Friday, April 26, 2024

Data Technical News #2024 - 12
Nasdaq ISE Announces Re-Platform Plans and Updates to Market Data Feeds

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What is changing?

While each of the current market data offerings will continue, there will be some changes to both the naming of these and the protocols.

The ISE Top Quote Feed will be renamed to the ISE Top of Market Feed. It will remain a book-based feed designed to provide the Best Bid and Offer and last sale information. The feed will contain updated message formats that are harmonized with GEMX Options. An optional Glimpse service will also be made available for the Top of Market Feed for recovery.

The ISE Depth of Market Feed will be improved to include full depth with order-by-order messages. It is important to note that firms receiving this product will now need to recreate the order book on their own. The new but familiar Depth of Market feed will share similar components to the recently updated GEMX Depth of Market Feed. An optional Glimpse service will also be made available for the Depth of Market Feed.

The ISE Order Feed will continue to provide a snapshot of each order that rests on the order book along with auction notifications but will take on updated message formats.

The ISE Trade Feed will continue to provide last trade information along with opening price, cumulative volume, high and low prices for the day as well as administrative and market event messages.

The ISE Spread Feed will continue to be provided as a set of four separate components (Order, Depth of Market, Top of Market, and Trade) each providing different views of complex order activity. The message formats across all four of the spread feed components have been updated. The Depth of Market component will be improved to include full depth with order-by-order messages. It is important to note that firms receiving this product will now need to recreate the order book on their own. For ease of use, specifications for each of the four spread feed components have been consolidated into a single document. An optional Glimpse service will also be made available for the Top of Market and Depth of Market component for recovery.

Details of the changes can be found below in the Updated Technical Specifications for the feeds:

• Nasdaq ISE Top of Market Feed
• Nasdaq ISE Depth of Market Feed
• Nasdaq ISE Order Feed
• Nasdaq ISE Trade Feed
• Nasdaq ISE Spread Feed

Will there be IP changes?

New IP addresses for the updated Nasdaq ISE Data Feeds will be posted on UDP/IP Addresses - U.S. Derivatives Data Feeds and the DTN will be updated once available.

Heartbeat availability for connectivity testing will be updated once available for both:

• New York Metro Area - "A" and "B" Feeds
• Chicago Metro Area - "A" and "B" Feeds

To ensure a smooth transition, Nasdaq will support a parallel period for clients to upgrade their network configurations. Firms will be required to receive data via the new IP addresses as symbols migrate to the new system. Firms will continue to receive data via the current IP addresses for symbols that have not yet migrated. Connections to legacy feeds will be retired when the symbol migration is complete.

The symbol migration will begin on Monday, September 9, 2024, and firms must make the transition prior to that date to prevent loss of data.

What will firms need to do to get connected to the new IP addresses?

Existing firms must send an email to Nasdaq Data Client Success and Nasdaq Networking to initiate the provisioning process for multicast connections and provide the following information in the email in order to be connected:

• The feed(s) and/or service being requested.
• The network interface "Peer IP Address" where they would like to receive the data.

For the weeks that have a scheduled Saturday UAT, all multicast connection requests must be submitted no later than Wednesday by 12pm EST. This will ensure all requests are completed by the end of the business week to enable UAT participation.

NOTE: Nasdaq will be pre-provisioning the SoupBinTCP & Glimpse connections for you. ISE clients will be receiving an email with the connection and login details.

You should receive an email with your connection and login details before the first UAT, Saturday, June 1, 2024.

If your firm is not currently subscribed to the Nasdaq ISE market data feeds, please complete the following agreements to receive the data.

• Data Feed Request Form - Required for all firms.
• Nasdaq Global Data Agreement - Required for all firms prior to initiation of the first Nasdaq data service only.
• System Application - Required for firms only if the data will be displayed or used in a system that is not yet approved by Nasdaq.

If you need assistance with the application process, please contact your Nasdaq Global Data Sales Representative.

What is the timeline of the migration plan?

ISE will migrate to the new platform on a symbol-by-symbol basis over a weeklong period. Specific details around test environment availability and the symbol migration plan will be published in a future update. Below is the migration timeline:

Why are these changes being made? What are the benefits?

These changes are being made as part of our continued efforts to harmonize exchange technology. The changes to market data feeds will bring conformance at the message type level and allow Nasdaq to migrate our other derivatives markets in the future.

Benefits from the change will increase over time as more of our markets migrate to the new platform. Common messaging will lower the amount of effort required by our clients to manage and maintain product and changes.

Will there be changes to expected bandwidth?

Yes, this re-platforming effort will expand the messaging expectations across the ISE market data products. The below projected bandwidth rates are estimates that can serve as a guide to understanding the impact of the expanded messaging ISE will have on the individual market data products.

Where can I find more information on the ISE re-platform?

More details can be found on the ISE Re-platform website. Customers may also refer to the Frequently Asked Questions (FAQs) for additional information.

Who can I contact to help answer additional questions?

Additional questions may be directed to Nasdaq Data Client Success.

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