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Product LoginMonday, January 29, 2018
Options Regulatory Alert #2018 - 4
Nasdaq announces changes to the Excessive Messaging Compliance Reports
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Effective Tuesday, January 30, 2018, the naming convention and level of delivery of the following INET Compliance Reports, available to Market Maker firms on Nasdaq ISE (ISE), Nasdaq GEMX (GEMX), and Nasdaq MRX (MRX), are changing. Nasdaq is currently delivering the file, to Market Makers, separately for each badge within a firm that has an alert. Nasdaq is changing the level of delivery to contain all alerts for a firm in a single file, per market, to reduce the number of files a firm receives per day. To accommodate this change, the naming convention of the reports will also change to reflect the firm level rather than the badge level. Excessive Order ReportThe Excessive Order Report identifies when a participant is sending an extremely rapid stream of orders in an option series or group of series, either in a short period of time or over a longer period of time, with the intention of slowing the system to gain an advantage. Current Naming Convention: YYYYMMDD_ExcessiveOrder_BOARD_FIRM_FirmName_isMM_CANONICALOPTIN_OPTIO NID_ALERTCOUNT_RUNDATE.csvExample: 20180731_ExcessiveOrder_GEM_ABCD_ABCSecurities_nonMM_LMN_1 70818_C_100.00_12345_1_20170730.csv New Naming Convention: YYYYMMDD_MKT_FirmName_ExcessiveOrder.csv Example: 20180731_GEM_ABCSecurities_ ExcessiveOrder.csv Excessive Quoting ReportThe Excessive Quoting Report identifies when a participant is sending an extremely rapid stream of quotes in an option series or group of series either in a short period of time or over a longer period of time with the intention of slowing the system to gain an advantage. Current Naming Convention: YYYYMMDD_ExcessiveQuote_FIRMNAME_BADGE_BOARD_UNDERLYING_RUNDATE.csvExample: 20180731_ExcessiveQuote_123Securities)123A_GEM_ABCD_20170730.csv New Naming Convention: YYYYMMDD_MKT_FirmName_ExcessiveQuoting.csv Example: 20180731_GEM_123Securities_ ExcessiveQuoting.csv
The reports will continue to be available via the Market Maker’s existing Nasdaq SFTP Secure Server output directory. If you need any additional information regarding your Secure Server account please reach out to Subscriber Services. If you have any questions regarding the reports or the content of the report please reach out to Nasdaq Market Regulation at (215) 496 5545. |
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