Nasdaq North American Markets

Nasdaq operates four high-performing equities exchanges in the U.S. and Canada, alongside six U.S. options exchanges, which collectively cater to all market segments. Combined, these exchanges ensure seamless functionality across all options via advanced common architecture. 

US Equities exchanges: Nasdaq, Nasdaq BX, Nasdaq PSX 

US Options exchanges: Nasdaq PHLX, Nasdaq Options Market (NOM), Nasdaq BX Options, Nasdaq ISE, Nasdaq GEMX, and Nasdaq MRX 

Nasdaq Canada exchange trading books: Nasdaq CXC, Nasdaq CX2, Nasdaq CXD

The Nasdaq Stock Exchange is the largest U.S. equities exchange venue by market share. The exchange provides high liquidity, resiliency and transparency,  seamlessly bringing together buyers and sellers when it’s needed most. The exchange is also home to 3,300+ corporate listings and 900+ Exchange Traded Products (ETPs) listings, providing  innovative routing strategies, order types and a robust opening and closing cross.  

The Nasdaq Closing Cross is a price discovery facility that plays a significant role in the final moments of each trading day. Acting as the largest liquidity event of the day on the Nasdaq Stock Market, it sets the official closing price for all Nasdaq-listed securities, while also providing a reflection of the true supply and demand for each symbol. An essential part of the trusted fabric of the daily market close, on average it executes about 260 million shares, representing $16 billion traded each day. It also creates a level playing field for market participants by providing deep, detailed and continuous information on order imbalances in the final minutes of each trading day. 

The Nasdaq Opening Cross is a process that determines the opening price for each Nasdaq-listed security. It matches buy and sell orders at a single equilibrium price in the first moments of each trading day, establishing an official opening price. 

Dynamic M-ELO is a groundbreaking AI-powered order type launched by Nasdaq. It's designed to enhance fill rates and reduce market impact in equities markets, adopting a data-driven approach to optimize trading. 

Here's how it works: Dynamic M-ELO evaluates 140+ data points every 30 seconds on a symbol-by-symbol basis. This function enables the system to detect market conditions and adjust the holding period prior to when a trade is eligible to execute. By continuously observing market behavior and swiftly adjusting, the Dynamic M-ELO AI model simultaneously improves both liquidity and execution quality outcomes.  It will be available in Q1 2024. 

Nasdaq's connectivity and co-location services are designed to ensure efficient, secure and low-latency access to Nasdaq's trading systems and market data. Nasdaq provides a wide variety of connectivity options and market data to fit specific network and trading needs. Clients can connect to our liquid markets via co-location, Point of Presence (POP), wireless and other connectivity services. 

Co-location is the placement of servers and other equipment within the Nasdaq data center. The service provides proximity to the speed and liquidity of all of Nasdaq's markets, allowing trading participants, vendors and service providers to reduce latency and network complexity. High-density cabinets and a single hand-off for all Nasdaq markets further streamline operations.

Operated in partnership with FINRA, the Nasdaq TRF is an automated trade reporting and reconciliation service operated on the Nasdaq WorkX technology platform operating from Carteret, NJ and Chicago, IL. The Nasdaq TRF electronically facilitates trade reporting, trade comparison and clearing of trades for all U.S. equities. The TRF handles transactions negotiated broker-to-broker or internalized within a firm, as well as  offers the industry standard serving as the market leader for all of a firm’s trade reporting compliance needs, currently services 90%+ of off-exchange trades in the U.S. (Source: Nasdaq Economic Research September 2023). 

Nasdaq WorkX is a cloud-based platform that aids in trade reporting, compliance monitoring and risk management. The platform offers consolidated coverage across both FINRA/Nasdaq TRFs (Carteret/Chicago) and promotes workflow efficiency. 

WorkX is designed to provide protection to clearing firms and executing brokers with real-time trade monitoring, market access controls and pre- and post-trade risk management for Nasdaq equity exchanges and FINRA/Nasdaq TRF markets. 

Equities pre-trade risk checks allow you to set guardrails and controls on Nasdaq equity exchanges (Nasdaq, BX and PSX) and are available on Nasdaq WorkX or via Restful API. An on-exchange risk system designed to address market access rules with oversight and flexible controls.

Nasdaq WorkX post-trade risk management provides protection to clearing firms and executing brokers with real-time trade monitoring and market access controls for Nasdaq Equity Exchanges and FINRA/Nasdaq TRF markets.   

Nasdaq-100 Index Options track the performance of the Nasdaq-100(R) Index, providing investors with the ability to mitigate risk, generate income and maximize exposure to some of today’s most innovative companies.  To learn more about our index options suite,  visit: https://www.nasdaq.com/nasdaq-100-options-xnd-nqx-ndx  

With 450+ ETP listings with $1 trillion in Assets Under Management (AUM), Nasdaq is a premier marketplace for exchange traded products (ETPs). We have partnered with issuers for 20+ years to deliver state-of-the-art ETP trading and marketing.

Nasdaq offers comprehensive high-touch support with a globally visible platform throughout the product lifecycle, helping issuers navigate challenges and opportunities at every step of the way. Our tailored services span from product development and marketing to compliance, trading and market structure support.  To learn more about how to list visit: https://www.nasdaq.com/solutions/nasdaq-etf-listings