Markets Impacted:Products Impacted:
Contact Information: | What you need to know:UPDATE (1/10/2025): This release has been pushed to January 27, 2025 UPDATE: On Monday, January 27, 2025, Nasdaq Fund Network (NFN) will replace its NextShares products with Private Stock as well as changing its instrument type and instrument code. NFN will also lift the CUSIP / ISIN requirements for Private Stock. In addition, NFN will be changing Instrument Code values for two Alternative Investment Products Instrument Codes. UPDATE: NFN will also be adding a new identifier field for the Canadian Securities Administration (CSA) instruments to the NFN Daily List and NFN Symbol Directory. |
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What is changing?
Effective Monday, January 27, 2025, NFN will no longer require CUSIP / ISIN for registration of Private Stock products. NFN will also be changing the following Instrument Type and Instrument Code for NextShares, as well as replacing two Instrument Codes under Alternative Investment Products.
Instrument Type:
| Type | Old Value | New Value |
|---|---|---|
| EM | NextShares Exchange Traded Managed Fund | Private Stock |
Instrument Code:
| Code | Old Value | New Value |
|---|---|---|
| Q | NextShares | Private Stock |
| K | Commodity Pool Fund | Exempt Product |
| J | Non-Traditional Hedge Fund (Registered) | Segregated Fund |
NFN will also change the symbol structure for the NextShares instrument type from the 7 characters starting with exchange symbol and ending in NX to 7 characters starting with any letters and ending in X for the Private Stock.
Symbol Structure:
| Current Structure | Until Date | New Structure | As of Date |
|---|---|---|---|
| 7 characters beginning with Exchange symbol and ending with NX. Ex. GEABCNX | January 24, 2024 | 7 characters ending in X. Ex. ABCDEFX | January 27, 2024 |
For more information regarding changes to the NFN Daily List and Symbol directory, please go to the NFN Daily List specification.
UPDATE: The following field is being added to the NFN Daily List, please see the NFN Daily List Specification for full details:
| Field Name | Field Format | Description |
|---|---|---|
| Canadian Identifier – Current | 25 characters, alphanumeric | Denotes the Canadian identifier for the NFN Instrument at the time of the Daily List posting. |
| Canadian Identifier – New | 25 characters, alphanumeric | Denotes the ISIN for the NFN Instrument as of the System Effective Date. |
The following fields are being added to the NFN Symbol Directory, please see the NFN Daily List Specification for full details:
| Field Name | Field Format | Description |
|---|---|---|
| Canadian Identifier | 25 characters, alphanumeric | Denotes the current Canadian Identifier for the NFN Instrument as provided by the NFN Issuer. |
How can I test instrument registration?
Nasdaq will offer one Saturday User Acceptance Test (UAT) for NFN fund issuers on:
• Saturday, January 25, 2025 – UAT Test
Firms wishing to participate in the UAT should complete and submit the NFN testing registration form to NFN Operations by Thursday before the scheduled test date. Registered testing firms will receive a testing information sheet, spelling out daily event schedule and open conference call number prior to each test.
Where can I get additional information?
Contact NFN Operations at +1 301 978 5307 (Option #6).