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Product LoginThursday, August 10, 2017
Options Trader Alert #2017 - 65
Update on Functional Features of Nasdaq MRX on INET
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Post-Trade AllocationWith the migration to Nasdaq INET, Nasdaq MRX (MRX) will introduce an INET FIX port configuration to suppress INET FIX Post-Trade Allocation (PTA) messages. All INET FIX ports will be configured by default to suppress INET FIX PTA messages unless Nasdaq Market Operations is instructed otherwise. INET FIX ports configured for PTA suppression will not be able to send INET FIX PTA messages to MRX nor will any post-trade busts/adjust messages be sent over the INET FIX port. All post-trade busts/adjusts will continue to be sent over the Clearing Trade Interface (CTI) and FIX Drop Copy. Participants can reach out to Nasdaq Market Operations to configure an INET FIX port to receive PTA messages. Preferenced Allocation of Orders of Five Contracts or FewerEffective with the MRX migration to INET, pursuant to amended Supplementary Material .03(c) to Rule 713, a Preferred Market Maker will receive participation rights equal to the greater of: (i) the proportion of the total size at the best price represented by the size of its quote, (ii) sixty percent of the contracts to be allocated if there is only one other Professional Order or market maker quotation at the best price and forty percent if there are two or more Professional Orders and/or market maker quotes at the best price, or (iii) the full size of a Preferenced Order for five contracts or fewer if the Primary Market Maker appointed to the options class is designated as the Preferred Market Maker. Prior to this change, a Preferenced Order of any size would be allocated pursuant to Supplementary Material .03(c)(i)-(ii) above. Orders of five contracts or fewer, which were not preferenced orders, would be allocated pursuant to Supplementary Material .01(c) which provides for such orders to be executed first by the Primary Market Maker after Priority Customer Orders are executed and provided the Primary Market Maker is quoting at the best price. Effective as a symbol begins trading on the Nasdaq INET architecture, if an order of five contracts or fewer is Preferenced to the Primary Market Maker, such Primary Market Maker will be entitled to receive all contracts of such order after Priority Customer Orders are executed and provided the Primary Market Maker is quoting at the best price. |
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