On December 13, 2025, several exchanges, including the NYSE and Nasdaq, will conduct a coordinated test of contingency closing procedures. This testing is designed to simulate scenarios where a primary listing exchange cannot perform a closing auction due to technical issues.

If an exchange determines before 3:00 p.m. that it cannot conduct a closing auction for certain securities, it will designate an alternate exchange to determine the official closing price. If the determination occurs after 3:00 p.m., the official closing price will be based on the volume-weighted average price (VWAP) of eligible trades in the last five minutes of regular trading hours.

During this test, Nasdaq will cease operations at 11:05 a.m., indicating its inability to process orders until noon. The official closing prices for Nasdaq-listed securities will be calculated using VWAP during this disruption scenario. Specific symbols targeted for testing include AADR, ASMB, CAKE, PSC, and RICK.

Firms wishing to participate in this testing must register with Nasdaq Trading Services by noon on the Friday prior to the test date and specify which systems they plan to test. Further details can be found in Nasdaq's Contingency Close Overview and Saturday Testing Policy documents.

Original article (nyse) (nasdaq) (cake) (entitlement)

The article discusses a planned test of contingency closing procedures by exchanges like the NYSE and Nasdaq, scheduled for December 13, 2025. Here’s an evaluation based on the specified criteria:

Actionable Information: The article provides some actionable information for firms wishing to participate in the testing. It specifies that they must register with Nasdaq Trading Services by noon on the Friday prior to the test date and indicates that they should specify which systems they plan to test. However, for an average individual investor or trader, there are limited actionable steps provided.

Educational Depth: The article offers surface-level facts about what will happen during the test but lacks deeper explanations of why these procedures are necessary or how they function within broader market operations. It does not delve into how technical issues can affect trading or provide context about contingency procedures beyond this specific event.

Personal Relevance: The relevance of this information is limited primarily to firms involved in trading on these exchanges and not to everyday individuals. While it may impact investors indirectly if there are disruptions in trading, it does not address personal finance or investment strategies directly.

Public Service Function: The article serves a public service function by informing relevant stakeholders about upcoming tests that could affect trading practices. However, it lacks warnings or guidance that would help individuals understand what actions they might need to take if similar situations arise in real-time.

Practical Advice: While it mentions registration requirements for firms, there is little practical advice for individual traders or investors. Most readers may find themselves without clear steps to follow regarding their investments during this testing period.

Long-Term Impact: The information is focused solely on a short-lived event with no lasting benefits discussed. There’s no guidance provided on how individuals can prepare for similar future events or improve their understanding of market operations.

Emotional and Psychological Impact: The article does not evoke fear or anxiety; however, it also fails to provide reassurance or constructive insights into navigating potential disruptions in trading activities.

Clickbait Language and Missed Opportunities: There is no evident clickbait language; however, the article could have offered more context around why such tests are important and what implications they might have for traders moving forward.

To add value beyond what was presented in the original article, readers should consider developing a basic understanding of market operations and contingency plans related to their investments. They can start by regularly reviewing news from reliable financial sources about exchange operations and potential risks associated with trading disruptions. Building relationships with financial advisors who can explain these processes further may also be beneficial. Additionally, maintaining diversified portfolios can help mitigate risks associated with unforeseen events affecting specific securities or exchanges. Understanding volume-weighted average prices (VWAP) as a concept could also empower investors when analyzing price movements during unusual market conditions.

The described scenario of coordinated testing among exchanges, while primarily a technical and financial procedure, reveals underlying implications for local communities and kinship structures. The focus on contingency measures in trading systems reflects a broader trend of reliance on centralized mechanisms that can inadvertently weaken the bonds essential for family survival and community resilience.

Firstly, the emphasis on designated alternate exchanges to determine official closing prices highlights a shift away from localized decision-making. In traditional kinship systems, decisions affecting families are made within the community, fostering trust and accountability. When such critical determinations are outsourced to distant entities—be they financial institutions or regulatory bodies—the personal connection to outcomes diminishes. This detachment can erode the sense of responsibility that individuals feel toward one another, particularly in times of crisis.

Moreover, the requirement for firms to register with Nasdaq Trading Services introduces an element of bureaucratic compliance that may impose additional burdens on families engaged in these markets. The expectation that businesses must navigate complex registration processes could divert attention and resources away from nurturing familial relationships and caring for vulnerable members such as children and elders. This shift towards impersonal economic dependencies risks fracturing family cohesion by prioritizing compliance over communal support.

In terms of stewardship, reliance on volume-weighted average prices (VWAP) during disruptions signifies a move towards abstract metrics rather than tangible community values. Such practices can undermine local resource management principles where families traditionally engage with their land and each other based on mutual understanding and respect. When decisions about value are dictated by algorithms rather than human relationships, it diminishes the ancestral duty to care for both people and place.

Furthermore, this scenario illustrates how modern economic practices can inadvertently diminish birth rates through increased pressures placed upon families to conform to market demands rather than prioritize procreation or child-rearing responsibilities. If parents are compelled to focus more on navigating complex financial landscapes than raising children or caring for elders, it jeopardizes future generations' continuity.

The consequences of widespread acceptance of these behaviors could be dire: families may become increasingly fragmented as individuals prioritize external obligations over internal kinship duties; children may grow up without strong familial ties or role models; trust within communities could erode as people turn toward impersonal systems instead of relying on one another; ultimately leading to diminished stewardship over land as connections between people and their environment weaken.

To counteract these trends, it is vital that communities reclaim local authority in decision-making processes related not only to economics but also social responsibilities. Encouraging personal accountability through direct engagement with one another—whether through communal gatherings or shared responsibilities—can help restore trust among neighbors while reinforcing family bonds essential for survival.

In conclusion, if such centralized practices continue unchecked without regard for their impact on kinship dynamics and community cohesion, we risk creating an environment where families struggle against isolationism instead of thriving together in mutual support—a trajectory detrimental not only to current generations but also threatening the very fabric needed for future life continuity. The ancestral principle remains clear: survival hinges upon nurturing relationships grounded in responsibility towards each other and our shared land.

The text states, "This testing is designed to simulate scenarios where a primary listing exchange cannot perform a closing auction due to technical issues." The phrase "cannot perform" suggests a failure or inability, which may evoke concern about the reliability of these exchanges. This wording could lead readers to feel anxious about the stability of financial markets, even though it is framed as a precautionary measure. The choice of words emphasizes potential problems rather than focusing on the proactive steps being taken.

The text mentions that "Nasdaq will cease operations at 11:05 a.m., indicating its inability to process orders until noon." Here, the word "cease" carries strong negative connotations, implying a sudden stop and disruption. This language could create fear or distrust among investors regarding Nasdaq's operational reliability. By emphasizing this shutdown without providing context about its temporary nature, it may mislead readers into thinking there are deeper issues at play.

When discussing participation in testing, the text says firms must register by noon on the Friday prior to the test date. This requirement might suggest exclusivity or create barriers for smaller firms that may not have resources readily available. The phrasing does not acknowledge any potential difficulties faced by smaller entities in meeting this deadline, which could imply favoritism towards larger firms with more capabilities.

The phrase "official closing prices will be calculated using VWAP during this disruption scenario" presents VWAP as an objective measure without explaining how it might differ from traditional methods of price calculation. This could mislead readers into believing that VWAP is always reliable and accurate without considering its limitations in specific contexts. By not addressing these nuances, it presents an overly simplistic view of market pricing mechanisms during disruptions.

The text states that “specific symbols targeted for testing include AADR, ASMB, CAKE, PSC, and RICK.” Listing these symbols without context may imply they are more important than others or suggest they are under scrutiny for specific reasons. This selective mention can create bias by directing attention toward certain stocks while ignoring broader market conditions or other securities that might also be affected during such tests.

The text conveys a range of emotions primarily centered around concern and urgency, which are evident through the description of the contingency testing procedures. The emotion of concern arises from the mention of potential technical issues that could prevent a primary listing exchange from conducting a closing auction. Phrases like "cannot perform a closing auction due to technical issues" evoke a sense of unease, suggesting that there are risks involved in the trading process. This concern is strong because it highlights the seriousness of operational failures in financial markets, which can lead to significant consequences for investors and firms.

Additionally, urgency is expressed through specific time references such as "before 3:00 p.m." and "after 3:00 p.m." These time constraints create a heightened sense of importance around timely decision-making and actions during the test. The phrase "cease operations at 11:05 a.m." further amplifies this urgency by indicating an immediate disruption that participants must navigate. This emotional tone serves to inspire action among firms, encouraging them to register for participation promptly and prepare accordingly.

The writer's choice of words contributes significantly to these emotional responses. Terms like "designate an alternate exchange" and "official closing prices" imply authority and structure amidst potential chaos, fostering trust in the contingency plan being implemented. By outlining clear procedures for how official prices will be determined during disruptions, the text reassures readers that there is a systematic approach in place to handle unexpected situations.

Moreover, by emphasizing specific securities targeted for testing—like AADR, ASMB, CAKE, PSC, and RICK—the writer creates an atmosphere of exclusivity and importance surrounding these stocks. This can evoke pride among stakeholders associated with these securities while also instilling worry about their performance during such tests.

The overall emotional landscape crafted by this text guides readers toward understanding both the necessity for preparedness in financial operations and the reliability offered by Nasdaq's structured response plans. It encourages firms not only to acknowledge potential risks but also to take proactive steps in addressing them through participation in testing protocols.

In terms of persuasive techniques used within this communication, repetition appears subtly through phrases related to timing (e.g., “before 3:00 p.m.” vs. “after 3:00 p.m.”) which reinforces urgency while contrasting different scenarios that could unfold based on timing decisions made by exchanges or firms involved. Furthermore, presenting detailed instructions on registration fosters clarity while simultaneously urging action; it makes clear what is required from participants without overwhelming them with excessive information.

Overall, these emotional elements work together effectively within the message to ensure readers feel both informed about potential challenges ahead while also motivated to engage actively with Nasdaq’s contingency measures—ultimately shaping their reactions towards greater vigilance and responsiveness within their trading practices.