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Thursday, June 15, 2023

Equity Trader Alert #2023 - 27
Nasdaq Post-Trade Risk Service Launches in June 2023

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  • System Impact

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Nasdaq is launching a Post-Trade Risk service on June 30, 2023. Nasdaq’s Post-Trade Risk service provides clearing firms with real-time monitoring, alerting, and controls for their activity on the Nasdaq exchange and FINRA/Nasdaq TRF™ relative to per trade and aggregate trade notional dollar limits as defined by a clearing firm. Nasdaq’s Post-Trade Risk service will offer risk alerts through the WorkX™ User Interface, emails, and FIX drops. The Post-Trade Risk service is a re-platform of the ACT Risk Management service on the WorkX technology stack.

A FIX trade report specification version update in support of the Post-Trade Risk service is available with this notice.

The migration of clearing firms and their correspondents to the Post-Trade Risk service will be conducted in tranches, commencing from July 2023. Firms have the option to submit a request to migrate during a specific tranche or, alternatively, they will be assigned a specific tranche. A firm will be expected to fully cutover from the ACT Risk Management service to the Post-Trade Risk service on their migration date. ACT Risk Management will be retired once all customers migrate to the Post-Trade Risk service.

Testing Opportunities

Firms are encouraged to test the Post-Trade Risk service, which is available in the Nasdaq Test Facility, prior to their migration date. Work Post-Trade Risk testing is available every weekday in UAT free of charge. Firms may request WorkX UAT access with the WorkX Request Form.

More Information

If you want to learn more about Post Trade Risk service, please contact Trading Services at +1 212 231 5180 or email Nasdaq TRF Product Management.



    Notes:

    1: ““FINRA/Nasdaq TRF” means the FINRA/Nasdaq TRF Carteret and the FINRA/Nasdaq TRF Chicago, depending on the facility to which the member firm reports.

    FINRA™, Trade Reporting Facility™ and TRF™ are trademarks of Financial Industry Regulatory Authority, Inc.; FINRA/NASDAQ TRF™ is used under license for Financial Industry Regulatory Authority, Inc.

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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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