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Tuesday, January 22, 2013

UTP Vendor Alert #2013 - 3
Limit Up/Limit Down and Market Wide Circuit Breaker Industry Test Plan for Saturday, January 26, 2013

Markets Impacted:

  • UTP/SIP

Products Impacted:

  • UTP Quotation Data Feed (UQDF)
  • UTP Trade Data Feed (UTDF)
  • OTC Montage Data Feed (OMDF)

Contact Information:

What you need to know:

  • As announced in Equity Trader Update 2013-5, NASDAQ OMX, in coordination with the other exchanges and market participants, will be offering industry wide testing to support both the Limit Up/Limit Down (LULD) and the revised Market Wide Circuit Breakers (MWCB) on Saturday, January 26, 2013
  • As announced in UTP Vendor Alert 2013-2, the UTP Security Information Processor (UTP SIP) will support the revised industry wide testing for the LULD and MWCB enhancements scheduled to take place, and will be publishing data outbound on all UTP Data Feeds on Saturday, January 26, 2013.

What is the revised industry testing schedule for the LULD and MWCB changes?

The UTP SIP is working closely with industry participants and the UTP Operating committee in preparation for the Monday, February 4, 2013 implementation of LULD production launch in test securities and MWCB changes.

In association with SIFMA and the FIF, the UTP participants are conducting the first of their planned industry-wide LULD and MWCB testing this Saturday, January 26, 2013. Additional testing dates are as follows:

  • Saturday, February 2, 2013 - Final Industry Wide LULD before test symbols go live - Partially Scripted / Limited symbols
  • Saturday, March 2, 2013 - Industry Wide LULD and MWCB Test -Scripted / Limited symbols
  • Saturday, April 6, 2013 - Final Industry Wide LULD before Phase I rollout - Partially Scripted / Limited symbols

What is the purpose of these tests?

The industry is conducting four Saturday tests as part of their industry wide effort to ensure that clients are properly prepared for the market wide system changes coming for Limit Up/Limit Down and the revised Market Wide Circuit Breakers.

The following list of symbols may be used by ALL industry participants in order to test specific scenarios within their application environments.

NASDAQ Listed Securities NYSE Listed Securities ARCA Listed Securities NYSE MKT Listed Securities
ARCC AAP AHB ANV
GNTX ABBV ALD ALN*
ATML ABC ALT IBO*
ATVI ABT DUST INO*
TFSL CBX DVYL
CPWR CIM ZZK
MRVL AA* ZZZ
MDRX AAN* AKN*
ENDP ANGL*
HBAN
PLCM
TIBX
TWTC
UTIW
ZION
ZVZZT
ZWZZT

The following symbols will be used exclusively by the UTP participant exchanges to demonstrate to their members the LULD functionality within their specific exchanges.

NASDAQ NYSE ARCA NYSE MKT BATS Direct Edge CHX NSX
RIMM A ABI API BBY TSLA BAX ARNA
ZNGA AMD AFK GRMN BA BBBY BBT
CBO AGF INDA BAC YINN
IGZ
ZVV

What are the anticipated scenarios that the Exchanges and their selected testing parties will run?

Refer to the LULD/MWCB Industry Testing Plan document on the NASDAQ Trader® Testing webpage for detailed information about the anticipated scenarios that the Exchanges and their selected testing parties will run.

Will there be a simulated Market Wide Circuit Breaker?

Yes. The UTP SIP will generate a breach message for a Level 1 Halt at 11:30 AM. A fifteen minute halt will follow with a standard reopening auction process on each Primary.

What will be available and when?

The UTP SIP data feeds will be available for pre-market trading in all securities at 9:00 a.m., Eastern Time (ET), followed by a market open at 9:30 a.m., ET. A market close event will be scheduled for 1:00 p.m., ET.

Double wide price bands will be in effect from 9:30 a.m. - 9:45 a.m., ET and 12:35 p.m. - 1:00 p.m., ET

Where can I find additional information?


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