Transacting Business on the Nasdaq
From their own premises, market participants may submit multiple quotes and orders through their own “front end” software (or they can subscribe to Nasdaq’s Workstation II) into a prescribed electronic protocol that will enter and process orders sequentially by time and send these orders into the Nasdaq market center. Examples of these electronic linkages are Rashport, Fixed Information Exchange (FIX), and Nasdaq’s own QIX. Incoming market orders and marketable limit orders are directed to displayed quotes and orders for execution. The market center identifies the next market participant in line to receive an order. If the participant accepts automatic