Nasdaq Temporarily Adjusts STGY Routing for S-Partition Securities

Nasdaq issued an Equity Trader Alert on July 7 saying it will temporarily modify a specific order routing parameter for the STGY strategy for securities in the S partition.

The temporary change applies from Thursday, July 9, 2026 through Friday, July 10, 2026. Nasdaq said STGY functionality will not reroute when there is a locked or crossed quote from an away market, with the goal of ensuring that limit orders maintain queue priority.

The exchange said members may continue to route orders as usual and that no action is required. The alert covers Nasdaq, Nasdaq Texas and Nasdaq PSX.

Why it matters

Router behavior can affect where a limit order rests, whether it keeps queue priority and how it reacts when market data from another venue is locked or crossed.

For traders using broker smart-routing settings that can interact with Nasdaq’s STGY strategy, the practical point is that orders in affected S-partition names may be less likely to move away from their resting venue during the temporary window.

What to watch next

Watch for any follow-up Nasdaq alerts after July 10 that extend, reverse or refine the temporary setting. Traders with detailed execution analytics should compare fills, resting times and venue outcomes in affected securities during the two-day window.