On November 15, 2025, and December 13, 2025, a coordinated testing of contingency closing auction procedures will take place involving multiple exchanges including NYSE, NYSE American, NYSE Arca, NYSE Texas, Nasdaq, and Cboe BZX. This testing is designed to assess the response to potential marketplace disruptions that could prevent the primary listing exchange from conducting a closing auction.

If an exchange determines before 3:00 p.m. that it cannot conduct a closing auction due to technical issues, it will designate an alternate exchange for determining the official closing price of its listed securities. If this determination occurs after 3:00 p.m., the official closing price will be calculated as the volume-weighted average price (VWAP) of eligible trades during the last five minutes of regular trading hours.

During the November test at 11:05 a.m., participating exchanges will cease operations and declare their inability to conduct a closing auction. Orders will be rejected until noon while other exchanges continue trading their primary listed securities. The VWAP method will be used for calculating official closing prices in case of disruptions.

The December test follows a similar timeline with Nasdaq declaring its inability to conduct auctions at 11:05 a.m., leading to order processing unavailability until noon. The same VWAP calculation method applies for determining official closing prices.

Firms interested in participating must register with Nasdaq Trading Services by noon on the Friday before each test date and provide details about their intended systems for testing. This initiative aims to ensure preparedness for any future operational challenges in market closures.

For more information regarding these tests or registration details, firms are encouraged to contact Nasdaq Trading Services directly.

Original article (nyse) (nasdaq)

The article provides some actionable information, specifically for firms interested in participating in the coordinated testing of contingency closing auction procedures. It clearly states that firms must register with Nasdaq Trading Services by noon on the Friday before each test date and provide details about their intended systems for testing. This is a clear step that firms can take to ensure they are involved in the testing process.

In terms of educational depth, the article does not delve deeply into why these tests are necessary or how they fit into broader market operations. While it mentions potential marketplace disruptions and outlines procedures, it lacks an explanation of the underlying systems or historical context that would help readers understand the significance of these tests beyond surface-level facts.

Regarding personal relevance, this topic primarily affects financial firms and market participants rather than the average person. For most individuals, these auction procedures and their potential disruptions do not have a direct impact on daily life or decision-making.

The article serves a public service function by informing relevant parties about upcoming tests and providing essential registration details. However, it does not offer warnings or safety advice that would be applicable to a broader audience.

The practicality of advice is somewhat limited; while it provides clear steps for registration, it may not be realistic for all readers since only specific firms will find this information useful. The general public may find little value in these instructions as they do not pertain to everyday actions.

In terms of long-term impact, while participating in such tests could help improve market stability over time, this information does not directly assist individuals with lasting benefits related to personal finance or safety.

Emotionally, the article does not evoke strong feelings; it is more informational than motivational or reassuring. It simply presents logistical details without addressing any emotional concerns related to marketplace disruptions.

Finally, there are no clickbait elements present; however, there is a missed opportunity to provide deeper insights into how these testing procedures might affect overall market stability and investor confidence in future scenarios. The article could have included resources for further learning about market operations or suggested ways individuals can stay informed about financial markets.

Overall, while the article offers specific actions for certain firms and serves an informational purpose regarding upcoming tests, it lacks depth in education and relevance for everyday readers outside of financial institutions. To gain better insights into market operations and their implications on personal finance, individuals could look up trusted financial news websites or consult with financial advisors who specialize in market dynamics.

The text uses the phrase "coordinated testing of contingency closing auction procedures," which sounds very formal and technical. This wording can create a sense of importance and urgency, suggesting that these procedures are highly sophisticated and necessary. However, it may also obscure the fact that this is a response to potential disruptions, which could imply that there are underlying issues in the marketplace. The emphasis on coordination may lead readers to believe that everything is under control when it might not be.

The text states, "This testing is designed to assess the response to potential marketplace disruptions." The use of "potential" makes it seem like these disruptions are hypothetical and unlikely. This choice of words downplays any real concerns about actual problems in the market. By framing it this way, the text suggests that there is no immediate threat, potentially leading readers to underestimate risks.

When discussing how exchanges will handle closing prices, the text mentions using "volume-weighted average price (VWAP)." This term sounds technical and precise but may confuse readers who are not familiar with financial jargon. By using such specialized language without explanation, it can create an impression of expertise while alienating those who do not understand it. This could reinforce a divide between knowledgeable insiders and less informed outsiders.

The phrase “Firms interested in participating must register with Nasdaq Trading Services” implies exclusivity in participation. It suggests that only certain firms have access or ability to engage in these tests, which could favor larger or more established companies over smaller ones. This wording may unintentionally highlight inequalities within the financial industry by making participation seem like a privilege rather than an opportunity for all firms.

The statement “This initiative aims to ensure preparedness for any future operational challenges” presents a positive spin on what might be seen as reactive measures due to past failures or issues in market operations. The word “initiative” gives an impression of proactivity and leadership but does not address whether previous problems were adequately resolved before this new testing was introduced. This choice of words can mislead readers into thinking everything has been handled well when there may still be unresolved issues.

In saying “orders will be rejected until noon while other exchanges continue trading,” there’s an implication that some exchanges are more capable than others during disruptions. This phrasing might suggest a hierarchy among exchanges where some can manage crises better than others without providing context on why such differences exist. It subtly shifts focus away from systemic issues affecting all exchanges during disruptions by highlighting operational differences instead.

The mention of contacting Nasdaq Trading Services directly for more information creates a barrier for understanding since it implies that further clarity requires additional effort from interested parties. It places responsibility on firms rather than providing comprehensive information upfront within the text itself. By doing so, it could discourage smaller firms from seeking clarification or participating altogether due to perceived complexity or lack of support.

Lastly, phrases like “official closing price will be calculated” imply authority and legitimacy behind these processes without explaining who determines what qualifies as official or how decisions are made regarding pricing methods during disruptions. Such language can foster trust in these systems but lacks transparency about decision-making processes involved; thus leaving out critical details about accountability within these frameworks.

The text conveys a range of emotions primarily centered around concern and preparedness in the context of potential market disruptions. The emotion of concern is evident when discussing the possibility that an exchange might not be able to conduct a closing auction due to technical issues. Phrases like "potential marketplace disruptions" and "technical issues" evoke a sense of worry about the stability and reliability of trading systems. This concern is strong, as it highlights the seriousness of ensuring that exchanges can effectively manage unexpected challenges, thereby serving to build trust in the processes being put in place.

Another emotional undertone present is a sense of urgency, particularly illustrated by phrases such as “must register” and “by noon on the Friday before each test date.” This urgency encourages firms to act quickly, emphasizing that participation is time-sensitive. The strength of this emotion lies in its ability to inspire action; firms are prompted to prepare their systems for testing, which fosters an environment where proactive measures are valued.

Additionally, there is an underlying tone of reassurance woven throughout the message. The structured approach outlined for handling potential disruptions—such as designating alternate exchanges or using volume-weighted average price (VWAP) calculations—serves to instill confidence among participants regarding their ability to navigate unforeseen circumstances. By detailing these contingency plans, the writer aims to alleviate fears about market instability while simultaneously reinforcing trust in Nasdaq’s commitment to maintaining orderly trading practices.

The emotional elements present guide readers toward specific reactions: they create sympathy for those who may face challenges during market closures while also fostering confidence in Nasdaq's preparedness efforts. The combination of concern and reassurance helps shape opinions about the reliability and resilience of trading systems.

To enhance emotional impact, particular writing techniques are employed throughout the text. For example, repetition occurs through consistent references to testing procedures across both November and December dates, reinforcing their importance and creating a rhythm that emphasizes readiness. Additionally, descriptive language surrounding operational challenges—like "cease operations" or "declare their inability"—adds weight to these situations by making them sound more severe than mere technical failures; this choice amplifies feelings of urgency and concern.

Overall, these strategies work together effectively by steering attention toward both potential risks and solutions within market operations. They serve not only to inform but also persuade firms that active participation in testing is crucial for future stability within financial markets.