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Nasdaq Gives Details Of Pilot After-Hours Operation
http://www.marketcenter.com/press/index.cgi?release=9019
ZEBRA is happy to etend working times to 0.30 a.m. local time - GREAT <g>
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Nasdaq Gives Details Of Pilot After-Hours Operation
Washington, D.C.—The Nasdaq Stock
Market® announced today that it will, as
previously announced, extend the
availability of the Nasdaq® trade reporting
and quotation systems to 6:30 p.m., U.S.
Eastern Time (ET) on Monday, October 25,
1999. Certain broker/dealers, however,
have been unable to modify their technology
to accommodate the expansion of trading
hours and attendant regulatory requirements
by the October 25 start date. Recognizing
the legitimate technological constraints of
these market participants, a brief deferral of
trade reporting requirements between the
hours of 5:15 p.m. and 6:30 p.m. has been
sought and obtained from the Securities and
Exchange Commission (SEC).
'The investing public will now have access to
expanded quotation and trade data as part
of a pilot program designed to evaluate after
hours trading and enhance market
transparency,' said Richard G. Ketchum,
President & Chief Operating Officer,
National Association of Securities Dealers
(NASD). 'In implementing this pilot program,
a cautious balance was struck between the
critical need for enhanced transparency
after hours and the predicament of certain
market-making firms whose dependence
upon trade reporting technology requires
modification of systems that will take
several more weeks to complete.'
Initially, firms will be called upon to
voluntarily input trade reports on a real-time
basis for trades occurring between 5:15
p.m. and 6:30 p.m. Effective November 15,
1999, real-time reporting will become
mandatory for all such trades. Additionally,
the application of SEC and Nasdaq rules on
the handling and protection of limit orders
will be temporarily deferred to December 6,
1999, to comport with the scheduled
initiation of the inside bid and offer
calculation, which is used by many firms to
handle and protect orders on an automated
basis.
Systems involved in the extension include:
Automated Confirmation Transaction
ServiceSM (ACTSM) will extend its closing
time from 5:15 p.m. to 6:30 p.m. for (.T)
transactions;
SelectNet®, an automated market service
that enables securities firms to route orders,
negotiate terms, and execute trades in
Nasdaq securities, will extend its closing
time from 5:15 p.m. to 6:30 p.m.;
Nasdaq Quotation Dissemination ServiceSM
(NQDSSM), or Level 2—which carries
real-time quotation information for Market
Makers and electronic communication
networks (ECNs)/alternative trading systems
(ATSs) in each issue— will add a new
closing spin for market participants at 6:30
p.m., and will shut down the line at
approximately 6:40 p.m.;
Nasdaq Trade Dissemination ServiceSM
(NTDSSM)—which carries real-time trade
price and volume data for all trade reports
that are submitted through ACT to market
data vendors and other data feed
recipients—will disseminate trade prices
from 5:15 p.m. until 6:31 p.m. The Final
Closing Report will be disseminated at
approximately 6:40 p.m. and will include all.T
(after hours) volume, as well as the high,
low, and closing prices. The high, low, and
closing price of a Nasdaq security will still be
based on the 4 p.m. close; and
Nasdaq Level 1 ServiceSM, which
disseminates real-time inside quote updates,
will move its Closing Report from 4:45 p.m.
to 4:15 p.m. In addition, the dissemination of
'Today’s US Volume' will be moved from
5:20 p.m. to 6:35 p.m.
The Nasdaq Stock Market lists nearly 5,000
companies and trades more shares per day
than any other U.S. market. Nasdaq is a
subsidiary of the National Association of
Securities Dealers, Inc. (NASD®), the
largest securities-industry, self-regulatory
organization in the United States. For more
information about Nasdaq, visit the Nasdaq
Web site at www.nasdaq.com or the Nasdaq
NewsroomSM at www.nasdaqnews.com.
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