014.

Will NASDAQ be available for testing of the February 24 implementation of LULD?

Yes, the NASDAQ Stock Market® (NASDAQ®), NASDAQ OMX BXSM (BXSM) and NASDAQ OMX PSXSM (PSXSM) will offer testing on Saturday February 8, 2014 and Saturday February 22, 2014 to prepare for the Monday, February 24, 2014 NMS date that will add the last 15 minutes of regular trading to the Limit up Limit Down Plan.

What is the purpose of these tests?

NASDAQ OMX® is conducting these Saturday tests as part of an effort to ensure that our Members are prepared for the market wide changes relating to the implementation of Limit Up/Limit Down to the closing period (final 15 minutes of regular trading). In addition to the market wide changes, NASDAQ has filed with the SEC to reflect changes to the existing closing processes and would like to offer firms the opportunity to test these changes. Refer to Equity Trader Alert #2014-3.

What will be tested?

NASDAQ OMX production systems will be available for pre-market trading in all securities at 9:00 a.m., Eastern Time (ET), followed by a market open at 9:30 a.m., ET and a market close event at 12:00 p.m., ET.

NASDAQ OMX will simulate an actual close at 12:00 p.m., ET, with the bands doubling at 11:35 a.m, ET. NASDAQ OMX has prepared a detailed test script as a guide to assist firms on the day of testing. We encourage firms to perform similar scenarios to those outlined in the test scripts. NASDAQ's Market Operations Team will be executing each of the tests outlined in the script to also assist firms. Nearly, all of the NASDAQ listed symbols will be available to test independently by firms. However, NASDAQ is specifically reserving 9 symbols and asks firms to not use these symbols for testing on February 8th or February 22nd. Please click here to learn more about the details of the tests and scenarios that will be tested.

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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