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Thursday, September 15, 2016

Equity Trader Alert #2016 - 179
REMINDER: ACTION REQUIRED: FINRA/Nasdaq TRF to Disable No/Was functionality as of October 31, 2016

Category:

  • System Impact

Markets Impacted:

Contact Information:

Resources:

What firms need to know?

Nasdaq will be removing No/Was functionality. Firms will no longer be able to use No/Was functionality effective as of Monday, October 31, 2016 .

What is No/Was?

A trade reporting party uses a No/Was message to correct the details of a trade reported earlier in the day. The No/Was trade is applicable to T-day open trades and QSR reportable entries only.

What firms need to do?

The Nasdaq Trading Services Team will reach out to firms currently utilizing No/Was Functionality. Firms that use No/Was functionality can use similar functionality to replicate by:

  1. Canceling the trade
  2. Rebooking the trade with the correct details

NTF Testing Information

The highlighted changes in the Nasdaq Test Facility (NTF) will be available starting Monday, October 10th, 2016 for testing by market participants.

What will happen on October 31st?

Nasdaq will actively work with firms to disable usage. As of October 31st, No/Was functionality support will be removed from the FINRA/Nasdaq TRF specifications and Weblink ACT front-end application. Any firm that needs to update a trade report will need to cancel and rebook the trade.

More Information:

If you have any questions, please contact Nasdaq TRF Ops or Nasdaq Trading Services at +1 212 231 5180.

FINRA™, Trade Reporting Facility™ and TRF™ are trademarks of Financial Industry Regulatory Authority, Inc. FINRA/NASDAQ TRF™ is used under license from Financial Industry Regulatory Authority, Inc.

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Nasdaq (Nasdaq: NDAQ) is a leading global provider of trading, clearing, exchange technology, listing, information and public company services. Through its diverse portfolio of solutions, Nasdaq enables customers to plan, optimize and execute their business vision with confidence, using proven technologies that provide transparency and insight for navigating today's global capital markets. As the creator of the world's first electronic stock market, its technology powers more than 90 marketplaces in 50 countries, and 1 in 10 of the world's securities transactions. Nasdaq is home to approximately 3,900 total listings with a market value of approximately $13 trillion. To learn more, visit: business.nasdaq.com.

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