Finances
Equity Technical Update #2025 – 2 Nasdaq Liquidity Code Updates for Pre-Market Orders
The Nasdaq Stock Market will introduce new liquidity codes in order to provide increased transparency into pre-market executions that occur between 4:00am and 9:30am. These new liquidity codes will roll out on Nasdaq on November 5, 2025.
Specifications are updated to include the new Liquidity Flag:
|
Current Liquidity Code for Pre-Market Executions |
Description |
Updated Liquidity Code for Pre-Market Executions |
|
A |
Added |
2 |
|
8  |
Displayed, liquidity-adding order sets the QBBO while joining |
2 |
|
e |
Retail designated execution that added displayed liquidity |
2 |
|
u |
Added non-displayed liquidity via a Reserve order |
2 |
|
R |
Removed |
3 |
|
7 |
Displayed, liquidity-adding order improves the NBBO |
5 |
|
J |
Non-displayed adding liquidity |
9 |
