Tuesday, September 27, 2022

Equity Trader Alert #2022 - 87
Nasdaq BX Introduces Fully Non-Display Option for RPI Orders


  • New Functionality

Markets Impacted:

Contact Information:


Nasdaq BX will introduce a new fully non-display option for RPI orders, providing firms the ability to opt out of displaying a price improvement indicator on the data feed for their orders in the Retail Price Improvement (RPI) program.

For qualifying orders, the RPI order adding liquidity will receive a new liquidity code. To receive the new code, a new Display Type has been introduced and will be required on the order entry message.

Please refer to the Equity Technical Update for further details.

The new functionality will be introduced between the end of October and early November 2022 (exact timing to be announced at a later date).

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Nasdaq (Nasdaq: NDAQ) is a leading global provider of trading, clearing, exchange technology, listing, information and public company services. Through its diverse portfolio of solutions, Nasdaq enables customers to plan, optimize and execute their business vision with confidence, using proven technologies that provide transparency and insight for navigating today's global capital markets. As the creator of the world's first electronic stock market, its technology powers more than 90 marketplaces in 50 countries, and 1 in 10 of the world's securities transactions. Nasdaq is home to approximately 3,900 total listings with a market value of approximately $13 trillion. To learn more, visit: business.nasdaq.com.