NDAQ - Record Notional Value of Shares Traded on the Nasdaq Closing Cross During the 2024 Russell US Indexes Reconstitution | Benzinga
Nasdaq Closing Cross continues to play an integral and innovative role in capital markets
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NEW YORK, June 28, 2024 (GLOBE NEWSWIRE) -- Nasdaq, Inc. (NASDAQ:NDAQ) today announced the Nasdaq Closing Cross had a record day as it was used to rebalance Nasdaq-listed securities in the entire family of Russell US Indexes, part of global index provider FTSE Russell, during its annual reconstitution. This year marks the 40th anniversary of the Russell 3000® Index and the 21st year that the Closing Cross has been used to calculate the Russell Reconstitution.
2,899,191,109 shares, representing a record $95.257 billion, were executed in the Closing Cross in 0.878 seconds across Nasdaq-listed securities, representing the largest liquidity event on the Nasdaq Stock Exchange for the Russell Reconstitution. The new record compares with the second-highest trading day, which represented $80.898 billion, executed in 1.974 seconds across Nasdaq-listed securities during Russell's annual reconstitution in 2021.
"The Nasdaq Closing Cross has played an integral and innovative role in the capital markets, enabling transparent price facilitation for over two decades," said Kevin Kennedy, Executive Vice President of North American Trading Services at Nasdaq. "We are incredibly proud to celebrate the 40th anniversary of the Russell 3000® Index while also surpassing the record for notional value of shares traded, and we look forward to continuing to set the official closing price for all Nasdaq-listed securities for the Reconstitution."
"Russell indexes–now in their 40th year–continue to evolve to reflect the dynamic US economy," said Fiona Bassett CEO of FTSE Russell. "Annual rebalancing plays a vital role in establishing accurate benchmarks, ensuring they correctly mirror their designated market segments and remain unbiased in terms of size and style."
The Closing Cross brings together buy and sell interests executing all shares for each stock at a single price, one that reflects the accurate supply ...