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Wednesday, June 19, 2013

Data Technical News #2013 - 27
NASDAQ OMX to Utilize Additional Fields on GIDS 2.0

Products Impacted:

  • Global Index Data Service (GIDS)

Contact Information:

What you need to know:

  • As early as Monday, July 15, 2013, NASDAQ OMX will begin utilizing additional values in the State and Usage fields provided on the Global Index Data Service (GIDS) data feed.
  • In addition, the Deleted ("D") code in the State field will be replaced with the Terminated ("T") code on this date.
  • Subscribers should be prepared to receive all allowable values for the two fields.
  • State: Active, Held, Pending, Terminated
  • Usage: Live, Demo, Test
  • To help subscribers identify test indexes, NASDAQ OMX will also append ".TEST" to all indexes that are disseminating test values prior to activation.
  • Please Note: There are no message format changes to the GIDS data feed. These fields were included in the GIDS 2.0 technical specifications since initiation of the feed.

What is being announced?

As early as Monday, July 15, 2013, NASDAQ OMX® will begin utilizing additional values in the State and Usage fields provided on the Global Index Data Service (GIDS) data feed.

What must firms do to prepare for this change?

NASDAQ OMX advises GIDS subscribers to be prepared to process all allowable values for the State and Usage fields by Monday, July 15th.

In order to effectively use these fields the Deleted ("D") code in the State field will be replaced with the Terminated ("T") code on this date. Please note: This is a change in value, there will not be a behavioral change.

The State field indicates the current trading state of the instrument. Allowable values for this field are:

Code Description Definition
A Active Official calculations and messages are being disseminated for the instrument.
H Held A significant event has occurred that is affecting the underlying securities of the instrument. This is an indicator to customers that something is happening with the instrument and that nothing should be traded against it.
P Pending Signifies an upcoming instrument that will be disseminated on GIDS. Only Directory Messages (Message Types "R") are disseminated for pending instruments.
T Terminated Instrument is slated to be removed from the GIDS environment. Real time messages will continue to be disseminated until the instrument is terminated. Upon termination a directory message will be disseminated indicating that the index has been terminated. This value will replace the Deleted ("D") code that was initially included in the technical specifications.

The Usage field indicates the current trading state of the instrument. Allowable values for this field are:

Code Description Definition
L Live The messages disseminated for the instrument are production-worthy and can be stored for historical reference.
D Demo Primarily used to disseminate unofficial values for custom indexes. The messages disseminated are intended for use by the index sponsor and do not need to be stored for historical reference.
T Test The messages disseminated for the instrument are simply test values. Intended to provide clients opportunities to see and process the instrument via their vendor terminals and direct connections, prior to the official launch date of the instrument. Although the messages are production-worthy, the values disseminated are not yet official and any historical data would be requested to be removed once the test indication is removed.

There are no message format changes to the GIDS data feed. These fields and allowable values were included in the GIDS 2.0 technical specifications since initiation of the feed. NASDAQ OMX wanted to provide subscribers with notice as some values in the fields have not been used in production.

Why is NASDAQ OMX utilizing these fields now?

With the acquisition of Mergent, Inc. NASDAQ OMX has recently migrated indexes from other index dissemination services to the proprietary NASDAQ GIDS data feed. As additional Mergent indexes are migrated to GIDS, NASDAQ OMX expects the use of the Test value in the Usage field will facilitate an uneventful market move for market vendors and subscribers.

In addition to the populated Usage field, NASDAQ OMX will also append ".TEST" to the index ticker symbol for all test indexes. NASDAQ expects that the addition of this suffix to test symbols will help subscribers easily identify test symbols.

Today, NASDAQ uses the Financial Product News alerts to communicate when an index is about to launch or is being terminated. NASDAQ OMX is looking to reduce the amount of Financial Product Notices and automate the addition and deletion of new indexes via the use of the directory message (Type R). NASDAQ intends to disseminate the directory message with a "Pending" state leading up to the launch of any new index and will disseminate the directory message only each morning to allow for the vendors to receive and prepare their systems to receive the tick messages once the index is "Active". Additionally, once an index has been removed NASDAQ will publish the directory message with the state as "Terminated" so vendors can adjust their systems to indicate the index has been deleted and that they will no longer receive tick messages.

Please note: Financial Product News alerts will not be continue to be posted on the NASDAQ Trader® website. NASDAQ will continue to utilize these alerts for several months and will not retire without proper notification to GIDS subscribers.

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