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Monday, September 27, 2010

Nasdaq Fund Network #2010 - 5
NASDAQ OMX Postpones New MFQS Message Format Release

Product Impacted:

  • MFQS Inbound Interfaces
    • MFQS Batch File Upload for MFQS website users
    • MFQS FTP Server
    • MFQS CTCI

Contact Information:

What you need to know:

  • As outlined in MFQS News #2010-4, NASDAQ OMX® plans to release a new version of the Mutual Fund Quotation ServiceSM (MFQSSM) inbound message formats to support:
    • Advance reporting of dividends, interest payments and other distributions by MFQS fund families and trust sponsors.
    • New money market fund data elements as defined in the Securities and Exchange Commission (SEC) Money Market Reform Act of 2010.
  • NASDAQ OMX has decided to postpone this MFQS release and will implement the MFQS 0050 data formats on Monday, March 21, 2011.

When will the MFQS release be implemented?

NASDAQ OMX will now release the new MFQS 0050 inbound message formats and new MFDS outbound message formats on Monday, March 21, 2011.

Why is NASDAQ OMX postponing the release?

NASDAQ OMX is postponing the MFQS 0050 release by three months based on input from customers as well as its development staff. NASDAQ OMX had originally planned to release the MFQS 0050 codes on December 6, 2010.

What is changing in the MFQS 0050 release?

The new MFQS 0050 data format release includes the following customer requested enhancements:

  • Streamlined messaging for Mutual Funds, Unit Investment Trusts (UITs) and Annuities with expanded Net Asset Value (NAV) and Offer/Market Price fields.
  • Enhanced Money Market Fund messages to accommodate NAV and other data elements outlined in the SEC Money Market Reform Act of 2010.
  • New messaging for Dividends and Distributions to allow for advance reporting of corporate actions.

How will the MFQS release be implemented?

For MFQS inbound system users, NASDAQ OMX will allow fund families and pricing agents to report valuation data via the MFQS 0050 message formats beginning Monday, March 21, 2011. To facilitate a smooth customer transition, NASDAQ OMX plans to support the new data formats and legacy MFQS 0040 data formats in parallel production mode for at least three months. During this parallel period, NASDAQ OMX will map the MFQS 0040 data fields to the MFQS 0050 data fields.

While NASDAQ OMX will support backward compatibility for the MFQS 0050 release, firms should be aware of the following limitations:

  • Firms must use the MFQS 0050 data formats to report NAV values over $1000 for mutual funds, annuities and structured products.
  • Firms must use the MFQS 0050 data formats to report UITs or money market instruments with a negative yield value.
  • Firms must use the MFQS 0050 data formats to report NAV values for money market funds.
  • Firms must use the MFQS 0050 data formats to report dividends and distributions with a future effective date. (Currently, firms using the MFQS 0040 data formats may only report dividends and distributions on ex-date.)

Please note that NASDAQ OMX will only support backward compatibility for MFQS 0040 data formats. MFQS will cease to support the MFQS 0030 data formats as of the close of business on Friday, March 18, 2011.

Please also note that the implementation plans are different for MFQS inbound system users and MFDS outbound data feed subscribers. For information on the MFDS release plans, please refer to Data Technical News #2010-30.

Where can I find the new MFQS 0050 specification documents?

MFQS Inbound Interfaces:

Will NASDAQ OMX modify the MFQS website interface for new data formats?

Yes. NASDAQ OMX will revise the price entry screens for the MFQS website interface to capture the new data fields as outlined in the MFQS 0050 specification documents. NASDAQ OMX expects to have the new MFQS screens available for the User Acceptance Tests (UATs) in March 2011.

When will NASDAQ OMX offer testing opportunities for the MFQS 0050 release?

NASDAQ OMX will conduct three Saturday UATs for fund families, trust sponsors and pricing agents in advance of the MFQS 0050 release. The UAT dates are tentatively scheduled for:

  • Saturday, March 5, 2011
  • Saturday, March 12, 2011
  • Saturday, March 19, 2011

NASDAQ OMX will post a testing reminder for the MFQS subscribers once the testing dates are confirmed.

Does NASDAQ OMX have any other MFQS enhancements planned?

Yes. In November 2010, NASDAQ OMX expects to launch the MFQS Listing Service, a new web-based interface designed to streamline the MFQS listing application process for fund families, trust sponsors and other issuers. In addition, the MFQS Listing Service will also facilitate the collection and distribution of MFQS security master information as well as financial documentation (such as prospectus and annual reports). NASDAQ OMX will release additional details on this new product shortly.

Where can I find additional information?

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