To bring greater transparency and efficiency to the IPO process, Nasdaq has created the IPO Indicator® for use by all market participants. This unique tool, exclusive to Nasdaq and its member firms, allows member firms to see detail for all of their orders for an IPO during the pre-IPO quoting period.

The IPO Indicator also shows the amount of shares that would execute for every order if the cross were to occur at that indicative price and time. Underwriters and participants will now have access to more information to make better, more informed and more efficient trading decisions during the pre-IPO period.

The IPO Indicator is a web-based tool that gives market participants access to the order price levels they have entered and the potential fill for each order.