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Monday, February 22, 2016

Equity Trader Alert #2016 - 35
Reminder: Nasdaq Implementing Performance Improvements & Equity Data Feed Impact

Category:

  • System Impact

Markets Impacted:

Contact Information:

Resources:

As described in Data Technical News #2015-32, The Nasdaq Stock Market (Nasdaq) is implementing enhancements to improve trading system performance.

As part of these performance improvements, Nasdaq will be modifying the manner by which order reference numbers are assigned to new orders. As a result, data recipients may see

  • Order Reference Numbers that are out of order
  • Much higher max Order Reference numbers

For a given security, the order reference numbers will be strictly increasing in time; however, there will no longer be a guarantee that order reference numbers across stocks are strictly increasing. Going forward, order reference numbers across stocks may interleave with one another.

As an example, an Add Order Message for stock A may be published with Order Reference Number 24, followed by a second Add Order for stock A with Order Reference Number 28, followed by an Add Order for stock B with Order Reference Number 15.

In addition, due to the new manner of assigning order reference numbers, the order reference numbers may become significantly higher. Order Reference Numbers are represented as a Long, and so are not constrained to be smaller than MAX_INTEGER (0x7FFFFFFF =~ 2.14 billion). Historically, Nasdaq Order Reference numbers have not surpassed that limit; however, with the new assignment methodology it is more likely that this MAX_INTEGER will be exceeded.

Market participants may connect to the Nasdaq Test Facility and/or participate in the production UAT test scheduled for Saturday, March 5, 2016.

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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 $13 trillion. To learn more, visit: business.nasdaq.com.

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