Series 24: 5.6.4. Transacting Business On Nasdaq

5.6.4. Transacting Business on Nasdaq

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. 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 executions, the system will then execute the order and send the parti