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Friday, June 1, 2007

Equity Trader Alert #2007 - 106
NASDAQ Proposes Industry-Wide Test on June 30, 2007

Please Route To: Head Traders; Technical Contacts; Compliance Officers; Vendor Technical Contacts

What you need to know:

  • NASDAQ proposes an industry-wide test on Saturday, June 30th to allow firms to test the changes they have made in preparation for the Reg NMS compliance date of July 9, 2007.
  • Information regarding all Exchanges who have committed to participate in the test will be communicated as it becomes available.

Whom you should contact: NASDAQ Market Operations at 212.231.5100

Why is NASDAQ proposing an industry-wide test?
In anticipation of the July 9th Broker-Dealer compliance date for Reg NMS, NASDAQ® will bring its systems up on Saturday June 30th to participate in a proposed industry-wide test to allow the Broker-Dealer community to test the changes they have made. NASDAQ has reached out to all Exchanges with protected quotes to ask each respective party to bring their systems up and participate as well. Additionally, the NASD is working with the TRF’s to ask those participants to take part in the June 30th test.

What are the test details?
NASDAQ will bring its systems up at 9:00 a.m., Eastern Time (ET), with a normal 9:30 a.m., ET, open and a close at 12:00 p.m., ET, with the test concluding at 12:30 p.m., ET. NASDAQ recommends that firms who will test on June 30th consider concentrating test orders and quotes in 10 NASDAQ listed securities, 10 NYSE-listed securities and 10 Amex-listed securities.

NASDAQ will send periodic reminders regarding the testing details.

What securities does NASDAQ propose participants concentrate quotes and orders in?

NASDAQ NYSE AMEX
QQQQ TXN SPY
SUNW MOT IWM
DELL ADS ONT
INTC GT XLE
MSFT MU QID
CSCO HPQ KRY
AAPL GLD DIA
CMGI HAL XLB
QCOM TSM SMH
AMZN GM OIH

Although NASDAQ suggests that testing participants concentrate quotes and orders on the 30 securities listed above, NASDAQ will not reject orders or quotes in securities outside of the list. NASDAQ is publishing these particular 30 securities so firms may sustain concentrated liquidity and have a robust test.

Why did NASDAQ choose the date of June 30th?
The Russell Rebalance falls on Friday June 22nd, thus a weekend test prior could potentially conflict with pre-Russell system “blackouts” observed by many firms. Additionally, if firms find issues with the changes they have made for Reg NMS, they will have time to correct any issues prior to July 9th.

Who can I contact for additional information?


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