The Nasdaq Stock Market Inc. today announced it has rolled out a couple of new crossing products, the Nasdaq Intraday Cross and Post-Close Cross.
This new suite of crossing products launched on May 29 in 20 pilot securities and was expanded to all eligible securities on June 4. These new crossing products include all eligible NYSE, Amex or regional-listed securities, as well as those listed on Nasdaq, and offers a fully anonymous blind match.
“The Nasdaq Intraday Cross will continue to help institutional-sized orders find liquidity anonymously and with greater efficiency,” said Nasdaq executive vice president Chris Concannon. “Because the implementation has expanded to eligible NYSE and AMEX securities, it makes our crossing products more appealing to our customers.”
Nasdaq has scheduled its intra-day and post-closing crosses at 10:45 a.m., 12:45 p.m., 2:45 p.m., and 4:30 p.m., Eastern Time.
The crosses are free for all participants for the first six months. Nasdaq says it plans to offer competitive pricing six months after the launch, and will give credit for shares executed to allow firms to reach their pricing tiers.
Later this year Nasdaq will launch a Continuous Cross, subject to SEC approval, which is a matching book order that is fully anonymous.
Nasdaq rolls out intraday cross and post-close cross products
New order types facilitate execution of large block trades in Nasdaq, NYSE and AMEX Securities
- By: James Langton
- June 5, 2007 June 5, 2007
- 11:40