• Direct NASDAQ data feed subscribers
• NASDAQ market data distributors

• With NASDAQ’s systems integration into a single book, NASDAQ plans to introduce enhanced versions of the TotalView–Aggregated and TotalView–ITCH message formats:
• The new TotalView–Aggregated formats will support NASDAQ- and other exchange-listed securities as well as size in actual shares.
• The new TotalView–ITCH 3.0 message formats will support the net order imbalance information as well as other key administrative message formats. Like TotalView-Aggregated, the TotalView-ITCH products support NASDAQ full order depth for NASDAQ- and other exchange-listed issues.
• Both feeds are designed to be more bandwidth efficient.
• To ensure a smooth transition to the new formats, NASDAQ plans to run the new version of TotalView in parallel production mode with the legacy version.

• NASDAQ plans to expand the TotalView entitlement to include full depth from NASDAQ market participants quoting in NYSE- and Amex-listed securities as well as NASDAQ-listed securities.
• NASDAQ plans to expand the data delivery options for the TotalView feed to include two new data feed options: TotalView–Aggregated^SM and TotalView–ITCH 3.0.

These changes are designed to continue to enhance the value delivered by TotalView, NASDAQ’s premium data entitlement. TotalView delivers more than 20 times the liquidity displayed by the NQDS^SM product and is delivered via NASDAQ’s fastest data feed product. As TotalView also delivers net order imbalance data, it is increasingly becoming the product relied upon by serious traders. With the recent announcement about the addition of NYSE- and Amex-listed depth to the TotalView entitlement, the product continues to raise the bar for high-end data products and to be the depth product of choice for those seeking a single, low-latency, and high-quality solution for their trading activities.

While TotalView–Aggregated will carry more data than the existing TotalView product, NASDAQ is taking steps to control network costs for the new feed. NASDAQ will streamline the data formats for maximum bandwidth efficiency. To smooth traffic at the market open, NASDAQ plans to support price level prioritization on the TotalView–Aggregated product. By giving higher dissemination priority to actionable price levels at the market open, NASDAQ should be able to keep TotalView–Aggregated running in real-time and without significant data latencies via a bandwidth recommendation of 15.7 Mb for the standard TCP/IP version of the service and 17 Mb for the UDP/IP version of the service. For customers interested in further bandwidth savings, NASDAQ will support a compressed version of TCP/IP protocol feed where the message sizes are 75% smaller.

NASDAQ TotalView–ITCH 3.0: For this data feed, NASDAQ will support order-by-order depth with market participant attribution for NASDAQ-, NYSE- and Amex-listed issues. For customers looking to process a single data source for the TotalView entitlement, NASDAQ will also disseminate net order imbalance data for the NASDAQ Opening and Closing Crosses via this version of the ITCH feed.

To help control network costs, NASDAQ is planning to implement messaging efficiencies for the TotalView–ITCH 3.0 service. With the smaller data formats, the bandwidth recommendation for the TotalView–ITCH 3.0 feed will bebe 12.6 Mb for the TCP/IP version of the service and 13.7 Mb for the UDP/IP version of the service. For customers interested in further bandwidth savings, NASDAQ will support a compressed version of TCP/IP protocol feed where the message sizes are 75% smaller.

TotalView–Aggregated
TotalView–ITCH 3.0

NASDAQ expects to release beta versions of the new TotalView feeds in August of 2006. NASDAQ will consider the feeds to be production-ready once systems integration begins. To ensure a smooth customer transition, NASDAQ will offer TotalView–Aggregated in parallel production mode with existing data formats at least through the end of 2006. NASDAQ plans to support all versions of the TotalView–ITCH formats in parallel production indefinitely.

If your firm prefers to manage its own network connections, please contact the NASDAQ Technology Support Desk at 212.231.5180 to discuss alternate direct connection options to the NASDAQ data centers.