Nasdaq, Inc. (Nasdaq: NDAQ) today announced the Nasdaq Closing Cross had a record day as it was used to rebalance Nasdaq-listed securities in the entire family of Russell US Indexes, part of global index provider FTSE Russell, during its annual reconstitution. This year marks the 41st anniversary of the Russell 3000® Index and the 22nd year that the Closing Cross has been used to calculate the Russell Reconstitution.
2,506,428,416 shares, representing a record $102.455 billion, were executed in the Closing Cross in 0.871 seconds across Nasdaq-listed securities, representing the largest liquidity event on the Nasdaq Stock Exchange for the Russell Reconstitution. The new milestone compares with 2024’s record, which represented $95.257 billion, executed in 0.878 seconds across Nasdaq-listed securities during Russell's annual reconstitution.
“The Nasdaq Closing Cross serves a critical role in capital markets infrastructure, processing trades and providing transparent price facilitation, particularly as U.S equities see unprecedented volumes and message traffic,” said Kevin Kennedy, Executive Vice President of North American Markets at Nasdaq. “We are thrilled to celebrate a new record notional value of shares traded during the Russell Reconstitution and to continue delivering the highest level of performance, resilience and precision for the market every day, including during the market's most critical events.”
“Russell Reconstitution is a cornerstone event for the US equity markets, ensuring the full suite of Russell US Indexes remain precise and representative of the ever-evolving marketplace,” said Fiona Bassett, CEO of FTSE Russell. “This year’s record notional volume underscores the continued trust the investment community places in our transparent and rules-based process. We’re proud to celebrate the successful completion of this year’s rebalancing with our longstanding friends at Nasdaq, marking another milestone in our shared commitment to market integrity and efficiency.”
The Closing Cross brings together buy and sell interests executing all shares for each stock at a single price, one that reflects the accurate supply and demand for these securities. The technology reflects each symbol’s true supply and demand, providing unparalleled insight into the market close.
All Russell US Indexes are subsets of the Russell 3000E™ Index, which represents approximately 98% of the US equity market. Russell US Indexes allow investors to track current and historical market performance by specific market segment (large cap/small cap) or investment style (growth/value/defensive/dynamic). Today, approximately $10.6 trillion in assets are benchmarked to or invested in products based on the Russell US Indexes.
Russell reconstitution day is one of the year’s most highly anticipated and heaviest trading days in the US equity market, as asset managers seek to reconfigure their portfolios to reflect the composition of Russell's newly reconstituted US indexes. The index reconstitution process was completed today, and the newly reconstituted index membership will take effect when markets open on Monday, June 30th, 2025. Please visit our website for more information on the Nasdaq Closing Cross.
Continued expansion in trading volumes
Since the Nasdaq Closing Cross began calculating the Russell Reconstitution over two decades ago, the Cross has reduced latency by over 85% while effectively keeping pace with an increasing trade volume growth of over 550% and an increasing notional volume growth of over 1500%. To maintain the liquidity and resiliency of its systems during these evolving market conditions, Nasdaq has made considerable investments in market modernization and capacity enhancement. These efforts are consistent with Nasdaq's broader commitment to providing technology solutions that enhance transparency and support the global financial ecosystem.
Trading volume increases have been felt not just by Nasdaq, but by firms globally, necessitating the development and deployment of technologically enhanced markets and trading infrastructure. Leveraging its expansive experience operating leading exchange businesses in the world’s most advanced markets, Nasdaq recently launched Eqlipse, the fourth generation of its marketplace technology platform. The launch followed years of strategic investment to develop a unified and interoperable suite of solutions across trading, clearing, central securities depository, and data intelligence. It allows Nasdaq to form deeper strategic technology partnerships with market infrastructure providers, which includes more than 135 clients around the world, reinforcing Nasdaq’s ability to enhance liquidity, transparency and integrity across global capital markets.
