Search:
   

Tuesday, May 2, 2006

Data News #2006 - 27
NASDAQ Will Replace Three Direct Data Feed Products Due to Single Book Consolidation

Please Route To:
  • ·Direct NASDAQ and Brut data feed subscribers

Data feeds impacted:
  • NASDAQ OpenView
  • NASDAQ OrderView
  • Brut System Book Feed

Summary:
  • As announced in Head Trader Alert #2006-051, NASDAQ plans to migrate trading activity for NYSE-, Amex- and regional-listed issues to the INET platform in June of 2006, subject to approval from the Securities and Exchange Commission (SEC). As part of this integration to Single Book, NASDAQ plans to revamp its OpenView data feed offering as outlined in NASDAQ Vendor Alert #2006-020.
  • NASDAQ expects to migrate trading activity for NASDAQ-listed securities onto the INET platform in July of 2006. In association with this platform migration, NASDAQ will be replacing its its OrderView and Brut System Book Feed products.
  • Direct data feed subscribers that process the OpenView, OrderView or Brut data feed products should contact the NASDAQ Market Data Distribution Team at 301.978.5307 to discuss the product transition plans.

Overview:

In December of 2005, NASDAQ completed its acquisition of INET. At that time, NASDAQ® announced plans to integrate its trading systems for NASDAQ-, NYSE-, Amex- and regional-listed securities onto the INET platform in 2006. Once the systems integration is complete, NASDAQ expects traders and investors to benefit from increased limit order interaction, improved quality of execution, increased speed and a low-cost trading platform.

As NASDAQ progresses toward Single Book, some of its proprietary data feeds will be revamped. To better serve the trading community, NASDAQ plans to introduce a new depth data feed that supports market participant attribution at the order level as well as automated trade executions for both NASDAQ and other exchange-listed securities. The new data feed will be based on the INET ITCH® message formats. In addition to this new feed, NASDAQ will continue to improve the efficiency and throughput of its TotalView® data feed.

During the systems integration process, NASDAQ also plans to phase out three of its current data feed offerings:

  • NASDAQ OpenViewSM
  • NASDAQ OrderViewSM
  • Brut System Book FeedSM

Customers of these data feeds are being asked to migrate to NASDAQ’s new, more efficient data feed products.

Customer Migration Plans:

NASDAQ recommends that OpenView, OrderView and Brut System Book Feed subscribers follow this suggested data feed migration strategy:

Data Feed To Be Retired Target Timeline Recommended Replacement Product
NASDAQ OpenView June of 2006 — Date that NASDAQ expects to become operational as an exchange in NYSE- and Amex-listed issues NASDAQ OpenView+SM (ITCH Version 2.0a)
-or-
NASDAQ OpenView BasicSM
NASDAQ OrderView July of 2006 — Date that NASDAQ expects to complete single book integration of NASDAQ-listed issues ITCH – Version 2.0
-or-
NASDAQ OpenView+
-or-
NASDAQ TotalView
Brut System Book Feed July of 2006 — Date that NASDAQ expects to complete single book integration of NASDAQ-listed issues ITCH – Version 2.0
-or-
NASDAQ OpenView+

Firms that currently process the legacy OpenView, OrderView and/or Brut data feed products will need to make arrangements to process the replacement feeds. The NASDAQ Market Data Distribution Team will contact the direct data feed subscribers impacted by the systems integration to discuss the replacement feed options and ordering process.

Contact Information:

  • For questions about the NASDAQ, Brut and INET data feed products, please contact NASDAQ Market Data Distribution at 301.978.5307.
  • For questions about the NASDAQ, Brut and INET trading applications, please contact NASDAQ Market Sales at 800.846.0477.