MARKETPLACE RULES

MARKETPLACE RULES

MARKETPLACE RULES 
4000. NASDAQ 
4100. GENERAL 
4110. Use of Nasdaq on a Test Basis 
Notwithstanding the eligibility standards set forth in the Rule 4300 and 4400 Series, 
Nasdaq may at any time authorize the use of Nasdaq on a test basis for whatever studies it 
considers necessary and appropriate. 
4120. Trading Halts 
(a) Authority to Initiate Trading Halts 
In circumstances in which Nasdaq deems it necessary to protect investors and the 
public interest, Nasdaq may, pursuant to the procedures set forth in paragraph (b): 
(1) halt trading in a security listed on Nasdaq to permit the dissemination 
of material news; or 
(2) halt trading within Nasdaq of a security listed on another national 
securities exchange and traded pursuant to unlisted trading privileges during a 
trading halt imposed by such exchange to permit the dissemination of material 
news; or 
(3) halt trading by: (i) CQS market makers in a CQS security when 
another national securities exchange imposes a trading halt in that CQS security 
because of an order imbalance or influx ("operational trading halt"); or (ii) Nasdaq 
market makers in a security listed on Nasdaq, when the security is a derivative or 
component of a CQS security and another national securities exchange imposes an 
operational trading halt in that CQS security. CQS and Nasdaq market makers 
may commence quotations and trading at any time following initiation of 
operational trading halts, without regard to procedures for resuming trading set 
forth in paragraph (b); or 
(4) halt trading in an American Depository Receipt ("ADR") or other 
security listed on Nasdaq, when the Nasdaq-listed security or the security 
underlying the ADR is listed on or registered with another national or foreign 
securities exchange or market, and the national or foreign securities exchange or 
market, or regulatory authority overseeing such exchange or market, halts trading 
in such security for regulatory reasons; or

(5) halt trading in a security listed on Nasdaq when Nasdaq requests from 
the issuer information relating to: 
(i) material news; 
(ii) the issuer's ability to meet Nasdaq listing qualification 
requirements, as set forth in the Rule 4300 and 4400 Series; or 
(iii) or any other information which is necessary to protect 
investors and the public interest. 
(b) Procedure for Initiating a Trading Halt 
(1) Nasdaq issuers are required to notify Nasdaq of the release of any 
material news prior to the release of such information to the press as required by 
Rule 4310(c)(16) and 4320(e)(14). 
(2) Notification shall be provided directly to Nasdaq's MarketWatch 
Department by telephone, facsimile, or other compatible means of electronic 
communication.i
 Information communicated orally by authorized representatives 
of a Nasdaq issuer should be confirmed promptly in writing. 
(3) Upon receipt of information, from the issuer or other source, Nasdaq 
will promptly evaluate the information, estimate its potential impact on the market 
and determine whether a trading halt in the security is appropriate. 
(4) Should Nasdaq determine that a basis exists under Rule 4120(a)(1), 
(a)(2), (a)(3), (a)(4), or (a)(5) for initiating a trading halt, the commencement of 
the trading halt will be effective simultaneously with appropriate notice in the 
Nasdaq "NEWS" frame. 
(5) Trading in a halted security shall resume upon notice via the Nasdaq 
"NEWS" frame that a trading halt is no longer in effect. 
Selected NASD Notices to Members: 88-46, 94-98. 
IM-4120-1. Disclosure of Material Information 
Rules 4310(c)(16) and 4320(e)(14) require that, except in unusual circumstances, 
Nasdaq issuers disclose promptly to the public through the news media any material 
information which would reasonably be expected to affect the value of their securities or 
influence investors' decisions and that Nasdaq issuers notify Nasdaq of the release of any 
such information prior to its release to the public through the news media. Nasdaq 
recommends that Nasdaq issuers provide such notification at least ten minutes before 
such release.ii Under unusual circumstances issuers may not be required to make public

MARKETPLACE RULES