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Thursday, February 19, 2026

Equity Trader Alert #2026 - 11
Nasdaq Announces Enhanced Non-IPO New Issue Functionality

Category:

  • New Functionality

Markets Impacted:

Contact Information:

Resources:

What you need to know:

The Nasdaq Stock Market (Nasdaq) is enhancing functionality for select non-IPO new issue symbols to allow the symbols to start trading before the Opening Cross.

What is changing?

Currently, all non-IPO new issues are scheduled for a Halt Cross event after the Nasdaq Opening Cross occurs, therefore any orders entered with CrossType = O received before the Halt Cross event will be accepted into the Halt Cross book.

After this change, select flagged non-IPO new issues that have their Halt Cross event scheduled before the Opening Cross, will allow orders entered with CrossType = O to be accepted in the Opening Cross book.

Behavior will persist as it does today for unflagged non-IPO new issues.

Customers will be able to identify which symbols will have this new behavior through the IPO Flag under the Stock Directory message via the Nasdaq TotalView - ITCH Feed. Please refer to DTN #2026-1 for additional details.

This enhancement is currently scheduled for Q2 2026. A subsequent announcement will be sent once the rollout date is finalized.

What market data products are impacted?

There are multiple market data products impacted by this change:

  • Nasdaq TotalView
  • Nasdaq TotalView Aggregate
  • Nasdaq Basic
  • Nasdaq Last Sale/Last Sale +
  • Net Order Imbalance View
  • Nasdaq GLIMPSE
  • Nasdaq Level 2
  • Nasdaq Totalview Agg.
  • Nasdaq FilterView
  • TRF FilterView

Testing Opportunities:

Saturday UAT production testing will be available on May 9th.

For any questions, please contact Nasdaq Trading Services at +1 212 231 5180.

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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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