• Direct NASDAQ, Brut and INET data feed subscribers
• Market data redistributors
• NASDAQ market participant firms

• In the second quarter of 2006, NASDAQ will integrate its trading applications for exchange-listed securities onto a single system platform.
• In conjunction with the system integration, NASDAQ will introduce two new data feeds:
• OpenView+ (ITCH 2.0a): A full market depth data feed that provides NASDAQ market participant attribution at the order level for exchange-listed securities. Faster and more efficient than the legacy feeds, the OpenView+ (ITCH 2.0a) data feed is designed to feed both automated trading and market data display systems.
• OpenView Basic: Based on the NQDS data feed structure, the OpenView Basic feed will carry only the top-of-file quotations for NASDAQ market participants in exchange-listed issues.
• NASDAQ strongly encourages all existing OpenView and CQS data customers to migrate to one of the two new OpenView product options by June 2006.

Liquidity is moving off the floor at a rapid rate, and NASDAQ^® customers have access to even deeper pools of liquidity for NYSE-listed stocks. In 2005, NASDAQ market share in NYSE- and Amex-listed issues has grown dramatically with the launch of our routing service and innovative pricing. This is not surprising since NASDAQ’s faster, more efficient, transparent system represents a better way to trade NYSE-listed securities.

NASDAQ market share in NYSE- and Amex-listed issues will continue grow in 2006. Recently, NASDAQ introduced a new pricing structure that features a liquidity provider credit for all NYSE- and Amex-listed securities. In June of 2006, NASDAQ will integrate its trading applications onto a single system platform that will support new order types and enhanced trading functionality. For more information on the NASDAQ exchange-listed program, please refer to the NASDAQ Transaction Services section of the NASDAQ Trader^® website.

Given the changing marketplace, traders and investors have an increasing need to access NASDAQ market depth data for NYSE- and Amex-listed securities. As outlined in NASDAQ Vendor Alert #2006-002, the U.S. Securities and Exchange Commission (SEC) recently approved NASDAQ’s application to become an exchange. Once NASDAQ becomes operational as an exchange, NASDAQ will only be allowed to provide its best bid and offer quotation to SIAC for inclusion in the Consolidated Quotation System (CQS) data feed. Firms will need to process one of NASDAQ’s new proprietary data feeds to access attributed quotation and order depth for NYSE- and Amex-listed issues.

In June of 2006, NASDAQ will integrate its trading applications for exchange-listed securities onto a single system platform. In conjunction with trading platform changes, NASDAQ will revamp its OpenView^SM product to support more flexible formats. For existing depth customers, NASDAQ will introduce OpenView+ (ITCH 2.0a), a product that shows market participant attribution at the order level for NYSE- and Amex-listed issues. For existing CQS customers, NASDAQ will also introduce a top-of-file only quotation data feed based on the NQDS^SM message formats.

OpenView+^SM (ITCH 2.0a) Product Description:

The new OpenView+ (ITCH 2.0a) product will offer the following features:

• Single data source for customer applications: OpenView+ (ITCH 2.0a) will provide all the data that firms need to run automated trading and market data display applications.
• Greater depth in NYSE- and Amex-listed issues: OpenView+ (ITCH 2.0a) will contain the full market depth from all NASDAQ systems. The former OpenView product does not carry the order depth for the Brut or INET systems.
• Faster and more efficient data formats: Because OpenView+ (ITCH 2.0a) is based on the INET ITCH formats, NASDAQ expects that it will be at least 25 milliseconds faster than the former OpenView product.
• Trade data for the NASDAQ Market Center^® systems: Because OpenView+ (ITCH 2.0a) will be based on INET ITCH^®, it will also support order execution and trade messages.
• Multiple protocol options: NASDAQ will offer the OpenView+ (ITCH 2.0a) data feed in both TCP/IP and IP multicast protocol versions.
• Compressed data feed option: For TCP/IP subscribers, NASDAQ will offer both compressed and uncompressed versions of the OpenView+ (ITCH 2.0a) product. Based on the INET ITCH model, NASDAQ expects that the compressed data formats will be 75% smaller than the uncompressed feed.
• Data for additional security classes: OpenView+ (ITCH 2.0a) will also include INET order data for NASDAQ-listed and over-the-counter securities.

For the OpenView+ (ITCH 2.0a) product, NASDAQ expects that the bandwidth requirements will be in the 12 Megabit (MB) range for the uncompressed feed and 4 MB for the compressed data feed.

To access the OpenView+ (ITCH 2.0a) product specifications, please click on the View/Print buttons below:

OpenView+ (ITCH 2.0a) data formats
TCP/IP protocol option
IP multicast protocol option
Compression protocol option

As part of the NASDAQ system integration process, NASDAQ plans to migrate existing OpenView data feed subscribers to the new OpenView+ (ITCH 2.0a) product. The former OpenView formats will be retired once NASDAQ has moved all NYSE- and Amex-listed securities to the integrated system platform.

OpenView Basic^SM Product Description:

NASDAQ understands that CQS subscribers may only require top-of-file quotations for exchange-listed issues. For these subscribers, NASDAQ will offer a new data feed modeled on the NQDS product. Like the OpenView+ (ITCH 2.0a) product offering, NASDAQ plans to offer the OpenView Basic product in both a TCP/IP version and an IP multicast version. NASDAQ expects to release the product specifications and bandwidth requirements for the OpenView Basic data feed later this month.

NASDAQ offers multiple ways for firms to access the new OpenView data feed products. The following extranet providers offer direct access to NASDAQ data feed products:

If a firm prefers to manage its own network connections, it may contact the NASDAQ Tier One Support Desk at 800.243.4284 (Option #3) to discuss alternate direct connection options to the NASDAQ data centers.

For more information on the new OpenView product offerings, please contact NASDAQ Market Data Distribution at 301.978.5307.

For more information on NASDAQ’s exchange-listed trading program, please contact NASDAQ Market Sales at 800.846.0477.