U.S. Equities Markets

Nasdaq offers three exchanges renowned for industry leading technology and service, innovative products, and proven resiliency at the center of price formation.

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Liquidity, Resiliency and Transparency to Propel Investment Ideas into Fruition

We offer several different market models in the US. Our exchanges include our flagship exchange, The Nasdaq Stock Market, Nasdaq Texas and Nasdaq PSX renowned for industry leading technology and service, innovative products, and proven resiliency at the center of price formation.

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Nasdaq Stock Market

The Nasdaq Stock Market® is the largest U.S. equities exchange venue by market share. Nasdaq sits at the center of the world’s most innovative economies, serving as the connective fabric that links innovation with the capital and insights required to grow. Home to 3,300+ corporate listings and 1,100+ ETP listings.

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Nasdaq Texas

Taker-maker pricing providing economic incentives for liquidity removers and intermarket queue priority for adders. Serves retail investors through the Retail Price Improvement Program (RPI) providing liquidity at prices better than the NBBO.

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Nasdaq PSX

The Nasdaq Philadelphia Stock Exchange, founded in 1790, was the first stock exchange established in the United States. Today, Nasdaq PSX offers a diverse array of equity order types, tailored to optimize firm's trading strategies.

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$40T+ Listings Market Value Total market value listed on Nasdaq

Dynamic M-ELO

Dynamic M-ELO (Midpoint Extended Life Order) analyzes 140+ factors to adapt the holding period to current market conditions on a symbol by symbol basis. Dynamic M-ELO is the first exchange AI powered order type designed to improve fill rates and lower market impact in equities markets.

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The Print

The global economy is changing faster than ever before.

Get the latest on the transformative forces shaping the global economy, delivered every Thursday.

The Print, formerly Market Makers, by Phil Mackintosh delivers in-depth analysis of the forces shaping the global economy and markets — from industry-defining technologies and emerging trends to evolving policies, market-moving IPOs, and more.

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Market Structure Hub View our latest insights as we demystify intricate regulatory issues with data-driven analysis and share our views to help shape markets today and tomorrow. Explore the Market Structure Policy Hub

Resources

Insights

Nasdaq TotalMarkets: Optimizing Markets for Today and Tomorrow Read the Report M-ELO Monthly Report Read the Report Auctions Automated Market Structure Delivers Best Execution Outcomes Read the Article Automation and Information Produce Efficient Price Discovery in Nasdaq’s Auction Process Read the Article M-ELO: The Final Hour of Trading Read the Article More Inclusive Opening Auctions Make Better Markets for All Read the Article Midpoint Extended Life Order (M-ELO): Striking the Right Balance Read the Article M-ELO Order Enhancement Shows Early Returns Read the Article Will Nasdaq’s New Extended Trading Close (ETC) Transform After-Hours Trading? Read the Article Initial Review of SEC Market Structure Proposals Read the Article Risk Checks Backstop Trading Read the Article Nasdaq Closing Cross Facilitates Russell Reconstitution for 20 Years Read the Article Why More Trading Firms are Considering Co-Location with Nasdaq Read the Article Everything You Need to Know about Dynamic M-ELO, the First Exchange AI-powered Order Type Read the Article Driving Transformation Through the Modernization of Markets Read the Article Nasdaq TotalMarkets: 2023 Equity Market Structure Proposals Overview Read the Proposal

Overviews, Factsheets & FAQs

U.S. Equities Overview Read the Overview OUCH 5.0 Overview Read the Overview The Midpoint Extended Life Order (M-ELO) Frequently Asked Questions Read the FAQ Equity Risk Checks (EQRC) Overview Read the Overview Self Match Prevention (SMP) Overview Read the Overview Equity Risk Checks (EQRC) User Guide Read the Guide Nasdaq, Nasdaq Texas and PSX Order Functionality Enhancements Factsheet Read the Factsheet Nasdaq Extended Trading Close FAQ Read the FAQ Dynamic M-ELO Overview Read the Overview

Rules Manuals

Nasdaq Rules Manual View the Manual Nasdaq Texas Rules Manual View the Manual PSX Rules Manual View the Manual

Videos

Midpoint Extended Life Order: M-ELO Learn More Extended Trading Close Watch the Video Nasdaq Closing Cross Learn More Nasdaq Review of SEC Market Structure Webinar Watch the Webinar

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North American Markets With 10 North American exchanges, we offer diverse venues that enable investors to find the liquidity that complements their trading strategy. Explore Products