NASDAQ OMX BX (BX)

Overview

In February 2009, BX was trading 11 million shares per day. Now it is trading an average of more than 300 million shares per day and growing.

BX has liquidity ready for the taking in both liquid and illiquid stocks across all three tapes. In fact, more than 60% of the time BX has the best price in 386 stocks that drive 55% of the consolidated market.

Put BX at the top of your routing table to take advantage of growing liquidity, competitive pricing, aggressive quoting at the NBBO and efficient technology on BX.

NASDAQ OMX BX - Top List by Matched Volume

Tape A
Symbol	Matched Shares

Tape B
Symbol	Matched Shares

Tape C
Symbol	Matched Shares

Source: The NASDAQ OMX BX Market

Benefits and Features

BX offers speed, competitive pricing and easy connectivity.

Speed: Our second protected quote runs on the INET platform — the fastest, most efficient technology in the industry.
Robust functionality: Take advantage of the popular Mid-Point Peg Order or control your trading costs and know when you’re adding versus removing liquidity with the Post Only Order.
Additional protected quote: BX trades securities listed on NASDAQ, NYSE, NYSE Amex and NYSE Arca.
Easy to connect: You can leverage existing circuits into NASDAQ data centers.
Order Modify functionality: With the move to OUCH 4.0, customers can now change an order through Order Modify, rather than canceling and resending their orders. This functionality reduces message traffic for optimal BX speed.

Market Data

NASDAQ OMX has offers the following proprietary data products to support the BX market:

NASDAQ OMX BX TotalView-ITCH - Provides full order depth with attribution and last sale information.

BX Historical TotalView ITCH - Offers a historical record of the order and trade transaction data from the BX TotalView-ITCH data feed. Subscribers to this historical product may download daily transaction logs on a T+1 basis from a secured website or FTP server.

BX Basic - Provides key data elements for all exchange-listed equities traded on the BX execution system.

BX Last Sale (BLS) - Tick-by-tick price and size information for orders executed within the BX execution system.
BX Best Bid and Offer (BX BBO) - The highest bid price and lowest offer price, with associated size, available within the BX execution system.
Market Status Information - Includes Trading Halts and Emergency Market Condition (EMC) event messages.

For ordering information, please refer to the Market Data section of the NASDAQ OMX Trader website or contact your NASDAQ OMX Global Data Products Account Manager at +1 301 978 5307, option #2.

Please note, BX is represented with the �B� identifier on the following on the consolidated quote and last sale data feeds:

UTP Quotation Data Feed (UQDF)
UTP Trade Data Feed (UTDF)
Consolidated Quotation System (CQS)
Consolidated Tape System (CTS)

Membership Information

Membership in BX is voluntary and is separate from NASDAQ or FINRA membership. In order to trade on the BX System, firms need to become BX Members. Please visit our BX Membership page to complete all the necessary applications and agreements.

Connectivity

NASDAQ has released the protocol specifications for:

To order ports, please complete the BX Port Request Form and contact NASDAQ Subscriber Services with questions at +1 212 231 5180.

For more information, please see our Trading and Connectivity FAQs..

NASDAQ OMX Co-Location

NASDAQ OMX Co-Location Services offers subscribers a unique opportunity to place their own trading systems within NASDAQ OMX data centers. Through our primary data center, firms can access all five of NASDAQ's U.S. Markets.

The NASDAQ Stock Market
NASDAQ OMX BX
The NASDAQ Options Market
NASDAQ OMX PHLX
NASDAQ OMX Futures Exchange

Close proximity to all NASDAQ OMX U.S.-based market platforms significantly reduces message latencies by as much as 4.6 milliseconds and network connection costs. Contact Kristen Pross at +1 212 401 8924 or Stacie Swanstrom at +1 301 978 8101 for more information on how your firm can benefit from Co-Location.

Testing Schedule

Firms may test anytime during regular trading days.

Please refer to the Saturday Testing Policy page for additional testing and registration information.

News and Update

ETA #2010-5 - NASDAQ OMX BX Announces New Sub-Dollar Pricing Effective February 1, 2010