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

• As outlined in Head Trader Alert #2006-034, NASDAQ expects to be operational as an exchange in May of 2006; therefore, modifications are being made to CTS and CQS, effective May 15, 2006.
• Once NASDAQ is operational as an exchange, firms will need to process OpenView+ (ITCH 2.0a) or OpenView Basic to obtain NASDAQ market participant quotations for NYSE- and Amex-listed issues.
• Data feed interface specifications for the new OpenView products are now available.

As outlined in NASDAQ Vendor Alert #2006-015, NASDAQ^® is implementing a number of initiatives that will impact how customers access market participant depth in New York Stock Exchange (NYSE)- and American Stock Exchange (Amex)-listed issues.

First, NASDAQ will integrate its trading applications for NYSE-, Amex- and other exchange-listed securities onto a single system platform. Once the integration is complete, NASDAQ will be able to offer new order types and more efficient processing to its market participants. The system enhancements, combined with NASDAQ pricing incentives, are likely to drive NASDAQ market share volume in exchange-listed issues significantly higher.

Second, the 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 (BBO) quotation to SIAC for inclusion in the Consolidated Quotation System (CQS) data feed. Firms will need to process NASDAQ’s proprietary data feeds to access attributed quotation for NYSE- and Amex-listed issues.

In conjunction with NASDAQ’s platform integration, NASDAQ will revamp its OpenView^SM product to support more flexible formats. For existing depth customers, NASDAQ will introduce OpenView+^SM (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 OpenView Basic^SM, a top-of-file quotation data feed based on the NASDAQ Quotation Dissemination Service^SM (NQDS^SM) message formats.

NASDAQ OpenView+ is designed for firms that need full market depth with minimal latencies. Based on ITCH data feed formats, OpenView+ provides NASDAQ market participant attribution at the order level for the full range of NYSE- and Amex-listed equities. NASDAQ plans to offer OpenView+ in several protocol options. To access the product specifications for OpenView+, 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

NASDAQ OpenView Basic is designed for firms that need NASDAQ market participant data for display or regulatory systems. Based on the NQDS data feed formats, NASDAQ OpenView Basic requires less bandwidth and internal process power to process. Like NQDS, NASDAQ plans to offer the OpenView Basic data feed in IP multicast format and in an uncompressed version only. To access the product specifications for OpenView Basic, please click on the View/Pint button below:

OpenView Basic data formats

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.