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Thursday, October 19, 2023

Equity Technical Update #2023 - 7
Nasdaq Updates Specifications for Non-Displayed Reserve Orders

Category:

  • System Impact

Markets Impacted:

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The Nasdaq Stock Market, Nasdaq BX, and Nasdaq PSX will introduce a new liquidity flag for executions involving the non-displayed portion of Reserve orders. For qualifying executions, the order adding non-displayed Reserve liquidity will receive a liquidity flag of ‘u’. The rollout dates of the new liquidity code for each exchange are as follows:

Nasdaq: November 1st

Nasdaq BX/PSX: December 1st


Specifications will also be updated to include the new Liquidity Flag:

Reason Explanation
u Added non-displayed liquidity via a Reserve order

Please refer to the Specifications Page for more information.

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