| MarketWatch
NASDAQ MarketWatch conducts two major functions - disclosure and compliance - to maintain an orderly marketplace and a level playing field for market participants, investors and the general public. In an effort to foster marketplace integrity, MarketWatch oversees the complete and timely disclosure of material information by NASDAQ-listed issuers. In addition, MarketWatch monitors compliance with NASDAQ rules and policies through real-time surveillance of price and volume information reported by market participants.
Disclosure
NASDAQ issuers are required to provide prior notification of certain planned material news announcements to MarketWatch. Notification should be provided at least 10 minutes before the release of the information to the public. Issuers should notify MarketWatch of the material information through the Electronic Disclosure submission system (available on NASDAQ.net), except in emergency situations. MarketWatch assesses issuer disclosures for materiality and in certain circumstances, may implement a temporary trading halt to allow for even dissemination of the material news.
MarketWatch analysts proactively evaluate any unusual price or volume activity in NASDAQ securities to identify any potential issuer disclosure matters. NASDAQ-listed companies are required to provide full and prompt responses to MarketWatch inquiries related to unusual market activity or to events that may have a material impact on the trading of its securities. This information is kept confidential and is only used for the regulatory responsibilities of MarketWatch.
Compliance
MarketWatch monitors trading compliance in The NASDAQ Stock Market. It is the responsibility of MarketWatch to protect marketplace integrity by reviewing alerts generated by real-time automated detection systems. MarketWatch immediately resolves any trade reporting issues relating to the accuracy of price and volume information reported by market participants trading and quoting NASDAQ or exchange-listed securities in The NASDAQ Market Center. MarketWatch also adjudicates clearly erroneous trade filings pursuant to Rule 11890.
MarketWatch Frequently Asked Questions
MarketWatch Frequently Asked Questions
What is the contact information for MarketWatch?
Companies may speak with a MarketWatch analyst from 6:30 a.m. until 8:00 p.m., ET, Monday – Friday toll-free at 800.537.3929 or at 301.978.8500.
Material news disclosures must be submitted directly to MarketWatch through the Electronic Disclosure submission system accessible at www.NASDAQ.net 24 hours a day.
In the event of an emergency situation where the company cannot submit the material news electronically, material news may be faxed to MarketWatch at 301.978.8510.
Outside of normal business hours, companies are still obligated to provide prior notification to MarketWatch of certain material information. Before 6:30 a.m. and after 8:00 p.m., ET, if NASDAQ-listed companies are not able to submit the material information via the Electronic Disclosure submission system due to an emergency situation, companies may also leave voicemail messages outlining the material news at 800.537.3929 or 301.978.8500.
Companies do not need verbal confirmation of prior notification from a MarketWatch analyst. Submission of the material information to MarketWatch is sufficient.
What are considered "Reg FD compliant" methods of disclosure for addressing NASDAQ's disclosure rules?
Regulation FD compliant methods of disclosure include any one method (or combination of methods) listed below that is reasonably designed to provide broad, non-exclusionary distribution of the information to the public.:
- a broadly disseminated press release
- furnishing to or filing a Form 8-K or Form 6-K with the Securities and Exchange Commission
- conference calls*
- press conferences*
- webcasts*
.
Does MarketWatch approve news disclosures?
No. MarketWatch neither approves nor disapproves the content of news disclosures. Companies should consult their investor relations or legal counsel regarding the appropriate content of news disclosures.
If a NASDAQ company is primarily releasing material news in a webcast or conference call, does the company still have to provide prior notice to MarketWatch?
Prior notification of certain planned material news announcements to MarketWatch remains a requirement for all disclosure methods.
Does MarketWatch halt trading for every piece of material news?
No. MarketWatch, however, does take into account the timing of the disclosure by the company, the relative importance of the news and any other factors that might necessitate a temporary trading halt.
Is dissemination of news on corporate web sites considered adequate public dissemination?
While material information posted to a company's website is not by itself considered a sufficient method of disclosure under NASDAQ disclosure rules, the use of a company's website can be part of an effective disclosure plan.
Is a NASDAQ company obligated to answer a MarketWatch analyst's questions over the phone?
NASDAQ Marketplace Rules IM-4120-1, 4310(c)(15) and 4320(e)(13) require NASDAQ companies to provide full and prompt responses to requests by NASDAQ for information related to unusual market activity or to events that may have a material impact on the trading of its securities in NASDAQ. MarketWatch may occasionally call corporate officers to discuss unusual market activity, material news and/or undisclosed corporate developments. This is routine practice. The information exchanged is confidential and used solely for regulatory purposes. A corporate officer can verify the MarketWatch contact before discussing material information by obtaining the name of the MarketWatch analyst and calling him/her back through the MarketWatch main numbers.
What happens if a NASDAQ member executes a trade during a trading halt?
NASDAQ Marketplace Rule 3340 prohibits members from directly or indirectly effecting any transaction or publishing a quotation in a security where a regulatory trading halt is in effect. Potential violations of this rule are referred to FINRA Market Regulation.
How long is the duration of a trading halt?
Although trading halts may vary in length, trading is normally resumed in a stock approximately 30 minutes following the full dissemination of news.
Where can I find trading halt information?
Current trading halts and 30 days of historical information are available on the following web site: www.nasdaqtrader.com
How do I submit a clearly erroneous filing to MarketWatch?
An erroneous trade filing must be transmitted online or via facsimile to MarketWatch within a certain time period, depending on when the alleged erroneous trade was executed.
Specifically:
- Transactions executed between 9:30 a.m. and 10:00 a.m., Eastern Time (ET), must be received by 10:30 a.m., ET.
- Transactions executed at all other times (i.e., outside the 9:30 a.m. to 10:00 a.m., ET, time window) must be received by NASDAQ MarketWatch within 30 minutes of execution.
The online form is accessible on Clearly Erroneous Filing Electronic Submission,
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