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Tuesday, January 8, 2013

UTP Vendor Alert #2013 - 2
Updated 1/7/2013: UTP SIP Announces Revised Testing Schedule for LULD / MWCB Changes

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 UTP Vendor Alert # 2012-9, the UTP Securities Information Processor (SIP) will soon introduce new administrative message formats on UQDF, UTDF and OMDF to accommodate the new Limit Up-Limit Down (LULD) regulation as well as the new Market Wide Circuit Breakers (MWCB) benchmark.
  • In preparation for the February 4, 2013 production implementation of these rules for test securities, the UTP SIP continues to offer evening testing opportunities for UQDF, UTDF and OMDF direct data feed subscribers to sample the new message formats.
  • In addition, the UTP SIP will support the revised industry wide testing for the LULD and MWCB enhancements scheduled to take place.

What is the revised implementation schedule?

A revised implementation schedule of the Plan, pending Securities and Exchange Commission (SEC) approval, will be modified as follows:

  • Monday, February 4, 2013 - Full LULD Support for Test Symbols
  • Monday, April 8, 2013 - LULD Phase 1 Rollout Begins
  • Monday, April 8, 2013 - MWCB Rollout
  • Friday, May 31, 2013 - LULD Phase 1 Rollout Complete
  • Thursday, August 1, 2013 - LULD Phase 2 Rollout Begins
  • Monday, September 30, 2013 - LULD Phase 2 Rollout Complete

Please note that more information relating to testing windows, scripts and symbols will be announced at a later date.

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.

Updated 1/7/2013: The UTP participants, in association with SIFMA and the FIF, are tentatively planning to conduct industry-wide LULD and MWCB testing on the following Saturdays in early 2013:

  • Saturday, January 26, 2013 - Industry Wide LULD and MWCB Test –Scripted / Limited symbols
  • 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

Will the UTP SIP support evening file format testing in advance of the industry tests?

Yes. To ensure that direct data feed subscribers are ready to handle the new UTP messages, the UTP SIP will continue to offer evening format testing opportunities. The UTP SIP will replay a sample data file with the new UQDF, UTDF and OMDF message format via the production IP multicast channels from 9:00 p.m. to 10:30 p.m., ET, on weekday evenings. Evening testing will be supported throughout the phased rollout schedule.

UTP SIP is offering the pre-recorded test data to help firms to validate the new UTP message formats and field values only. For full LULD and MWCB functionality testing, firms must participate in the Saturday user acceptance tests (UATs) in January / February 2013.

Type of Testing Scheduled Dates Description
Evening Test Transmissions Monday, November 12, 2012 through Friday, September 29 2013 A test file will be recorded to be replayed in the evenings from 9:00 p.m. to 10:30 p.m., ET, to all UTP data feed subscribers. No registration is required to participate in evening testing.

Will the evening test data be focused on specific securities?

Yes. Although the UTP SIP evening test files will carry data for a variety of NASDAQ symbols, the LULD message format testing will be limited to the following symbols on UQDF, UTDF and OMDF:

Channel Symbols
UQDF1 and UTDF1 AAPL, AMGN, AMZN, BBBY
UQDF2 and UTDF2 CSCO, DELL, DISH, EBAY
UQDF3 and UTDF3 FLEX, FISV, GOOG, HOME
UQDF4 and UTDF4 LORL, MAT, MSFT, ORCL
UQDF5 and UTDF5 PCAR, PZZA, QQQ, SHLD
UQDF6 and UTDF6 SWHC, WMAR, YHOO, ZNGA

Where can I find the UTP market data technical interface specifications?

The new specification document is available on the UTP Technical Specifications page on the NASDAQ OMX Trader website. For your convenience the individual specifications are provided below:

Where can I find additional information?

Contact NASDAQ OMX Global Data Products at +1 301 978 5307.