Welcome to NASDAQtrader.com for Options and Futures

Wednesday, October 21, 2009

Data Technical News #2009 - 42
NASDAQ OMX Launches a Full PHLX Limit Order Book Feed for the TOPO Plus Orders Data Product

Market Impacted:

  • NASDAQ OMX PHLX

Product Impacted:

  • TOPO Plus Orders

Contact Information:

What you need to know:

  • As announced in Data Technical News #2009-36, NASDAQ OMX is introducing the PHLX Orders data feed portion of TOPO Plus Orders, a new low-latency data product for NASDAQ OMX PHLX that will allow subscribers to access both the TOPO data feed and the new PHLX Orders data feed.
  • The PHLX Orders data feed includes the full limit order book of options traded on the PHLX XL platform. The PHLX Orders data feed contains a real-time update of all simple and complex orders on the PHLX order book.
  • NASDAQ OMX is now broadcasting real-time order data for the PHLX market via the PHLX Orders data feed. Firms may connect to the NASDAQ OMX data center in the NY Metro Area to receive and process PHLX Orders data. The TOPO data feed was launched into production on August 10, 2009 as announced in Data Technical News #2009-31.
  • Updated TOPO Plus Orders specifications and production addresses for connection are now available on the NASDAQ OMX Trader website.

What is TOPO Plus Orders?

As announced in Data Technical News #2009-36, NASDAQ OMX® is introducing TOPO Plus Orders. The new data product is a direct, low-latency market data product that is designed to allow subscribers to connect to both the Top of PHLX Options (TOPO) data feed and the new PHLX Orders data feed.

TOPO includes Best Bid and Offer (BBO) and last sale information from NASDAQ OMX PHLXSM (PHLXSM). PHLX Orders includes the full limit order book and contains a real-time status of simple and complex orders on the PHLX order book for all PHLX-listed options. This includes new orders and changes to orders resting on the PHLX book.

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

The TOPO Plus Orders data product includes both the PHLX Orders data feed and the existing TOPO data feed. As a result, TOPO Plus Orders users will benefit from a more complete view of the PHLX options market system, including the current state of simple and complex orders on the PHLX order book as well as the best bid and offer and last sale data from the PHLX system. Firms will have the option to subscribe to either the TOPO data product singly or the TOPO Plus Orders data product.

How do I obtain the TOPO Plus Orders data feed?

To initiate this data on a data feed, firms must submit the appropriate documentation and receive prior approval from NASDAQ OMX:

For the complete list of NASDAQ OMX and UTP market data agreements and forms, please refer to the NASDAQ OMX Global Data Products Agreements and Forms page.

In addition, firms need to make arrangements to connect to the NASDAQ OMX New York Metro Area data center via co-location, an authorized extranet or direct connectivity provider.

What is the monthly fee for TOPO Plus Orders?

A proposal to establish fees applicable to the TOPO Plus Orders data feed will be filed shortly with the Securities and Exchange Commission (SEC). In the interim, the monthly fee will be for the TOPO data feed portion of the TOPO Plus Orders data product. TOPO monthly distributor fees are $2,000 per month for internal distribution and $2,500 per month for external distribution.

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 OMX 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:

Where can I find additional information?


Please follow Nasdaq on Facebook RSS and Twitter.

Nasdaq (Nasdaq: NDAQ) is a leading global provider of trading, clearing, exchange technology, listing, information and public company services. Through its diverse portfolio of solutions, Nasdaq enables customers to plan, optimize and execute their business vision with confidence, using proven technologies that provide transparency and insight for navigating today's global capital markets. As the creator of the world's first electronic stock market, its technology powers more than 90 marketplaces in 50 countries, and 1 in 10 of the world's securities transactions. Nasdaq is home to approximately 3,900 total listings with a market value of approximately $12 trillion. To learn more, visit: business.nasdaq.com.