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Tuesday, July 29, 2014

Equity Trader Alert #2014 - 57
NASDAQ Announces Processing Enhancements to Reserve Orders

Category:

  • New Functionality

Markets Impacted:

Contact Information:


NASDAQ is enhancing reserve order processing on The NASDAQ Stock Market, BX, and PSX. Reserve orders allow participants to submit orders that contain a round lot display size and a corresponding non-display size. Incoming order flow has access to both the display and non-display portion of a booked reserve order.  

Currently, when a reserve order has its display size fully exhausted and the remaining reserve is equal to or less than the display size specified, the replenishment functionality removes the reserve liquidity from the book in order to replenish the displayed liquidity. NASDAQ is making a change to enhance the reserve functionality. As a result of this change the replenishment process will no longer remove the reserve portion from the book during the replenishment process. Under the new process the remainder of the order will be converted to display without relinquishing the price level.
 
This change will be made throughout the month of August and will be completed by Friday, August 29, 2014.


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