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Friday, September 18, 2009

Data Technical News #2009 - 36
NASDAQ OMX Releases PHLX Orders Technical Specifications for the TOPO Plus Orders Data Product

Market Impacted:

  • NASDAQ OMX PHLX

Product Impacted:

  • TOPO Plus Orders

Contact Information:

What you need to know:

  • NASDAQ OMX is introducing a new direct market data product for NASDAQ OMX PHLX (PHLX). The new product, called TOPO Plus Orders, will allow subscribers to access both the TOPO data feed and a new PHLX Orders data feed. TOPO provides PHLX Best Bid and Offer, including both quotes and aggregate orders at the top of market, and last sale data. The PHLX Orders data feed contains the state of simple and complex orders on the PHLX order book, subject to any regulatory approval that may be necessary.
  • Complete TOPO Plus Orders specifications are now available on the NASDAQ OMX Trader website. Separate specifications can be accessed for the TOPO data feed and the PHLX Orders data feed that together comprise the TOPO Plus data product offering.

What is TOPO Plus Orders?

TOPO Plus Orders is a direct, low-latency market data product that is designed to allow subscribers to directly connect to both the Best Bid and Offer (BBO) and last sale information from TOPO as well as a PHLX Orders data feed that contains a real-time status of simple and complex orders on the PHLX order book for all PHLX-listed options.

What is the benefit of subscribing to the TOPO Plus Orders data product?

Accessing the TOPO Plus Orders proprietary data feed directly from NASDAQ OMX PHLXSM (PHLX®) will offer firms additional market transparency and minimal latencies. The TOPO Plus Orders product offers a feed that provides top of market quote and trade data as well as a feed that provides complete order book data for all PHLX-listed options.

How is TOPO Plus Orders different from the Top of PHLX Options (TOPO) direct data feed?

The TOPO Plus Orders data product will allow subscribers to connect to the Top of PHLX Options (TOPO) data feed, as well as a feed that provides the state of simple and complex orders on the PHLX order book. This includes new orders and changes to orders resting on the PHLX book. Firms will have the option to subscribe to either the TOPO data product singly or the TOPO Plus Orders data product, which includes both the TOPO feed as well as the PHLX Orders feed.

When will TOPO Plus Orders be available?

The PHLX Orders market data portion of the TOPO Plus Orders data product will be available in mid October, pending SEC approval. The TOPO market data feed went into live production on August 10, 2009. Connection addresses can be accessed on the NASDAQ OMX Trader® website and production dates will be available soon.

What is the bandwidth recommendation for TOPO Plus Orders?

The bandwidth recommendation for the PHLX Orders portion of the data product, which will be uncompressed, is 1.75 Megabits (Mb) per feed. The bandwidth recommendation for the compressed TOPO feed is 50 Megabits (Mb) per feed. Compression for the TOPO feed will be done using the Fix Adapted for Streaming (FAST) protocol.

Where can I find the TOPO Plus Orders technical interface specifications?

NASDAQ OMXSM has posted the TOPO Plus Orders documentation to the Market Data Specifications - Data Feeds page on the NASDAQ OMX Trader website. For your convenience, the links are also provided below.

Data Formats:

Network Support Documentation:

Who should I contact with questions regarding this notice?


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