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6000. Other Systems and Programs
6100. Nasdaq Risk Management Service
6110. Definitions

(a) The term "Clearing Broker" shall mean a firm that acts as principal for clearing and settling a trade, whether for its own account or for a correspondent firm.

(b) The term "Correspondent Executing Broker" shall mean a firm that has a correspondent relationship with a clearing firm whereby it executes trades and the clearing function is the responsibility of the clearing firm.

(c) The terms "Gross Dollar Thresholds" or "Super Caps" shall mean the daily dollar amounts for purchases and sales that a clearing broker establishes in the Nasdaq Risk Management system for each correspondent executing broker that may be raised or lowered on an inter-day or intra-day basis.

(d) The term "Pre-alert" shall mean the alert notifying the correspondent executing broker and the clearing broker that the correspondent executing broker has equaled or exceeded 70% of any purchase or sale gross dollar amount.

(e) The term "Single Trade Limit" shall mean the pre-established dollar amount established by Nasdaq for a single trade, above which the Nasdaq Risk Management system enables a clearing firm to review the trade before it is obligated to clear the trade.

(f) "Trade Reporting Facility" shall mean a facility of another self-regulatory organization that provides a mechanism for reporting transactions and that has agreed to accept instructions provided by the Nasdaq Risk Management system on behalf of clearing brokers.

(g) The terms "correspondent executing broker" and "clearing broker" shall also include, where appropriate, the Non-Member Clearing Organizations and UTP Exchanges listed in NASD Rules 6120 and their qualifying members.

Adopted by SEC Release 34-53128 (Jan. 13, 2006).

6120. System Functions

(a) Nasdaq Risk Management is an automated system that allows clearing brokers to monitor credit exposure to corresponding firms for which they clear trades. Nasdaq Risk Management monitors exposure with respect to trades executed through the facilities of Nasdaq, trades reported to Trade Reporting Facilities, and other trades for which Nasdaq Risk Management receives a "drop copy" of the trade report. Clearing brokers may utilize the Nasdaq Risk Management functions upon execution of the Nasdaq Risk Management Agreement.

(b) The Nasdaq system will provide the following risk management capabilities to clearing brokers that have executed an agreement authorizing the use of the Nasdaq Risk Management service:

(1) Trade File Scan

Clearing brokers may scan the trading activities of their correspondent executing brokers.

(2) Gross Dollar Thresholds ("Super Caps") and Sizeable Limits

Clearing brokers may establish, on an inter-day or intra-day basis, gross dollar thresholds (also known as "Super Caps") for purchases and sales for their correspondent executing brokers. When any of a correspondent's gross dollar thresholds are exceeded, notice will be furnished to the clearing broker and to Trade Reporting Facilities. In such event, Nasdaq Risk Management will automatically instruct Trade Reporting Facilities that any trade in excess of an applicable "sizeable limit" that is negotiated by the correspondent will be subject to review by the clearing broker until such time as the correspondent's trading activity no longer exceeds a gross dollar threshold. Specifically, the clearing broker will have 15 minutes from execution to review any single trade negotiated by the correspondent that equals or exceeds the applicable sizeable limit in order to decide to act as principal for the trade or to decline to act as principal. If the clearing broker does not affirmatively accept or decline the "sizeable trade," at the end of 15 minutes the system will instruct Trade Reporting Facilities to act in accordance with pre-established processing criteria, as described below.

(A) ACT Workstation Users

(i) Clearing brokers that use the ACT Workstation may establish gross dollar thresholds and sizeable limits for each of their correspondent executing brokers. They may establish different gross dollar thresholds and sizeable limits for each type of security (i.e., Nasdaq Global Market, Nasdaq Capital Market, Consolidated Quotations Service, or OTC Bulletin Board), as well as an aggregate gross dollar threshold and sizeable limit for all types of securities.

(ii) Notice will be provided to all Nasdaq Risk Management participants when a correspondent's aggregate gross dollar threshold is exceeded, but will be provided solely to the clearing broker if the gross dollar threshold for a type of security is exceeded.

(iii) Clearing brokers that use the ACT Workstation may also establish the default processing criteria that will apply to sizeable trades when a correspondent's gross dollar threshold has been exceeded; the clearing broker may specify that after 15 minutes, if the clearing broker does not affirmatively accept or decline the trade, the Risk Management Service will instruct Trade Reporting Facilities that such trades should be either automatically declined or automatically subjected to normal processing in which the clearing broker will act as principal to clear the trades.

(B) Other Nasdaq Risk Management Users

(i) Clearing brokers that do not use the ACT Workstation may establish aggregate gross dollar thresholds for each of their correspondent executing brokers, but may not establish gross dollar thresholds for each type of security (i.e., Nasdaq Global Market, Nasdaq Capital Market, Consolidated Quotations Service, or OTC Bulletin Board).

(ii) Notice will be provided to all Nasdaq Risk Management participants when a correspondent's aggregate gross dollar threshold is exceeded.

(iii) The sizeable limit is $200,000 for all clearing brokers that do not use the ACT Workstation. When a correspondent's aggregate gross dollar threshold is exceeded, Nasdaq Risk Management will instruct Trade Reporting Facilities that no trade in excess of the sizeable limit should be accepted for processing unless the clearing broker accepts the trade within 15 minutes of execution.

(3) Gross Dollar Threshold Pre-Alert

The Nasdaq Risk Management system will also alert the clearing broker and its correspondent when the correspondent's trading activity equals or exceeds 70% of any gross dollar threshold established by the clearing broker for that correspondent.

(4) End of Day Recap

Clearing brokers that use the computer-to-computer interface protocol will be able to receive an end of day recap of all trade detail information of their correspondents.

(5) On-line Review

Clearing brokers that use the computer-to-computer interface will be able to receive intra-day activity of their correspondents as it is reported.

(6) Single Trade Limit

Clearing brokers may request that the Nasdaq Risk Management service instruct Trade Reporting Facilities to provide 15 minutes from trade report input to review any single trade executed by their correspondent executing brokers that equals or exceeds a pre-established limit in order to decide to act as principal for the trade or to decline to act as principal. If, however, the clearing firm does not affirmatively accept or decline the trade, at the end of 15 minutes the system will instruct Trade Reporting Facilities to act in accordance with pre-established processing criteria, as described below.

(A) ACT Workstation Users. Clearing brokers that use the ACT Workstation may establish single trade limits for each of their correspondent executing brokers, and may establish different limits for each type of security (i.e., Nasdaq Global Market, Nasdaq Capital Market, Consolidated Quotations Service, or OTC Bulletin Board). Such clearing brokers may also establish the default processing criteria that will apply to trades that exceed the single trade limit after 15 minutes if the clearing broker does not affirmatively accept or decline the trade; the clearing broker may specify that the system will instruct Trade Reporting Facilities that such trades should be either automatically declined or automatically subjected to normal processing in which the clearing broker will act as principal to clear the trades.

(B) Other Nasdaq Risk Management Users. For clearing brokers that do not use the ACT Workstation, the single trade limit is $1,000,000. If such a clearing broker does not affirmatively accept or decline a trade that exceeds the single trade limit, at the end of 15 minutes the system will instruct Trade Reporting Facilities to subject the trade to normal processing and the clearing broker will be obligated to act as principal to clear the trade.

Adopted by SEC Release 34-53128 (Jan. 13, 2006); amended by SR-NASDAQ-2006-007 eff. May 8, 2006.

6130. Nasdaq Kill Switch

(a) Definition . The Nasdaq Kill Switch is an optional tool offered at no charge that enables participants to establish a pre-determined level of Net Notional Risk Exposure ("NNRE"), to receive notifications as the value of executed orders approaches the NNRE level, and to have order entry ports disabled and open orders administratively cancelled when the value of executed orders exceeds the NNRE level.

(b) Net Notional Risk Exposure . Participants may set a NNRE for each MPID individually. Each participant is responsible for establishing and maintaining its NNRE. Participants may adjust NNRE values intra-day.

(c) Notification . Participants will receive notifications when the total value of executed orders associated with an MPID exceeds 50, 75, 85, 90, and 95 percent of the NNRE value. When the NNRE is exceeded, the notification will include the total number of orders cancelled and remaining open in the System.

(d) Operation . Unless cancellation is prohibited by Rule 4752, 4753, or 4754, a Kill Switch when triggered shall result in the immediate cancellation of all open orders of any type or duration entered by the participant via the affected MPID, and in the immediate prevention of order entry of any type via the affected MPID. The participant must request reactivation of the MPID before trading will be reauthorized.

Adopted Feb. 4, 2014 (SR-NASDAQ-2014-017), operative Mar. 6, 2014; amended Oct. 18, 2017 (SR-NASDAQ-2017-111).

6200. Exchange Sharing of Participant Risk Settings
IM-6200-1. Risk Settings

The Exchange offers certain risk settings applicable to a Participant's activities on the Exchange. The risk settings currently offered by the Exchange are:

(a) Share Size Control - When enabled by a Participant, this optional control will allow a Participant to limit the number of shares that the Participant may associate with an order placed on the Exchange;

(b) ISO Control - When enabled by a Participant, this optional control will prevent a Participant from entering an ISO order onto the Exchange;

(c) Cancel-on-Disconnect Control - When enabled by a Participant, this optional control will allow a Participant, when it experiences a disruption in its connection to the Exchange, to immediately cancel all pending Exchange orders except for those designated for the Opening or Closing Crosses and Good-Till-Canceled orders (RASH & FIX only);

(d) The Nasdaq Kill Switch - This control is described in Rule 6130;

(e) Limit Order Protection - This control is described in Rule 4757(c);

(f) Price Collar Check - This control will automatically restrict a routed order from executing at a price that differs from the NBBO (at the time of order entry) by more than five percent or $0.25, whichever difference is greater. The system will proceed to route an order unless and until it crosses the greater of these two price collars, and if it does so, then the system will block further routings of the order that fall outside of the collars. For example, if the NBBO is $99 x $100 at the time of entry of a buy order, then the system will route the order at prices at or below $105, but will stop doing so if the offer price rises above $105 (five percent of the NBO).

(g) Maximum Order Volume Check - This control will automatically reject an order for routing away that exceeds a maximum volume of shares. As applied to equity orders, the default maximum order volume is set at 25,000 shares, but the Participant may request that the Exchange set a higher default based on historic volume.

(h) Cumulative Order Volume Check - This control will automatically block an attempt by a Participant using a particular MPID to route orders away to buy or sell equity securities that, cumulatively, exceed 9.5 million shares during a five second time period; and

(i) Duplication Control - This control will automatically reject an order that a Participant submits to the Exchange to the extent that it is duplicative of another order that the Participant submitted to the Exchange during the prior five seconds.

Adopted Jan. 3, 2018 (SR-NASDAQ-2018-002), operative Feb. 2, 2018.

6210. Reserved

Reserved by SR-NASDAQ-2007-043 eff. Aug. 9, 2007. Amended by SR-NASDAQ-2006-014 eff. July 7, 2006. Adopted by SEC Release 34-53128 (Jan. 13, 2006).

6220. Reserved

Reserved by SR-NASDAQ-2007-043 eff. Aug. 9, 2007. Amended by SR-NASDAQ-2006-014 eff. July 7, 2006. Adopted by SEC Release 34-53128 (Jan. 13, 2006).

6230. Reserved

Reserved by SR-NASDAQ-2007-043 eff. Aug. 9, 2007. Amended by SR-NASDAQ-2006-014 eff. July 7, 2006. Adopted by SEC Release 34-53128 (Jan. 13, 2006).

6240. Reserved

Reserved by SR-NASDAQ-2007-043 eff. Aug. 9, 2007. Amended by SR-NASDAQ-2006-014 eff. July 7, 2006. Adopted by SEC Release 34-53128 (Jan. 13, 2006).

6250. Reserved

Reserved by SR-NASDAQ-2007-043 eff. Aug. 9, 2007. Amended by SR-NASDAQ-2006-014 eff. July 7, 2006. Adopted by SEC Release 34-53128 (Jan. 13, 2006).

6300. Nasdaq Equity Value Indicator Cross

(a) Definitions. For the purposes of this rule the term:

(1) "Imbalance" shall mean the amount of Eligible Interest that may not be matched with other orders at a particular price at any given time.

(2) "Order Imbalance Indicator" shall mean a message disseminated by electronic means containing information about Eligible Interest and the price at which such interest would execute at the time of dissemination. The Order Imbalance Indicator shall disseminate the following information:

(A) "Current Reference Price" shall mean the highest price at which the maximum amount of Eligible Interest can be paired.

(B) the amount of Eligible Interest that is paired at the Current Reference Price;

(C) the size of any Imbalance at the Current Reference Price; and

(D) the buy/sell direction of any Imbalance.

(3) "Nasdaq EVI Cross" shall mean the process for determining the price at which Eligible Interest shall be executed. All prices referred to in this rule shall be in minimum increments of one penny.

(4) "Eligible Interest" shall mean any priced order that may be entered into the system for the EVI Cross.

(5) "EVI" shall mean any Equity Value Indicator Tracking Security which is issued for the purpose of generating a market-based value of employee stock options for purposes of FASB Statement of Financial Accounting Standards No. 123(R), Share-Based Payment. The number of EVIs made available via the EVI Cross, the limit price, if any, of the EVIs, and the terms of the EVIs shall be determined by the EVI issuer which shall make that information available to the public at the earliest time practicable.

(b) Processing of Nasdaq EVI Cross.

(1)

(A) No later than 4:00 p.m. EST on the day of the scheduled EVI Cross, a Nasdaq member authorized to act for the EVI Issuer shall direct in writing that Nasdaq enter into the System a single sell order with the quantity and limit price if any of EVI Eligible Interest. The sell order may not be modified after 4:00p.m. and may be cancelled after 4:00 p.m. only in connection with a cancellation of the EVI Cross as set forth in subsection (c) below.

(B) Beginning at 8:00 a.m. and continuing until 4:59:59 p.m. Nasdaq members may enter buy orders into the System. Except as provided below, once entered, buy orders may be cancelled but may not be modified.

(C) The EVI Cross shall occur at 5:00 p.m. EST. in the manner set forth below unless the time of execution is extended. The time of execution of the EVI Cross shall be extended only if the Current Reference Price of the EVI security changes by 1 percent or more between 4:59 p.m. and 5:00 p.m, in which case the time of the EVI Cross will be extended by 2 minutes. The time of execution of the EVI Cross shall be extended for an additional 2 minutes if the Current Reference Price of the EVI Security changes by 1 percent or more in the final minute of a two-minute extension. The time of execution of the EVI Cross shall be extended no more than 30 times. If the time of execution of the EVI Cross has been extended 10 times, order cancellation will be prohibited.

(2) At 4:00 p.m. and continuing through the execution of the EVI Cross, Nasdaq shall disseminate by electronic means an Order Imbalance Indicator every minute for the first 45 minutes and every 15 seconds thereafter.

(3) The Nasdaq EVI Cross shall occur at the highest price that maximizes the amount of Eligible Interest to be executed.

(4) If the Nasdaq EVI Cross price is selected and less than all Eligible Interest that is available would be executed, all Eligible Interest shall be executed at the Nasdaq EVI Cross price in price/time priority.

(5) All Eligible Interest executed in the Nasdaq EVI Cross shall be executed at the Nasdaq EVI Cross price, trade reported to the National Securities Clearing Corporation and disseminated via a data feed.

(c) The EVI Cross shall be cancelled if:

(i) The issuer determines prior to 4:45 p.m. on the date scheduled for the EVI Cross to cancel its participation; or

(ii) The common stock of the issuer is in a halted state at 4:45 p.m. on the date scheduled for the EVI Cross.

(d). The issuer of an EVI Security shall become eligible to participate in the Nasdaq EVI Cross by paying a fee as follows:

(i) Two percent of the total value of the EVI offering up to a maximum of $10,000,000 of total value, plus

(ii) One and one half percent of the total value of the EVI offering above $10,000,000 of total value, and

(iii) The maximum fee shall be $1,500,000.

This fee shall be refunded if no EVI Cross is executed. This fee shall include all processing of the EVI Cross, including order entry, order execution, imbalance information dissemination, and transmission to the appropriate clearing agency. Nasdaq members not issuing securities shall pay no fees to participate in the Nasdaq EVI Cross.

Reserved by SEC Release 34-53128 (Jan. 13, 2006). Amended by SR-NASDAQ-2008-025 eff. September 10, 2008; amended Oct. 18, 2017 (SR-NASDAQ-2017-111).

6500. Deleted
6501. Deleted

Adopted Jan. 13, 2006 SEC Release 34-53128; amended July 31, 2007 (SR-NASDAQ-2006-065); amended Sept. 19, 2008 (SR-NASDAQ-2008-076); deleted Oct. 26, 2009 (SR-NASDAQ-2009-092).

6502. Deleted

Adopted Jan. 13, 2006 SEC Release 34-53128; amended July 31, 2007 (SR-NASDAQ-2006-065); amended Feb. 7, 2008 (SR-NASDAQ-2008-011); deleted Oct. 26, 2009 (SR-NASDAQ-2009-092).

6503. Deleted

Adopted Jan. 13, 2006 SEC Release 34-53128; amended July 31, 2007 (SR-NASDAQ-2006-065); deleted Oct. 26, 2009 (SR-NASDAQ-2009-092).

6504. Deleted

Adopted Jan. 13, 2006 SEC Release 34-53128; amended July 31, 2007 (SR-NASDAQ-2006-065); amended Sept. 19, 2008 (SR-NASDAQ-2008-076); deleted Oct. 26, 2009 (SR-NASDAQ-2009-092).

6505. Deleted

Adopted July 31, 2007 (SR-NASDAQ-2006-065); deleted Oct. 26, 2009 (SR-NASDAQ-2009-092).

6506. Deleted

Adopted July 31, 2007 (SR-NASDAQ-2006-065); deleted Oct. 26, 2009 (SR-NASDAQ-2009-092).

6507. Deleted

Adopted July 31, 2007 (SR-NASDAQ-2006-065); deleted Oct. 26, 2009 (SR-NASDAQ-2009-092).

6508. Deleted

Adopted July 31, 2007 (SR-NASDAQ-2006-065); deleted Oct. 26, 2009 (SR-NASDAQ-2009-092).

6509. Deleted

Adopted July 31, 2007 (SR-NASDAQ-2006-065); deleted Oct. 26, 2009 (SR-NASDAQ-2009-092).

6510. Deleted

Adopted July 31, 2007 (SR-NASDAQ-2006-065); deleted Oct. 26, 2009 (SR-NASDAQ-2009-092).

6511. Deleted

Adopted July 31, 2007 (SR-NASDAQ-2006-065); deleted Oct. 26, 2009 (SR-NASDAQ-2009-092).

6512. Deleted

Adopted July 31, 2007 (SR-NASDAQ-2006-065); deleted Oct. 26, 2009 (SR-NASDAQ-2009-092).

6513. Deleted

Adopted July 31, 2007 (SR-NASDAQ-2006-065); deleted Oct. 26, 2009 (SR-NASDAQ-2009-092).

6514. Deleted

Adopted July 31, 2007 (SR-NASDAQ-2006-065); deleted Oct. 26, 2009 (SR-NASDAQ-2009-092).

6515. Deleted

Adopted July 31, 2007 (SR-NASDAQ-2006-065); deleted Oct. 26, 2009 (SR-NASDAQ-2009-092).

6516. Deleted

Adopted July 31, 2007 (SR-NASDAQ-2006-065); deleted Oct. 26, 2009 (SR-NASDAQ-2009-092).

6517. Deleted

Adopted July 31, 2007 (SR-NASDAQ-2006-065); deleted Oct. 26, 2009 (SR-NASDAQ-2009-092).

6518. Deleted

Adopted July 31, 2007 (SR-NASDAQ-2006-065); deleted Oct. 26, 2009 (SR-NASDAQ-2009-092).

6519. Deleted

Adopted July 31, 2007 (SR-NASDAQ-2006-065); deleted Oct. 26, 2009 (SR-NASDAQ-2009-092).

6520. Deleted

Adopted July 31, 2007 (SR-NASDAQ-2006-065); deleted Oct. 26, 2009 (SR-NASDAQ-2009-092).

6521. Deleted

Adopted Feb. 7, 2008 (SR-NASDAQ-2008-011); deleted July 31, 2007 (SR-NASDAQ-2006-065).

6522. Deleted

Adopted Feb. 7, 2008 (SR-NASDAQ-2008-011); deleted July 31, 2007 (SR-NASDAQ-2006-065).

6523. Deleted

Adopted Feb. 7, 2008 (SR-NASDAQ-2008-011); deleted July 31, 2007 (SR-NASDAQ-2006-065).

6524. Deleted

Adopted Feb. 7, 2008 (SR-NASDAQ-2008-011); deleted July 31, 2007 (SR-NASDAQ-2006-065).

6525. Deleted

Adopted Feb. 7, 2008 (SR-NASDAQ-2008-011); deleted July 31, 2007 (SR-NASDAQ-2006-065).

6530. Deleted

Adopted Feb. 7, 2008 (SR-NASDAQ-2008-011); deleted July 31, 2007 (SR-NASDAQ-2006-065).

6531. Deleted

Adopted Feb. 7, 2008 (SR-NASDAQ-2008-011); deleted July 31, 2007 (SR-NASDAQ-2006-065).

6532. Deleted

Adopted Feb. 7, 2008 (SR-NASDAQ-2008-011); deleted July 31, 2007 (SR-NASDAQ-2006-065).

6533. Quotations in PORTAL Securities

Members shall not enter a quotation with respect to any PORTAL security in Nasdaq, any electronic communication network (as defined in SEC Rule 600) or any other interdealer quotation system.

Adopted by SEC Release 34-53128 (Jan. 13, 2006).

6600. Reserved

Reserved by SEC Release 34-53128 (Jan. 13, 2006).

6700. Reserved

Reserved by SEC Release 34-53128 (Jan. 13, 2006).

6800. Reserved.

 

6900. Reserved

Reserved by SEC Release 34-53128 (Jan. 13, 2006).

6950. Renumbered
6951. Renumbered

 

Adopted by SEC Release 34-53128 (Jan. 13, 2006); amended by SR-NASDAQ-2006-022 eff. July 28, 2006; amended by SR-NASDAQ-2007-037 eff. July 18, 2007; amended by SR-NASDAQ-2008-054 eff. June 13, 2008; amended by SR-NASDAQ-2008-097 eff. February 6, 2009; amended Apr. 1, 2011 (SR-NASDAQ-2011-047), operative May 1, 2011; amended and renumbered as rule 7410A Oct. 22, 2012 (SR-NASDAQ-2012-124), operative Nov. 21, 2012.

6952. Renumbered

 

Adopted by SEC Release 34-53128 (Jan. 13, 2006); amended and renumbered as rule 7420A Oct. 22, 2012 (SR-NASDAQ-2012-124), operative Nov. 21, 2012.

6953. Renumbered

 

Adopted by SEC Release 34-53128 (Jan. 13, 2006); amended and renumbered as rule 7430A Oct. 22, 2012 (SR-NASDAQ-2012-124), operative Nov. 21, 2012.

6954. Renumbered

 

Adopted by SEC Release 34-53128 (Jan. 13, 2006); amended by SR-NASDAQ-2006-022 eff. July 28, 2006; amended by SR-NASDAQ-2008-054 eff. June 13, 2008; amended and renumbered as rule 7440A Oct. 22, 2012 (SR-NASDAQ-2012-124), operative Nov. 21, 2012.

6955. Renumbered

 

Adopted by SEC Release 34-53128 (Jan. 13, 2006); amended by SR-NASDAQ-2007-37 eff. July 18, 2007; amended by SR-NASDAQ-2008-054 eff. June 13, 2008; amended and renumbered as rule 7450A Oct. 22, 2012 (SR-NASDAQ-2012-124), operative Nov. 21, 2012.

6956. Renumbered

 

Adopted by SEC Release 34-53128 (Jan. 13, 2006); amended and renumbered as rule 7460A Oct. 22, 2012 (SR-NASDAQ-2012-124), operative Nov. 21, 2012.

6957. Deleted

 

Adopted by SEC Release 34-53128 (Jan. 13, 2006); deleted Oct. 22, 2012 (SR-NASDAQ-2012-124), operative Nov. 21, 2012.

6958. Renumbered

 

Adopted by SR-NASDAQ-2006-022 eff. July 28, 2006; amended and renumbered as rule 7470A Oct. 22, 2012 (SR-NASDAQ-2012-124), operative Nov. 21, 2012.

 
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