If any portion of the order is not filled after being routed to other markets it will be returned to the NASDAQ system and be posted in the NASDAQ book. SCAN Order – this order routing type will first try to execute the order in the NASDAQ system at a price better than the NBBO if the order is not executed it will then route the order to other markets for execution. Orders that may be routed to other markets include: Market hours IOC orders may not be entered prior to the opening cross or after the closing cross.įirms may also enter orders in the NASDAQ system that may be sent to other markets for execution. Minimum Quantity Orders – orders entered in the NASDAQ system that specify a minimum number of shares to be executed or cancelled may only be entered as market hours immediate or cancel or as system hours immediate or cancel. If the market changes to cause the adjusted to again lock or cross the market the order will be cancelled. Orders to sell entered at a price below the highest bid will be adjusted to the price of the highest bid. Buy orders entered at a price above the lowest offer will be adjusted to the price of the lowest offer. Price to Comply Order – orders entered as price to comply orders that lock or cross an external market will automatically be adjusted by the NASDAQ system to comply with the locked and crossed market rules of regulation NMS.
NASDAQ ORDER BOOK ISO
Firms entering ISO orders must have checked prices in other market centers to ensure better prices are not available. Intermarket Sweep Order (ISO) – orders entered as intermarket sweep orders will be executed at the best price displayed in the NASDAQ system and will not be routed to any other market for execution. The following order routing types are non routable NASDAQ only orders: All orders entered into the NASDAQ system are governed by Regulation NMS. Orders entered by market participants will be routed by the NASDAQ system from 7:00 AM to 8:00 PM EST.
NASDAQ ORDER BOOK SERIES
This article which was produced from material contained in our Series 57 textbook and will help you master the material so that you pass the Series 57 exam.Ī system order is entered in the NASDAQ system for display or execution.
One of the keys to passing the Series 57 exam is to make sure that you have a complete understanding of how order routing will be tested on the Series 57 Exam. Understanding NASDAQ Order Routing On The Series 57 Exam Equity Trader Examination
0 kommentar(er)
