Definitions
In plain terms
Before trusting a breadth count, the builder checks that every eligible security is accounted for once and only once, including records that cannot yet be classified.
Technical
In the pilot contract, the partition is exhaustive and mutually exclusive across advancing, declining, unchanged, excluded, and unclassified issues, and its counts reconcile to universe size.
Scope
Nasdaq documents several published summary categories; the five-part exhaustive reconciliation and its failure behavior are explicit Fintech Builder data-contract choices.
Examples
- A 500-issue universe can reconcile as 240 advancing, 210 declining, 30 unchanged, 15 excluded, and 5 unclassified.
Common misconceptions
- An unclassified issue is not automatically unchanged or excluded.
Concept relationships
Prerequisites
Derived from
Required by
Where this concept is used
- ImportantHistorical Constituent Reconstruction: Rebuild the Roster Without Looking AheadD02-F04-A01
- ImportantNet Advances: Count Participation Without Hiding Data GapsD04-F01-A01
- ImportantAdvance/Decline Ratio: Advancing Issues per Declining IssueD04-F01-A02
- ImportantCumulative Advance/Decline Line: Recompute History Without Looking AheadD04-F01-A03
Evidence and governance
- Daily Market Summary Data Fields and Definitions Nasdaq, Inc. · official exchange
Supports: short definition, technical definition, units
Limits: Does not define the pilot's exhaustive partition, causal cutoff, revision lineage, EMA policy, or normalized breadth formula.
- Reviewed by
- fintech-builder-owner-approved
- Last reviewed
- 2026-07-26
- Next review
- 2027-07-26
- Record status
- published