Finances
Equity Trader Alert #2025 – 89 Exchange Coordinated Contingency Closing Auction Scenario Testing
On Saturday, November 15, 2025 and Saturday, December 13, 2025 , NYSE, NYSE American, NYSE Arca, NYSE Texas, Nasdaq and Cboe BZX will conduct an exchange coordinated testing of contingency closing procedures. The below contingency closing procedures apply if a marketplace disruption prevents the primary listing exchange from conducting a closing auction.
- If the Exchange determines at or before 3:00 p.m. that it is unable to conduct a Closing Auction in one or more Exchange-listed securities due to a systems or technical issue, the Exchange will designate an alternate exchange for the determination of the official closing price for its listed securities and conduct closing auctions.
- If the Exchange determines after 3:00 p.m. that it is unable to conduct a Closing Auction in one or more Exchange-listed securities due to a systems or technical issue, the Official Closing Price of each such security will be the VWAP of the consolidated last-sale eligible prices of the last five minutes of trading during Core Trading Hours up to the time that the VWAP is processed.
During the November 15th test, NYSE, NYSE American, NYSE Arca, NYSE Texas, and Cboe BZX primary listed securities Official Closing Price will be calculated using the VWAP price, simulating an event disruption after 3:00 p.m. A closing auction will not occur in the primary listed securities.
The timeline for the November 15, 2025 test is as follows:
| 11:05 am | NYSE, NYSE American, NYSE Arca, NYSE Texas, and Cboe BZX systems will cease operating and declare that they are unable to conduct a closing auction. |
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| 11:05 am – 12:00 pm | NYSE, NYSE American, NYSE Arca. NYSE Texas, and Cboe BZX will reject orders and other UTP Exchanges will continue to trade their primary listed securities. |
| 11:55 am – 12:00 pm | Consolidated trades will be sent to the SIAC SIP for NYSE, NYSE American, NYSE Arca, NYSE Texas, and Cboe BZX listed securities. The below primary listed symbols will be focused during the 11/15 test. |
| Beginning after 12pm |
The NYSE, NYSE American, NYSE Arca, NYSE Texas, and CBOE BZX primary listed securities Official Closing Price will be the volume-weighted average price of the consolidated last-sale eligible prices of the last five minutes of trading during regular trading hours, including any closing transactions on an exchange and any trade breaks or corrections up to the time the VWAP is processed. If there were no consolidated last-sale eligible trades in the last five minutes of trading during regular trading hours, the NYSE, NYSE American, NYSE Arca, NYSE Texas, and CBOE BZX Official Closing Price of such security will be the last consolidated last-sale eligible trade for such security during regular trading hours on that trading day. If there were no consolidated last-sale eligible trades the NYSE, NYSE American, NYSE Arca, NYSE Texas, and CBOE BZX Official Closing Price of such security will be the prior day’s NYSE, NYSE American, NYSE Arca, NYSE Texas, and CBOE BZX Official Closing Price. If no NYSE, NYSE American, NYSE Arca, NYSE Texas, and CBOE BZX Official Closing Price for a security can be determined under the subsections above, the exchanges would not publish an Official Closing Price for such security.
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End of Regular Trading Hours on Saturday November 15, 2025 will be 12:00pm.
Symbols for Testing November 15, 2025
- NYSE Listed Securities – F, NIO, PFE, LNG and ORCL
- NYSE American Listed Securities – ACU, CVU, LEU, NEWP and SEB
- NYSE Arca Listed Securities – EEM, DFUS, KOLD, UNG and XOP
- NYSE Texas Listed Securities – MTEST
- CBOE BZX Listed Securities – GOVT, IDV, IEFA, UVXY and VXX
During the December 13th test, Nasdaq primary listed securities Official Closing Price will be calculated using the VWAP price, simulating an event disruption after 3:00 p.m. A closing auction will not occur in the primary listed securities.
The timeline for the December 13, 2025 test is as follows:
| 11:05 am | Nasdaq will cease operating and declare that they are unable to conduct a closing auction. |
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| 11:05 am – 12:00 pm | Nasdaq will not be available to process orders. |
| 11:55 am – 12:00 pm | Consolidated trades will be sent to the Nasdaq UTP SIP for Nasdaq listed securities. The below primary listed symbols will be focused during the 12/9 test. |
| Beginning after 12pm |
The Nasdaq Official Closing Price will be the volume-weighted average price of the consolidated last-sale eligible prices of the last five minutes of trading during regular trading hours, including any closing transactions on an exchange and any trade breaks or corrections up to the time the VWAP is processed. If there were no consolidated last-sale eligible trades in the last five minutes of trading during regular trading hours, the Nasdaq Official Closing Price of such security will be the last consolidated last-sale eligible trade for such security during regular trading hours on that trading day. If there were no consolidated last-sale eligible trades the Nasdaq Official Closing Price of such security will be the prior day’s Nasdaq Official Closing Price. If no Nasdaq Official Closing Price for a security can be determined under the subsections above, the Exchange would not publish an Official Closing Price for such security. Please refer to the Contingency Close Overview for more information.
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End of Regular Trading Hours on Saturday, December 13, 2025 will be 12:00pm.
Symbols for Testing December 13, 2025
- Nasdaq Listed Securities – AADR, ASMB, CAKE, PSC and RICK
Firms are encouraged to participate to ensure future readiness by directing orders to the designated alternative Exchange for each testing date. For additional information, the Nasdaq Trading Services at 212 231-5180.
Firms must register for Saturday testing by contacting
Nasdaq Trading Services by 12:00 p.m. (ET), on the Friday prior to the Saturday test in which they would like to participate. Please provide the system(s) you intend on testing, in your
registration email. The 2025 Saturday Test schedule can be found on the Saturday Testing Policy Page along with a complete list of products and systems available during the test dates.
