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Wednesday, May 17, 2006

Equity Technical Update #2006 - 6
NASDAQ QIX Specification for Single Book Updated

Please Route To: Head Traders, Technical Contacts

What you need to know:

Whom you should contact:

Why is NASDAQ making these changes to the QIX Specification?
NASDAQ® is updating the QIX Programming Specification in preparation for Single Book and other upcoming initiatives.

The revised specification reflects the re-addition of the proprietary quote message. Your current QIX proprietary quote port will receive proprietary quote information for all securities during and after the Single Book transition for NASDAQ securities. After Single Book transition, NASDAQ will support a native INET proprietary quote port to use as a companion to your native quote/order entry port. Although you may continue to use your current QIX ports, firms are encouraged to transition to native QIX ports once the Single Book transition is complete.

The updated QIX specification, Version 2006-03, will also support the upcoming Crossing Network, which is comprised of the Midday Crosses and the Post-Close Cross.

And, as announced in Head Trader Alert #2006-064, NASDAQ will implement two new INET routing strategies on Friday, May 19, 2006. DOTM (DOT when Marketable) and DOTP (DOT after Posting) will also be supported by the updated QIX specification.

Which messages have been changed in the QIX for Single Book specification?
Section Message Change
4.1.6 Order Entry 4838 (Version 00) Added back TIFs GTC/GTX; will be available July of 2006.
Added TIFs for Crossing Network (REG, NXT, ALX).
Added new routing strategies to Preferenced MMID field: DOTM and DOTP.
Priority field – removed values for U (autoex) and A (Super aggressive).
4.2.6 Proprietary Quote 0850 (Version 00) Added back to spec (had been removed in Version 2006-02).

How can I test Single Book in the NASDAQ Testing Facility (NTF)?
Testing for Single Book in the NTF will be free until Single Book integration is complete.

Please use the following two securities for Single Book testing in NTF:

  • IBM
  • INTC

All other securities can be used for current NASDAQ Market Center® testing.

bWhat do I need to do?

Whom should I contact for more information?

Subscribe to NASDAQ’s email notifications. .

NASDAQ is the largest U.S. electronic stock market. With approximately 3,200 companies, it lists more companies and, on average, trades more shares per day than any other U.S. market. It is home to companies that are leaders across all areas of business including technology, retail, communications, financial services, transportation, media and biotechnology. NASDAQ is the primary market for trading NASDAQ-listed stocks. For more information about NASDAQ, visit the NASDAQ Trader website at www.NASDAQTrader.com.