Series 24: Market Participant Identifiers (MPIDs)

Market Participant Identifiers (MPIDs)

Registered members identify themselves by using a Market Participant Identifier (MPID) to display orders and quotes and to report trades. Market makers may have multiple MPIDs that they use to publish quotations. Under NASDAQ rules, a market maker’s primary MPID is subject to the two-sided quote obligation. Any additional MPIDs a market maker may have are referred to as supplemental MPIDs.

The purpose of supplemental MPIDs is to enable a more efficient manag