Intraday and Post-Close Crosses

As announced in Head Trader Alert 2007-107, NASDAQ launched the Intraday and Post-Close Crosses for all eligible securities on Monday, June 4, 2007 Fully anonymous Deeply liquid Allows for large block trades without moving the market	Unique Cross Times (all times Eastern) Intraday Crosses 10:45 a.m. 12:45 p.m. 2:45 p.m. Post-Close Cross 4:30 p.m.
Eligibile Securities
All U.S. equities are eligible to trade in NASDAQ’s Intraday and Post-Close Crosses.
Benefits and Features
Provides highly-concentrated liquidity at scheduled cross times. Eligible securities include all U.S. equity securities that are Regulation SHO pilot stocks, all stocks in the NASDAQ-100 and the S&P 500, and all ETFs. Offers a fully anonymous, blind match — no imbalance information disseminated.

Crossing Success

NASDAQ has led the way in crossing technology, as shown by the highly successful Opening and Closing Crosses. In fact, on index and rebalance days, cross volume is in the hundreds of millions. During the 2007 Russell Reconstitution, NASDAQ's Closing Cross processed over 678 million shares, representing $11.7 billion, in a record 1.9 seconds.

Pricing

Intraday and Post-Close Crosses: FREE for the first six months. After six months, NASDAQ intends to offer competitively low pricing. In addition, volume executed in the Intraday and Post-Close Crosses will count toward your NASDAQ tier pricing model.

Additional Information

Crossing Network Fact Sheet (PDF) Crossing Newtwork Seminar FAQs (PDF) - August 16, 2007 Crossing Network FAQs (PDF) Crossing Network Presentation (PDF) HTA #2007-138 - NNASDAQ Intraday Cross Available for All Securities on July 6th With the Elimination of Short Sale Validation HTA #2007-107 - NASDAQ Intraday and Post-Close Crosses Launches in All Eligible Securities Today, June 4th

Who Can Participate

Sell-Side All NASDAQ market participants, including market makers, order-entry firms and ECNs can participate. Become a NASDAQ market participant. Buy-Side Buy-side firms can submit cross orders via their brokers or through Direct Market Access (DMA) platforms. Firms should work with their providers directly to ensure they have DMA functionality. NASDAQ will disseminate firm and contact information to the buy-side for Crossing Network providers.

Connectivity Options

OUCH RASH FIX CTCI NASDAQ QIX NASDAQ Workstation

Contact Information

NASDAQ Market Sales at 800.846.0477