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Friday, March 12, 2010

Financial Products News #2010 - 10
Russell Investments and NASDAQ OMX Launch RussellTick, a Proprietary Data Feed for Russell Indexes

Markets Impacted:

  • All Markets

Data Feeds Impacted:

  • RussellTick
  • NASDAQ OMX Global Index Data Service (GIDS)

Contact Information:

What you need to know:

  • In 2009, Russell Investments and The NASDAQ OMX Group, Inc. announced its selection of NASDAQ OMX® as the primary source of real-time index values for the Russell Family of Indexes.
  • Effective Tuesday, June 1, 2010, NASDAQ OMX Information, LLC will launch RussellTickTM, a premier data feed that consolidates the distribution of the Russell Family of Indexes.

What is being announced?

On March 9, 2010, Russell Investments announced its selection of NASDAQ OMX® as the primary source of real-time index values for the Russell Family of Indexes. As a leader in manager research, Russell created its family of indexes to better track investment manager performance.

In order to more broadly distribute Russell’s comprehensive, rules-based index information, NASDAQ OMX will launch a new third-party index data feed service, RussellTick.

Why has Russell Investments chosen NASDAQ OMX as its index data distributor?

Russell has selected NASDAQ OMX as its index data distributor based on NASDAQ OMX’s global reach and superior distribution technology. NASDAQ OMX’s ability to create a primary distribution channel will provide customers with an easy, single point of access for both Russell U.S. and Global Indexes. RussellTick will offer clients one-stop-shopping for the entire family of Russell Indexes, whether their data need pertains to futures, options, ETF tracking, or simply to the interest in the movement of the global markets.

What is RussellTick?

Developed by NASDAQ OMX Information, LLC, RussellTick is a premier data feed that consolidates the distribution of the Russell Family of Indexes. RussellTick is designed to facilitate excellence in trading performance and portfolio valuation due to its frequent dissemination of index data. RussellTick supports the diverse array of Russell-branded indexes, covering both U.S. and Global equities.

RussellTick Benefits:
  • Offers investors and traders worldwide real-time access to Russell index values, including the industry-leading U.S. small-cap Russell 2000® Index and U.S. broad-market Russell 3000 Index.
  • Consolidates Russell's real-time information for the first time into one data source.
  • Supports real-time values for Russell index-based derivative products enabling investors and traders to easily track portfolio investments based on Russell indexes.
  • Empowers investors to better gauge market performance and more easily track portfolio investments.
  • Encourages widespread distribution of real-time index data to the public via the Internet and other electronic media throughout the world.

In addition to RussellTick, NASDAQ OMX will continue to disseminate the following Russell indexes through the Global Index Data ServiceSM (GIDSSM) in parallel:

What data feed protocols will RussellTick use?

Beginning Tuesday, June 1, 2010, RussellTick will be broadcast over a unique IP Multicast channel. This channel utilizes consistent message formats modeled after NASDAQ OMX’s premier index data feed, GIDS, for ease of implementation into existing vendor display’s and technology platforms.

What are the operational hours for RussellTick?

In order to provide coverage for global dissemination of Russell index values, RussellTick will be operational 23 hours a day, beginning June 1, 2010 at 12:05:00 a.m., Eastern Time (ET) and ending at 11:00:00 p.m., ET. The operational hours for RussellTick are based on U.S. ET and do not reflect the differing transitions between markets based on daylight savings time. Clients should be prepared to receive data at varying times throughout the calendar year as the markets transition between standard time and daylight savings time, if applicable.

Will there be testing opportunities for RussellTick?

NASDAQ OMX plans to support a minimum of one month of nightly vendor testing, as well as weekend user acceptance tests (UAT). NASDAQ OMX is finalizing its testing plans and as additional information becomes available, NASDAQ OMX will communicate via a news alert.

Which indexes will RussellTick carry?

Upon initial launch, RussellTick will provide real-time tick data for the 53 Russell U.S. indexes, 17 real-time Russell global indexes and will also provide end-of-day summary data for 326 Russell global indexes. For a list of the covered indexes, please click here.

How can I order the RussellTick data service?

To initiate this data on a data feed, firms must submit the appropriate documentation and receive prior approval from Nasdaq:

For the complete list of Nasdaq and UTP market data agreements and forms, please refer to the Nasdaq Global Data Products Agreements and Forms page.

Is there a fee to access RussellTick?

There will be a fee for the RussellTick service. The fee will depend on the frequency, usage and distribution needs of the recipient of the data and will be announced as more information becomes available.

If my firm already subscribes to GIDS, do I need RussellTick?

GIDS subscribers will only receive Russell Global index data for no additional subscription fee. To access the Russell U.S. Indexes (including the Russell 1000, Russell 2000 and Russell 3000) and Russell Global Indexes in one consolidated feed, a separate subscription to RussellTick will be required.

Where can I find additional information?

  • For questions about NASDAQ OMX Information, LLC data products, please contact NASDAQ OMX Global Data Products at +1 301 978 5307 or +45 3393 3366.
  • For information about the Russell Index family, please visit www.russell.com/indexes or contact Russell Client Service at +1 866 551 0617.
  • For information about RussellTick, please visit the RussellTick product page on the NASDAQ OMX Trader® website and refer to the Frequently Asked Questions document.
  • For technical information, please visit the RussellTick specifications on the NASDAQ OMX Trader website.

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