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Equity Technical Update #2010 - 15

NASDAQ ACT to Offer Testing for Reg SHO Changes on Saturday, September 25, 2010

What you need to know:

NASDAQ ACTSM will offer testing this Saturday, September 25, 2010, for its support of amendments to Regulation SHO (Reg SHO) announced in Equity Technical Update #2010-11.

Firms should email NASDAQ OMX Trading Services to register for the test.

What will be offered?

On Saturday, September 25, 2010, NASDAQ ACT will offer testing for its support of the amendments to Reg SHO announced in Equity Technical Update #2010-11.

Firms should email NASDAQ OMX Trading Services to register for the test.

What is changing?

The Securities and Exchange Commission (SEC) amended Reg SHO effective May 10, 2010 (Release 34-61595), to provide for the ability to mark qualifying short sale orders as “short exempt.”

Effective November 1, 2010, the NASDAQ ACT System will reintroduce support of the Short Sale Exempt codes ahead of the SEC compliance date of November 10th. This change applies to the FINRA/NASDAQ Trade Reporting FacilityTM (TRFTM), the Over-the-Counter Reporting Facility (ORF) and The NASDAQ Stock Market® (NASDAQ®).

What will the test include?

The NASDAQ ACT System test will support full ACT functionality, including trade entry and unsolicited message (UM) generation through trade dissemination.

Is testing available in the NTF?

Yes, firms are able to test using the new short sale exempt values within the NASDAQ Testing Facility (NTF).

Effective September 24, 2010, the NTF will also offer testing for the Financial Industry Regulatory AuthorityTM (FINRATM) 30 second trade reporting requirement change as announced in FINRA Notice 10-24.

Where can I get more information?

Refer to the NASDAQ technical specifications.
Contact NASDAQ OMX Trading Services to register for the test.
Refer to FINRA Notice 10-24 regarding 30 second trade reporting.
Contact NASDAQ OMX Technical Support at [phone].

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FINRA™, Trade Reporting Facility™ and TRF™ are trademarks of Financial Industry Regulatory Authority, Inc.

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