NASDAQ

Market Details

The NASDAQ OMX Group owns and operates 26 markets, making them the largest exchange company in the world.

Homepage

Currency: US Dollar (USD)

Holiday Calendar
Trading Hours

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 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.

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:

GatewayLiquidity FlagsDescriptionCurrent FeeNew Fee
NSDQJHidden Add Liquidity (New for Tape A and B)0
NSDQNPassive Midpoint Execution (New liquidity code)0
NQBXA or 7 or 8Fee to Add Displayed Liquidity (Tape C)0.0020.003
NQBXRRemove Liquidity0.00050.0007

Older Fee Change

(09/03)

GatewayLiquidity FlagsDescriptionCurrent FeeNew Fee
NQBXRRemove Liquidity0.00030.0005
NQBXA, 7, or 8Add Liquidity0.00290.0030 for Tape A & B
0.0020 for Tape C
NQBXNAdd Liquidity for Midpoint orders that received price improvement better than the midpoint of the NBBON/A0.003

(07/01)

GatewayLiquidity FlagsDescriptionCurrent FeeNew Fee
NQBXA or 7 or 8Routed to EDGX, adds liquidity0.002 (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:

GatewayLiquidity FlagsDescriptionCurrent FeeNew Fee
NQPXAAdd Liquidity (between $1.00 and $5.00)-0.0033-0.0020
NQPXJAdd Hidden0-0.0005
NQPXVAdd 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:

GatewayLiquidity FlagsDescriptionCurrent FeeNew Fee
NQPXA or VAdd Liquidity-0.0023-0.002

See Also

Real Trading: Available Markets

Equity Markets

Futures Markets

Forex Markets

View all available trading markets