Wednesday, March 27, 2013

Equity Technical Update #2013 - 13
Limit Up/Limit Down and Market Wide Circuit Breaker Rollout Plan

Markets Impacted:

Contact Information:

What you need to know:

  • On Monday, April 8, 2013, NASDAQ OMX, in coordination with the other primary listing markets, will begin the first Phase of the Limit Up/Limit Down Plan by initiating a rollout in production groups of Phase 1 securities each week.
  • In addition, on April 8, 2013 the revised Market Wide Circuit Breakers will go into effect.

What is the general plan for Limit Up/Limit Down (LULD) production rollout?

NASDAQ OMX® will begin to rollout in production groups of Phase 1 securities in compliance with the Limit Up/Limit Down Plan starting April 8, 2013.

Phase 1 of the plan mandates that symbols in the S&P 500, Russell 1000 and selected ETPs as outlined in the plan (Appendix A 2013 Schedule 1) comply with the LULD Rule starting on April 8, 2013. NASDAQ OMX currently plans to have all of the stocks applicable to Phase 1 completely rolled out into production over 5 weeks starting April 8, 2013, and ending no later than May 31, 2013. The rollout will be staggered with groups of symbols and increasing amounts added each week.

Phase 2 of the plan is currently scheduled to begin to go into effect starting August 1, 2013, and be completed on or before September 30, 2013. Phase 2 will include all NMS stocks other than those in Tier 1. The staggered rollout for Phase 2 is expected to be similar to Phase 1.

What is the plan to rollout the revised Market Wide Circuit Breakers?

The revised Market Wide Circuit Breakers will go into full effect starting April 8th, 2013. The details of the new Market Wide Circuit Breaker are outlined in the following previous notices, ERA #2013-1 and ERA #2012-6.

What are the details of the rollout plan for LULD?

NASDAQ's LULD Production Rollout Plan for Phase 1 starting on April 8, 2013 will be as follows:

  • Week 1: April 8th - 12th

    10 Stocks Listed Below:

    Symbol Description
    AAXJ iShares MSCI All Country Asia ex Japan Index Fund
    ACAS American Capital Ltd
    ACGL Arch Capital Group Ltd
    ACWI iShares MSCI ACWI Index Fund
    ADBE Adobe Systems, Inc.
    ADI Analog Devices, Inc.
    ADP Automatic Data Processing, Inc.
    ADSK Autodesk, Inc.
    AGNC American Capital Agency Corp
    AKAM Akamai Technologies, Inc.
  • Week 2: April 15th - 19th

    AAPL - AWAY (20 Stocks)

  • Week 3: April 22nd - 26th

    BBBY - FULT (65 Stocks)

  • Week 4: April 29th - May 3rd

    GILD - ORLY (76 Stocks)

  • Week 5: May 6th - 17th

    PAYX - ZNGA (97 Stocks)

*NASDAQ Primary Listings Only.

Do you have a detailed list of the NASDAQ symbols part of the rollout?

Yes. Refer to the complete NASDAQ LULD Phase 1 Symbol Rollout List located on the NASDAQ Trader® webpage.

Will NASDAQ conduct any additional weekend tests prior to the production rollout on April 8th?

Yes, as previously announced in ERA #2013-1 NASDAQ will be participating in the final weekend industry wide test on Saturday, April 6, 2013. Additional testing details will be provided in a separate notice.

Where can I find additional information?

Email Alert Subscriptions:
Nasdaq offers customers the ability to self select news delivery across various Nasdaq markets. Create and maintain a profile for updating alert preferences and contact information. Visit the enrollment form on the Nasdaq Trader website and sign up today! Please note that if you choose to unsubscribe from an email list, you may no longer receive potentially critical emails from the NASDAQ Stock Market regarding Nasdaq's trading and data products, regulatory issues or marketplace initiatives. To unsubscribe, also click on the enrollment form

Please follow Nasdaq on Facebook RSS and Twitter.

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: