OREANDA-NEWS. Effective Monday, February 9, 2015, Nasdaq will make two changes related to the close of regular market hours:

  1. Nasdaq will stop accepting orders and cancels between the time the closing cross is initiated (4:00 pm ET) and the time it is completed for each security. During this time, new orders and cancels will not be accepted. New orders will be canceled immediately and cancels will be pended until the cross completes for a given security.Currently, orders and cancels in the continuous market are accepted and processed during this period. 
  2. Nasdaq will no longer accept Market Hours Day (MDAY) or Good till Market Close (GTMC) orders after initiation of the close. MDAY and GTMC orders received after the close will be canceled immediately.

    Currently, orders with a Time in Force (TIF) of Good till Market Close sent after the closing cross in a particular security are converted to System Hours Immediate or Cancel orders.

    Orders with a Time in Force (TIF) of Market Day (defined as orders good until the end of regular market hours trading) sent after the closing cross in a particular security are not always rejected or cancelled.  Instead, depending on the type of port used to enter the order, they are either modified or rejected:

    OUCH, FLITE, and RASHPort: converted into IOC orders
    INET FIX: Converted into System Hours Day


    QIX and SUMO FIX: Rejected
Nasdaq is making no changes to how the closing cross price is calculated.

Testing Opportunities

  • Currently available in the Nasdaq Testing Facility (NTF)
  • Will be available for the January 10th and February 7th UAT