Tuesday, March 4, 2014

Equity Trader Alert #2014 - 21
Limit Up/Limit Down Testing Dates


  • Testing

Markets Impacted:

Contact Information:


The NASDAQ Stock Market® (NASDAQ®), NASDAQ OMX BXSM (BXSM) and NASDAQ OMX PSXSM (PSXSM) will offer testing Saturday, March 15, 2014 and Saturday March 22, 2014 to prepare for the addition of the last 15 minutes of regular trading to the Limit up Limit Down Plan for NASDAQ Listed Securities.

As previously announced in Equity Trader Alert #2014 – 18 the Limit Up/Limit Down (LULD) NMS Plan Phase II(B) implementation for NASDAQ-listed securities only was postponed from February 24th until further notice. A new production implementation date will be announced at a later time.

Testing Details

These Saturday tests are being provided to ensure that our Members are prepared for the changes relating to the implementation of Limit Up/Limit Down during the final 15 minutes of regular market hours trading for NASDAQ Listed Securities. As a result of LULD Phase II(B), NASDAQ filed and was approved by the SEC to amend its rules to reflect modifications to the existing closing processes and would like to offer firms the additional opportunity to test these changes.

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 assist firms. Nearly all of the NASDAQ listed symbols will be available for firms to test independently. However, NASDAQ is specifically reserving 9 symbols and asks firms to not use these symbols for testing.

Action Required

Firms should email NASDAQ OMX Trading Services to register for the test. Should any questions arise during the testing period, Customers should contact the NASDAQ OMX Trade Desk at +1 212 231 5100.

Firms may also test daily in the NASDAQ Test Facility. To coordinate testing in the NTF, contact NASDAQ OMX Trading Services.

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