2025-12-12 13:06:43

NASDAQ just dropped a significant rule proposal—IM-5101-3—that's shaking things up for exchange listings. The move targets manipulation risks, and here's what matters: if you're an applicant in the pipeline right now, the new standards apply immediately. No grandfather clause, no waiting period.

Why this matters? Exchange listings have been a wild west in terms of verification, and NASDAQ's tightening the screws. They're essentially saying: prove your trading patterns are legit, or don't bother. This affects everything from market surveillance requirements to pre-listing audits.

The rule hits different for projects already listed versus newcomers. Current applicants have to meet the stricter criteria right out of the gate. Some see it as overdue market protection; others view it as added friction. Either way, if you're pushing for a listing, expect deeper due diligence and more rigorous manipulation checks.

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ContractCollector

· 12-13 06:51

Wow, NASDAQ is really not giving any grace period this time? As soon as the new rules are out, they need to be implemented immediately. That's a bit harsh for projects in the pipeline.

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MEVHunter

· 12-12 15:24

Now the arbitrage opportunity has been forcibly cut off... Once IM-5101-3 is released, the mempool operation space before listing is gone. Without a grandfather clause, this is a bit harsh.

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AirdropATM

· 12-12 13:35

This move by Nasdaq is truly incredible, directly revoking the grandfather clause... Now you want to go public? The ticket price has gone up, bro.

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UnluckyMiner

· 12-12 13:27

NGL, this time Nasdaq is really ruthless, directly imposing the new rules without any grace period. Hmm, it sounds a bit tough for projects eager to go public. One word: intense. IM-5101-3 is basically killing the era of "barbaric growth." Honestly, it's the short sellers finally getting some regulation... Although, this might not necessarily be good for retail investors either? I just want to ask, how many projects can really pass this round of review now?

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TradFiRefugee

· 12-12 13:24

The Nasdaq's recent move has directly blocked the way for small projects to go public, with no transition period and a hard landing. That's pretty harsh... Wait, how exactly do they define "prove your trading patterns"? It feels like another backdoor for big institutions. Now, future listing applicants will be scrutinized heavily, but existing projects that have already gone public probably won't be retroactively reviewed, right? Double standards... Honestly, the previously listed projects never faced such strict measures. Now suddenly there's IM-5101-3, which feels a bit like a catch-up move. It's making things more complicated than traditional finance, and they still talk about decentralization... It's hilarious.

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ProposalManiac

· 12-12 13:24

There's no such thing as a grandfather clause—it's a direct blow to the root. In other words, it's about breaking the illusions of projects that rely on gray areas to get started.

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UncommonNPC

· 12-12 13:17

ngl this time Nasdaq is serious... going straight to surgery without a transition period, it's really a nightmare for project teams in the pipeline.

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FlashLoanLord

· 12-12 13:14

Nasdaq's recent IM-5101-3 is really ruthless, directly removing the grandfather clause. Newly applied projects are now being held up for review...

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