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Thursday, March 27, 2003

Equity Trader Alert #2003 - 49
Comments Requested on NASDAQ Bid Tick Indicator Transition Period

Summary

  • NASDAQ market participants have until June 30, 2003, to convert their systems to the NASDAQ Bid Tick Indicator for Short Sale Rule compliance.
  • Please email Ask NASDAQ your specific questions or concerns about the transition to the NASDAQ Bid Tick Indicator

Notice
As stated in HTA 2003-037, NASDAQ® market participants have until June 30, 2003, to convert their systems to the NASDAQ Bid Tick Indicator for Short Sale Rule compliance. NASDAQ currently calculates a National Bid Tick Indicator based on changes to the bid price of the National Best Bid or Offer, which is disseminated on the UTP Quotation Data FeedSM (UQDFSM).

On March 31, 2003, NASDAQ will begin distributing over the NASDAQ Quotation Dissemination ServiceSM (NQDSSM) a NASDAQ Bid Tick Indicator, which is based on the best quote/order within NASDAQ systems. Within 90-calendar days of March 31st or by June 30, 2003, NASDAQ market participants must utilize the NASDAQ Bid Tick Indicator to comply with the NASD Short Sale Rule (Rule 3350) for trades executed outside of SuperMontageSM and reported to NASDAQ.

If you have concerns regarding the transition to the NASDAQ Bid Tick Indicator, please email your specific fact patterns/scenarios and the related questions or concerns to AskNASDAQ@nasdaq.com as soon as possible with “Bid Tick” typed in the subject line. We will evaluate the information we receive to determine if any changes to the bid tick transition plan are necessary.

Contact Information
If you have any questions about this information, please contact:

  • NASDAQ MarketWatch®, 800.211.4953 or 240.386.6049.
If you have any legal questions regarding this topic, please contact:
  • NASDAQ Office of General Counsel, 202.912.3000.