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Friday, February 23, 2018

Options Technical Update #2018 - 6
Nasdaq ISE, GEMX, MRX Introduce Additional Duplicative Order Checks


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On Monday, March 5, 2018, Nasdaq ISE (ISE), Nasdaq GEMX (GEMX), and Nasdaq MRX (MRX) will introduce an additional duplicative order check for incoming routable orders entered via FIX and Precise.

ISE, GEMX, and MRX will reject incoming orders if the count of orders with identical Participant ID, Symbol, Side, Size, Price, Capacity, Account, CMTA, Route Strategy and ExecInst exceeds a predetermined threshold within a predetermined time frame. The threshold will be set at 300 orders within 5 seconds.

When the duplicative order threshold is reached, additional orders will receive a reject message with tag 58 = “MAR: DUPLICATE ORDER PARAMETERS”.

This additional check supplements the existing duplicative order check, which rejects orders with the same Client Order ID, which was previously submitted on the same port.

Please contact Market Operations at +1 215 496 1571 with any questions.

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