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Thursday, August 18, 2016

Equity Trader Alert #2016 - 194
Routing Orders to IEX

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  • System Impact

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In compliance with Rule 611 of Regulation NMS, The Nasdaq Stock Market (“Nasdaq”), Nasdaq BX (“BX”) and Nasdaq PSX (“PSX”) have included IEX in its routing strategies.

Additionally, Nasdaq has updated its RASHport, INET FIX, SUMO FIX and QIX specifications to include a new Directed Order destination code for IEX, “ISIX”. Please see specifications here. Customers may use Directed Orders to send orders directly to IEX. Directed Orders do not check the Nasdaq book and are routed at the entered price and entered quantity. If unexecuted, the order (or unexecuted portion thereof) shall be returned to the entering party.

For more information on the routing strategies available on Nasdaq, BX and PSX, please refer to the Routing Strategies Guide.

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