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Tuesday, September 15, 2009

UTP Vendor Alert #2009 - 9
NASDAQ SIP to Add New UTP Participant Identifier Codes

Markets Impacted:

  • UTP/SIP

Products Impacted:

  • UTP Quotation Data Feed (UQDF)
  • UTP Trade Data Feed (UTDF)
  • OTC Montage Data Feed (OMDF)

Contact Information:

What you need to know:

  • BATS Exchange, Inc. and Direct Edge have officially petitioned the UTP Operating Committee for new UTP participant identifier codes for the UQDF, UTDF and OMDF.
  • The NASDAQ SIP will add the following new UTP participant identifier codes for these UTP participants:
    • BATS Y-Exchange, Inc. (BYX) ("Y")
    • EDGA Exchange, Inc. (EDGA), (“J”)
    • EDGX Exchange, Inc. (EDGX), (“K”)
  • The NASDAQ SIP will be prepared to support these three new codes by Monday, October 19, 2009. Please note that the UTP participants may need approval from the SEC before they can begin operation.

Why is the NASDAQ SIP SIP adding these new UTP Market Center Identifiers?

The Unlisted Trading Privileges (UTP) Operating Committee has received official requests from BATS Exchange, Inc. and Direct Edge to be assigned new Market Center Originator ID codes for the UTP Quotation Data FeedSM (UQDFSM), UTP Trade Data FeedSM (UTDFSM) and OTC Montage Data FeedSM (OMDFSM). Both participants are in the process of filing with the Securities and Exchange Commission (SEC) for exchange registration status.

How will this affect the UTP data feeds?

Based on the UTP Operating Committee requests, the NASDAQ Securities Information Processor (SIP) is preparing to technically support the following three new Market Center Originator ID codes as of Monday, October 19, 2009.

UTP Participant ID Code UTP Participant Name
Y BATS Y-Exchange, Inc. (BYX)
J EDGA Exchange, Inc. (EDGA)
K EDGX Exchange, Inc. (EDGX)

Please note that these UTP participant codes may be supported on the following messages on the UTP data feeds:

Data Feed Message Format(s) Field Name(s)
UQDF, UTDF and OMDF Message Header Market Center Originator ID
UQDF, UTDF and OMDF Non-Regulatory Trading Action (Category A – Type K) Market Center (MC) ID
UQDF National Best Bid and Offer Appendages Best Bid Market Center and Best Ask Market Center
UQDF Session Close Recap (Category A – Type R) National Bid Market Center, National Ask Market Center and Market Center ID
UTDF Trade Correction (Category T – Type Y) Consolidated Last Sale Market Center ID
UTDF Trade Cancel / Error (Category T – Type Z) Consolidated Last Sale Market Center ID
UTDF Closing Trade Summary Report (Category A – Type Z) Consolidated Closing Price Market Center ID and Market Center ID
UTDF Total Consolidated & Market Center Volume (Category V – Type M) Market Center ID

Where can I find technical specifications for the UTP data feeds?

The UTP data feed specifications may be accessed via the UTP Participant Support page, as well as the Market Data Specifications page on the NASDAQ OMX Trader® website. For your convenience, links to the UTP data feed specification documents are provided below.

When will I see the new UTP participant codes on the UTP data feeds?

The NASDAQ SIP will be prepared to support the new UTP participant codes by Monday, October 19, 2009.

Please note that October 19th is the date that the NASDAQ SIP will be ready to support the new UTP participant codes but is not necessarily the date that the UTP participants will begin operations. It is the individual exchange’s responsibility to secure the necessary SEC or other regulatory approval, as well as to coordinate customer testing prior to launch.

Will there be testing opportunities for UTP data feed recipients?

The NASDAQ SIP will offer evening format testing with the new UTP participant codes for two weeks beginning Monday, October 5, 2009. As is the standard practice, the NASDAQ SIP will broadcast the evening format test data from 9:00 p.m. to 10:30 p.m., Eastern Time (ET) on the UQDF and UTDF production channels.

In addition, the UTP participants have indicated that they will conduct at least one weekend test with UQDF and UTDF support prior to launch. Please note that it is the responsibility of individual UTP participants to notify data recipients as testing details become available. Direct data feed subscribers should use these weekend tests to test their internal systems.

Where can I find additional information?