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nsdq [2017/02/13 09:57] – [Auction Mechanisms] mayansdq [2024/08/20 09:29] (current) – hammed
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 [[http://www.nasdaq.com/ | Homepage]] [[http://www.nasdaq.com/ | Homepage]]
  
-Currency: US Dollar (USD)\\ +Currency: US Dollar (USD)
-Time Zone: UTC -05:00+
  
-[[http://www.nasdaqtrader.com/Trader.aspx?id=Calendar | Holiday Calendar]]\\ +[[https://www.nasdaq.com/market-activity/stock-market-holiday-schedule | Holiday Calendar]]\\ 
-[[http://www.nasdaq.com/about/trading-schedule.aspx | Trading Hours]]+[[https://www.nasdaq.com/stock-market-trading-hours-for-nasdaq | Trading Hours]]
  
-==== Lit Order Types ==== +==== Order Types ====
-  * Limit Buy/Sell (DAY/FOK/IOC) +
-  * Reserve Limit Buy/Sell (DAY) +
-  * Market Buy/Sell/Short Sell (Day/FOK) +
-  * Market-on-Close (MOC) & Market-on-Open (MOO) Buy/Sell +
-  * Pegged Midpoint/Market/Primary Buy/Sell (Day)+
  
-==== Available ATS ==== +**Note:** not all order types are available for every gateway. 
-  * ARCX: NYSE Arca + 
-  * ATD: Automated Trading Desk Dark Pool +  * Inside Limit Buy/Sell→ShortSell (Day) 
-  * BARC: Barclays Capital Dark Pool +  * Limit Buy/Sell→ShortSell (Day/FOK/IOC) 
-  * BATS: BATS +  * Limit-on-Close (LOC) & Limit-on-Open (LOO) Buy/Sell→ShortSell 
-  * BIDS: BIDS Dark Pool +  * Market Buy/Sell→ShortSell (Day/FOK) 
-  * BLOC: BLOCK Dark Pool +  * Market-on-Close (MOC) & Market-on-Open (MOO) Buy/Sell→ShortSell 
-  * BOFA: Bank of America Dark Pool +  * Pegged Midpoint/Market/Primary Buy/Sell→ShortSell (Day) 
-  * BATY: BATS-Y Exchange +  * Reserve Limit Buy/Sell→ShortSell (Day) 
-  * CBSX: CBOE Stock Exchange +  * Stop Limit Buy/Sell→ShortSell (Day)
-  * CSD: Credit Suisse Crossfinder+ +
-  * DARK: Consolidated Dark Pool +
-  * DBA: Deutsche Bank Dark Pool +
-  * EDGA: Direct Edge +
-  * EDGX: Direct Edge +
-  * FIDE: Fidelity Dark Pool +
-  * GETC: Getco Dark Pool +
-  * IEX: IEX +
-  * KNGM: Knight Capital Group +
-  * LEVL: LEVEL ATS +
-  * MSCO: Morgan Stanley Dark Book +
-  * NQBX: NASDAQ OMX BX +
-  * NQPX: NASDAQ OMX PSX +
-  * NSDQ: NASDAQ +
-  * NSX: National Stock Exchange +
-  * NTHK: Instinet Nighthawk Dark Pool +
-  * PDQ: PDQ ATS +
-  * SGMX: Sigma X Dark Pool +
-  * SPDR: SpeedRoute Dark Pool +
-  * UBS: UBS Dark Pool+
  
 ==== Basic Market Rules ==== ==== Basic Market Rules ====
 +
   * Lot Size: 100 shares.   * Lot Size: 100 shares.
   * Tick Size: varies by price and security.   * Tick Size: varies by price and security.
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 === Open === === Open ===
-The pre-opening session runs from 07:00 - 09:30. During this session, orders can be entered and cancelled but no matching will occur. The Calculated Opening Price (COP) is displayed and continuously updated. At the open (09:30) all matching orders are executed at a single opening trade price with remaining orders left on the continuous limit order book. + 
 +Nasdaq book pre-opening session runs from 06:05 - 09:30. During this session, orders can be entered and cancelled. The Calculated Opening Price (COP) is displayed and continuously updated. At the open (09:30), all matching orders are executed at a single opening trade price with remaining orders left on the continuous limit order book. 
  
 === Close === === Close ===
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   * a) The indicative clearing price range is bounded on the far side by the price at which the MOC, LOC, and IO orders would clear with only each other.   * a) The indicative clearing price range is bounded on the far side by the price at which the MOC, LOC, and IO orders would clear with only each other.
   * b) The indicative clearing price range is bounded on the near side by the price at which the Nasdaq Closing orders and continuous orders (excluding volume that is available only by order delivery) would clear.   * b) The indicative clearing price range is bounded on the near side by the price at which the Nasdaq Closing orders and continuous orders (excluding volume that is available only by order delivery) would clear.
-  * c) If the Nasdaq closing cross price is selected  and fewer than all Nasdaq Closing Orders and all continuous orders that are available for automatic execution in the Nasdaq Market Center would be executed, the system executes orders in the following priority:+  * c) If the Nasdaq closing cross price is selected and fewer than all Nasdaq Closing Orders and all continuous orders that are available for automatic execution in the Nasdaq Market Center would be executed, the system executes orders in the following priority:
     * i. MOC Orders, with time as the second priority;     * i. MOC Orders, with time as the second priority;
     * ii. LOC orders, limit orders, IO orders, displayed quotes, and reserve interest that are priced more aggressively than the Nasdaq Closing Cross Price;     * ii. LOC orders, limit orders, IO orders, displayed quotes, and reserve interest that are priced more aggressively than the Nasdaq Closing Cross Price;
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 The following periods affect only order entry for participation in the closing auction. There is continuous trading from 09:30 - 16:00 during which regular (non-imbalance) orders will be matched. The following periods affect only order entry for participation in the closing auction. There is continuous trading from 09:30 - 16:00 during which regular (non-imbalance) orders will be matched.
  
-1. **Pre-Imbalance (09:30:01 - 15:50)** +1. **15:50 - Early dissemination of closing information begins** 
-  * Continuous trading occurs, where bids and offers may be entered, amended, or cancelled +  * Nasdaq continues accepting Market-On-Close, Limit-On-Close, and Imbalance-Only orders at any time prior to the cutoff time, but they may not be cancelled or modified 
-  * Market-On-Close (MOC) or Limit-On-Close (LOC) orders may be entered, amended, and cancelled + 
-  * No imbalance orders will be matched+2. **15:55 - Full dissemination of closing information begins** 
 + 
 +  * Nasdaq stops accepting entry of Market-On-Close orders   
 +  * Limit-On-Close orders may be entered until 15:58, but may not be cancelled or modified   
 +  * Imbalance-Only orders may be entered until 16:00, but may not be cancelled or modified  
  
-2. **Post-Imbalance (15:50 - 16:00)** +3. **15:58** 
-  * Imbalance-only (IO) orders can be entered +  * Nasdaq stops accepting entry of Limit-On-Close orders
-  * Continuous trading occurs, where bids and offers may be entered, amended, or cancelled +
-  * MOC, LOC, or IO orders cannot be cancelled or modified+
  
-3. **Closing Cross Price (16:00:00 - 16:00:05)** +4. **16:00** 
-  * Closing auction is conducted +  * Closing process begins
-  * Auction imbalance orders are matched at the Closing Cross+
  
-**Order Types:** Limit-on-Close, Market-On-Close, and Imbalance Only orders are eligible to participate in the Closing Auction.+**Order Types:** Limit-on-Close, Market-On-Close, and Imbalance-Only orders are eligible to participate in the Closing Auction.
  
-For more information on the auction mechanisms on the NASDAQ Stock Exchange, see the [[http://www.sec.gov/rules/other/nasdaqllcf1a4_5/e_sysdesc.pdf | Nasdaq Market Center Systems Description]] document, p.12.+For more information on the auction mechanisms on the NASDAQ Stock Exchange, see the [[http://www.sec.gov/rules/other/nasdaqllcf1a4_5/e_sysdesc.pdf | Nasdaq Market Center Systems Description]] document.
 ===== Financial News/Research ===== ===== Financial News/Research =====
  
-[[ http://www.cnbc.com/id/15839076 | CNBC.com ]]\\ +  * [[ http://www.cnbc.com/id/15839076 | CNBC ]] 
-[[ http://finviz.com/screener.ashx | Finviz ]]\\ +  * [[ http://finviz.com/screener.ashx | Finviz ]] 
-[[ https://www.google.com/finance/stockscreener | Google Finance ]]\\ +  * [[ https://www.google.com/finance/stockscreener | Google Finance ]] 
-[[ http://www.marketwatch.com/tools/stockresearch/screener/ | MarketWatch.com ]]\\ +  * [[ http://www.marketwatch.com/tools/stockresearch/screener/ | MarketWatch ]] 
-[[ http://screener.finance.yahoo.com/stocks.html | Yahoo! Finance ]]+  * [[ http://screener.finance.yahoo.com/stocks.html | Yahoo! Finance ]]
  
 ===== See Also ===== ===== See Also =====
   * [[market_guides|Market Guides]]   * [[market_guides|Market Guides]]
nsdq.1486997829.txt.gz · Last modified: 2017/02/13 09:57 by maya