Monday, June 12, 2017
Futures Regulatory Alert #2017 - 2
NASDAQ Futures, Inc. Amended Audit Trail Requirements – Effective July 3, 2017
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NASDAQ Futures, Inc. (“NFX” or “Exchange”) has amended its Minimum Acceptable Audit Trail Requirements (SR-NFX-2017-20) for Tier 1 and 2 participants. Tier 1 participants can provide requested Minimum Acceptable Audit Trail data in either Raw FIX format or CSV or Excel format. Tier 2 participants can only provide requested Minimum Acceptable Audit Trail data in either or CSV or Excel format. Further, the Exchange has added two additional permissible format selections to Position 8: ExecutingFirmID and provides guidance that Position 35: AggressorIndicator is not mandatory for population. The date of implementation is July 3, 2017. Pursuant to Section 5c(c)(1) of the Commodity Exchange Act, as amended (“Act”), and Sections 40.2 and 40.6 of the Commission’s regulations thereunder, NASDAQ Futures, Inc. has adopted amendments to audit trail guidance originally filed with the Commission as SR-NFX-2015-38 and subsequently as SR-NFX-2017-15. Pursuant to NFX Rulebook, Chapter V, Section 1, each Futures Participant shall maintain or cause to be maintained audit trail information for all Orders entered into the Trading System, including Order modifications and cancellations. This audit trail must contain, at a minimum, all Order and Quote entry, modification, cancellation and response receipt time(s) as well as Financial Information Exchange interface (FIX) tag information as applicable. Futures Participants are required to produce, upon request by Nasdaq Futures, Inc. or its Regulatory Services Provider, the audit trail for all Orders and Quotes submitted to NFX in a format prescribed by NFX. The National Futures Association ("NFA") is the Regulatory Services Provider for NFX. Generally, Futures Participants will receive requests for audit trail information from the NFA. Please refer to the Frequently Asked Questions document for Audit Trail requirements. |
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