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Tuesday, February 9, 2010

Data Technical News #2010 - 6
NASDAQ OMX PHLX to Retire the Specialized Order Feed (SOF), Effective June 1, 2010

Market Impacted:

  • NASDAQ OMX PHLX

Product Impacted:

  • Specialized Order Feed (SOF)
  • TOPO Plus Orders

Contact Information:

What you need to know:

  • Effective Tuesday, June 1, 2010, NASDAQ OMX PHLX will retire the Specialized Order Feed (SOF).
  • Firms that wish to receive PHLX order data must migrate to the TOPO Plus Orders data product.

Why is the Specialized Order Feed being retired?

The Specialized Order Feed (SOF) product was built on legacy architecture that will no longer be supported as of Tuesday, June 1, 2010.

NASDAQ OMX PHLXSM (PHLX®) has developed a new direct, highly scalable alternative to the SOF called TOPO Plus Orders that allows for the efficient development and deployment of PHLX order information.

TOPO Plus Orders offers greatly reduced latency at peak periods and is a multi-cast feed, which ensures simultaneous dissemination of data to all customers. TOPO Plus Orders also includes imbalance data and additional features as announced in Data Technical News #2010-2 are currently being developed.

In order to continue to receive PHLX order data, firms that currently receive order data from the SOF must migrate to the TOPO Plus Orders data product by June 1, 2010.

What is TOPO Plus Orders?

As announced in Data Technical News #2009-42, TOPO Plus Orders 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 PHLX Orders data feed.

TOPO includes Best Bid and Offer (BBO) and last sale information from PHLX. 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.

Will there be a fee associated with PHLX order data?

Yes, as of June 1, 2010, pending Securities and Exchange Commission (SEC) approval, order data from PHLX will have the following monthly distributor fees:

  • Internal Distribution - $4,000 per month
  • External Distribution - $5,000 per month with a $20 Pro user and $1 Non-pro user fee

    • 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.

    Is TOPO Plus Orders available for testing?

    Yes, NASDAQ OMX currently offers access to both the TOPO and TOPO Plus Orders data products via the NASDAQ Testing Facility. Contact NASDAQ OMX Subscriber Services at +1 212 231 5180 to schedule testing.

    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.

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