The NASDAQ OMX Group owns and operates 26 markets, making them the largest exchange company in the world.
Currency: US Dollar (USD)
Order Types
Note: not all order types are available for every gateway.
- Inside Limit Buy/Sell→ShortSell (Day)
- Limit Buy/Sell→ShortSell (Day/FOK/IOC)
- Limit-on-Close (LOC) & Limit-on-Open (LOO) Buy/Sell→ShortSell
- Market Buy/Sell→ShortSell (Day/FOK)
- Market-on-Close (MOC) & Market-on-Open (MOO) Buy/Sell→ShortSell
- Pegged Midpoint/Market/Primary Buy/Sell→ShortSell (Day)
- Reserve Limit Buy/Sell→ShortSell (Day)
- Stop Limit Buy/Sell→ShortSell (Day)
Available ATS
- ARCX: NYSE Arca
- ATD: Automated Trading Desk Dark Pool
- BARC: Barclays Capital Dark Pool
- BATS: BATS
- BIDS: BIDS Dark Pool
- BLOC: BLOCK Dark Pool
- BOFA: Bank of America Dark Pool
- BATY: BATS-Y Exchange
- CBSX: CBOE Stock Exchange
- 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
- Lot Size: 100 shares.
- Tick Size: varies by price and security.
- Short Sale Rules: naked short sales are prohibited, a locate must be obtained prior to executing a short sell.
- Circuit Breakers: imposed under conditions defined on the Market Wide Circuit Breaker page.
Auction Mechanisms
Open
The pre-opening session runs from 06:00 – 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.
Close
The closing price is defined by the following closing auction mechanism.
Auction means an auction conducted in a trading platform with respect to qualifying orders to determine the auction price pursuant to the following process and priority:
- 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.
- 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;
- ii. LOC orders, limit orders, IO orders, displayed quotes, and reserve interest that are priced more aggressively than the Nasdaq Closing Cross Price;
- iii. LOC orders, displayed interest of limit orders, and displayed interest of quotes at the Nasdaq Closing Cross price with time as the second priority;
- iv. Reserve interest and IO orders at the Nasdaq Closing Cross price with time as the second priority.
Auction Periods
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. 15:50 – Early dissemination of closing information begins
- 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
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
3. 15:58
- Nasdaq stops accepting entry of Limit-On-Close orders
4. 16:00
- Closing process begins
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 Nasdaq Market Center Systems Description document.
Financial News/Research
Real Trading Fee Changes
Dear Manager,
Effective Monday, December 2, 2019, Nasdaq and BX will change their gateway fees, as follows:
| Gateway | Liquidity Flags | Description | Current Fee | New Fee |
| NSDQ | J | Hidden Add Liquidity (New for Tape A and B) | – | 0 |
| NSDQ | N | Passive Midpoint Execution (New liquidity code) | – | 0 |
| NQBX | A or 7 or 8 | Fee to Add Displayed Liquidity (Tape C) | 0.002 | 0.003 |
| NQBX | R | Remove Liquidity | 0.0005 | 0.0007 |
Older Fee Change
(09/03)
| Gateway | Liquidity Flags | Description | Current Fee | New Fee |
| NQBX | R | Remove Liquidity | 0.0003 | 0.0005 |
| NQBX | A, 7, or 8 | Add Liquidity | 0.0029 | 0.0030 for Tape A & B 0.0020 for Tape C |
| NQBX | N | Add Liquidity for Midpoint orders that received price improvement better than the midpoint of the NBBO | N/A | 0.003 |
(07/01)
| Gateway | Liquidity Flags | Description | Current Fee | New Fee |
| NQBX | A or 7 or 8 | Routed to EDGX, adds liquidity | 0.002 (Tape A and C) 0.0028 (Tape B) | 0.0029 (Tape A, B, and C) |
Nasdaq PSX
Effective Wednesday, December 1, 2021, the Nasdaq PSX exchange changed their fees, as follows:
| Gateway | Liquidity Flags | Description | Current Fee | New Fee |
| NQPX | A | Add Liquidity (between $1.00 and $5.00) | -0.0033 | -0.0020 |
| NQPX | J | Add Hidden | 0 | -0.0005 |
| NQPX | V | Add Liquidity 2000 shares or more (between $1.00 and $5.00) | -0.0033 | -0.0020 |
Older Fee Changes
Please be advised that effective Tuesday, September 3, 2019, Nasdaq PSX is going to change their fee as follows:
| Gateway | Liquidity Flags | Description | Current Fee | New Fee |
| NQPX | A or V | Add Liquidity | -0.0023 | -0.002 |
