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Thursday, July 20, 2006

Data News #2006 - 51
NASDAQ to Extend System Hours as Part of Systems Integration

Please Route To:
  • Direct NASDAQ data feed subscribers
  • Redistributors of NASDAQ market data

Please Route To:
  • NASDAQ TotalView
  • NASDAQ Quotation Dissemination Service (NQDS)
  • NASDAQ Index Dissemination Service (NIDS)

Summary:
  • As announced in Head Trader Alert #2006-105, NASDAQ will begin the integration to a single book on August 28, 2006.
  • As part of the systems integration, NASDAQ’s new hours of operation will be 7:00 a.m. to 8:00 p.m., Eastern Time (ET).
  • To accommodate the new hours of operation, NASDAQ will change the dissemination times for select control messages as well as for pre-opening spins on its proprietary data feeds. NASDAQ will also extend the dissemination period for the NIDS NASDAQ-100 Pre-Market Indicator and NASDAQ-100 After-Hours Indicator.

Background:
On July 14, 2006, the SEC approved NASDAQ’s plans to integrate the NASDAQ Market Center®, Brut and INET into a single platform. As part of the Systems Integration proposal, NASDAQ® outlined plans to extend its hours of operation by two hours. NASDAQ’s new trading hours will be 7:00 a.m. to 8:00 p.m., ET, beginning the first day of integration, on August 28, 2006.

Overview of TotalView and NQDS changes:
To accommodate the new hours of operation, NASDAQ will change the dissemination times of select control messages and spin processes on the TotalView® and NQDSSM data feeds at the completion of systems integration:

  • NASDAQ plans to send Start-of-Day Control Messages and Pre-Opening Spins between 6:00 a.m. and 7:00 a.m., ET.
  • To mark the start of trading hours, NASDAQ will send the Pre-Opening Market Open Control Message at 7:00 a.m., ET.
  • To accommodate the longer trading hours, NASDAQ will send the Closing Spins and Post-Closing Control Messages at approximately 8:00 p.m., ET.

In addition to these timing changes, NASDAQ will implement minor processing changes to the TotalView and NQDS data feeds. Most notably, NASDAQ will use a new market participant identifier (MPID) — NSDQ — to reflect unattributed orders in the single book system. As securities are transitioned to the consolidated platform, TotalView and NQDS subscribers will see NSDQ in place of the existing SIZE and BRUT MPIDs in the NASDAQ quotation montage.

Please click on the View/Print buttons to access the revised TotalView and NQDS data feed specifications for the single book:

TotalView Specification – Version 2006-2
NQDS Specification – Version 2006-2

Overview of NIDS changes:
Upon completion of the systems integration, NASDAQ will modify the calculation period for the NASDAQ-100 Pre-Market IndicatorSM and NASDAQ-100 After-Hours IndicatorSM on the NIDSSM data feed. Effective September 11, 2006, NASDAQ will begin dissemination of the NASDAQ-100 Pre-Market Indicator (Symbol: QMI) at 7:15 a.m., ET. Also on September 11th, NASDAQ will extend the dissemination period for the NASDAQ-100 After-Hours Indicator (Symbol: QIV) to 8:00 p.m., ET. And, as with the TotalView and NQDS data feeds, NASDAQ will also change the dissemination times for the Closing Control Message on NIDS.

Please click on the View/Print button to access the revised NIDS specification for the single book.

NIDS Specification – Version 2006-2

Contact Information:
For questions about NASDAQ proprietary data feeds, including TotalView, NQDS and NIDS, please contact NASDAQ Market Data Distribution at 301.978.5307.