North American Markets

Membership is required to participate on the following U.S. equities and options exchanges. Members must meet the following requirements:

• Applicants must be a registered U.S. broker-dealer.
• Applicants must have a Designated Examining Authority (“DEA”), while broker- dealers that are exempt from FINRA membership may use PHLX to satisfy DEA requirements.
• Applicants must be either an NSCC or OCC direct clearing member, or provide evidence of a clearing relationship with an approved Exchange clearing firm.

Access to all Nasdaq markets and market data feeds. A wide variety of connectivity options and market data to fit a firm's specific network and trading strategy needs. Nasdaq offers Co-location, Point of Presence (POP) and Connectivity services for low latency and access to our liquid markets.

Designed for investors of all sizes and at every stage of the trade lifecycle. Innovative data products that provide unsurpassed market transparency to institutional, retail and individual investors. Product offerings include real-time data feeds, web-based reports and plug-and-play technology for instant access to market data.

Popular orders and functionality such as ETC, M-ELO, Minimum Quantity, Post Only orders, Self Match Prevention and Order Modify functionality, a robust suite of innovative routing strategies and our award-winning opening and closing crosses.

Nasdaq's equity order types are designed to help members comply with regulation and execute a range of trading strategies. 

FINRA/Nasdaq TRF Participant eligibility is conditioned on the following requirements:

• Execution of and compliance with the Nasdaq TRF Participant Agreement
• Establishment and maintenance of a valid NSCC clearing arrangement
• FINRA membership with a valid market participant ID, a.k.a. MPID