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Friday, February 10, 2017

Equity Trader Alert #2017 - 31
Nasdaq T+2 Trade Execution Testing

Category:

  • Testing

Markets Impacted:

Contact Information:

Resources:

As noted in the DTCC T+2 Testing White Paper, The Nasdaq Stock Market (“Nasdaq”) will participate in T+2 testing on February 13, 2017 allowing firms to test transactions from order execution through trade reporting at NSCC, including each firm’s own trade execution systems, internal trade routing and reconciliation processes. Standard settlement on the TRF will be available for day one testing. At this time, there will be no changes to the Nasdaq Workstation or FIX specs. Testing for Nasdaq BX and the Nasdaq PSX will not be available on February 13, 2017.

Members wanting to submit test transactions to Nasdaq must ensure they are connected to the Nasdaq NTF test environments. For more details please contact:

  • Connectivity to Nasdaq test environment

    Nasdaq Trading Services
    tradingservices@nasdaq.com
    212 231-5100 or 212 231-5180 opt #1

  • Questions regarding Equity testing

    Dawn Sierra 212 401-8969
    John Hasiak 212 401-8936
    Group email Ops@nasdaq.com

  • Questions regarding TRF testing

    Jennifer Desembrana 212 231-5168
    Lucy Pasqua 212 926-3525
    Group email TRFOps@nasdaq.com

  • Escalation

    Vincent DiVito 212 401-8711

Testing via Nasdaq

DTCC will provide specific production CUSIPs to be utilized for suggested scenario testing via Nasdaq. However, all production CUSIPs listed on Nasdaq will be eligible for testing.

Input/output formats for testing:

  • Production input and output formats will be utilized for testing
  • Members will utilize production input formats to submit test transactions to Nasdaq’s test environment
  • Nasdaq will provide applicable output to Members utilizing production formats

Test environment availability:

  • Test environment will be available from:
  • Mondays through Thursdays, 7:30 ET to 22:00 ET (However, trades executed after 21:00 ET will be rejected by NSCC)

  • Fridays, 7:30 ET to 16:00 ET

Test Transaction Matching and Routing:

  • Test transactions will be matched as in production
  • Buy orders will be matched with sell orders in the same CUSIPs utilizing production matching parameters
  • As in production, Nasdaq will accept various settlement indicators, route matched transactions to NSCC’s UTC in the test environment in real-time and provide standard output to Members
  • UTC will utilize the settlement indicator to assign the appropriate settlement date to these test transactions (test transactions with “Regular Way” RW ) indicator will be assigned a T+2 settlement date versus T+3 (currently)
  • Once received, NSCC will assign the appropriate settlement date to the test transactions based on settlement indicator from the exchanges


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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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